Rosneft sells a 15% stake in Vankorneft to ONGC for US$1.27 billion
Vankorskoye has reached plateau production of around 440,000 b/d though there is considerable upside. The field would be ONGC's third project in Russia - and by far the largest in terms of net production. Rosneft needs to repay more than US$40 billion by 2019 while being blocked from Western financial markets because of US/EU sanctions. Selling a stake in the key Vankorskoye field to ONGC will bring financial relief for Rosneft and strengthen Russia's business ties with India.