Indian firms invest $1.7bn for stake in Russian Taas-Yuriakh oilfield

NEW DELHI: Three Indian oil firms plan to invest $1.7 billion to pick up a stake in the Russian oil field Taas-Yuriakh, said a source close to the matter.

ONGC Videsh Ltd, the overseas arm of Oil and Natural Gas Corporation, Oil India Ltd and Bharat Petro Resources Ltd, the upstream arm of state-owned refiner Bharat Petroleum Corporation Ltd, will also invest $180 million each as part of future capital expenditures, the source said.

The Taas-Yuriakh field is currently producing 20,000 barrels per day (bpd) of crude oil and is expected to go up to 100,000 bpd in the next two years.