Currently Indian Oil Corp (IOC) along with partners planning to acquire 49 %t stake in Russia's Vankor cluster oilfields where ONGC Videsh Ltd likely to acquire 26% stake in the 3 oilfields.
This international oil fields deal would definitely impact positively in Assam and probably on the price factor as OIL plans to purchase annually about 1.67 million metric tonnes of crude from the three fields.
Assam OIL is trying its best to increase fuel productivity to meet people’s demand and has initiated to increase Duliajan to Barauni pipeline capacity. To meet the ends of State’s refinery’s crude oil demand OIL is planning install different technology to pump out oil from Bongaigaon to Barauni in reversal methodology. This technique to increase crude productivity in reversal method will be implemented in oil pipelines connecting Bongaigaon to Guwahati including Numaligarh in the next phase.
OIL in the attempt to strengthen their position in the energy-rich Arctic region is planning with Bharat PetroResources Ltd (a unit of Bharat Petroleum Corp. Ltd or BPCL) to buy stake in Vankor Cluster that comprises Tagulskoye, Suzunskoye, and Lodochnoye fields. Russia's national oil company Rosneft may give OIL a tough challenge as it owns the fields and plans to gain majority stake from it where OVL is emphasising them to sell. In this split of Russian oil stake decision India may have to settle with 49 % and OVL with 26% and rest Rosneft.
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