Struggling Rosneft divests stake in prize assets

State-owned oil company Rosneft has sold a stake in its giant old field to Indians. "Collaboration in such a large-scale project will allow establishing a brand new level of strategic cooperation," says CEO.

Photo: Harald Pettersen/Statoil

Times are tough for Rosneft. The state-owned Russian oil company is suffering from an unfortunate combination of high debt and low oil prices. And the company has therefore opted to divest stakes in one of the company’s crown jewels, the giant oil field Vankor.

15 percent of the field, which is the country’s third-largest and boasts a production of 40.2 million barrels of oil from January to March, has been sold to state-owned Indian oil company ONGC Videsh, reports the Financial Times. The extent of the capital injection for Rosneft has not been revealed. However three weeks ago Bloomberg reported that ONGC was willing to pay USD 900 billion in a move that would ensure the Indian company around 70, 000 tons of oil per day, corresponding to 15 percent of the field.

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