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Press Trust of India

India's largest news agency, Press Trust of India is a non-profit sharing cooperative owned by the country's newspapers. PTI's subscribers include newspapers, television channels, the state-run All India Radio and Doordarshan, the national broadcaster, government organisations, websites and several media and non-media organisations. With a staff of 1300 including 400 journalists, PTI has over 70 bureaus across the country and corresondents in major cities in the world.

Besides its flagship English News Service, PTI also has PTI Photo Service and news service in Hindi, India's national language.

Press Releases are distributed to PTI subscribers through PTI wires that reach subscribers through satellite, the Internet and in some case e-mail.

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Latest Press Release
Victoria Memorial, Kolkata

Victoria Memorial, Kolkata

India's ONGC picks 15% in Russia's 2nd biggest oil field for $1.268 bn
New Delhi, Sep 4 (PTI) State-owned Oil and Natural Gas
Corp (ONGC) today agreed to buy 15 per cent stake in Russia's
second biggest oil field of Vankor from Rosneft for USD 1.268
billion, its fourth biggest acquisition ever.
ONGC Videsh Ltd, the overseas arm of the state explorer,
signed an agreement to buy 15 per cent stake in Vankorneft,
the developer of the Vankor oil and gas condensate field in
Turukhansky district of Krasnoyak Territory in Russia.
The field, which has recoverable reserves of 2.5 billion
barrels, will give OVL 3.3 million tonnes per annum of oil
OVL in a statement said it "has signed definitive
agreements to acquire up to 15 per cent shares in CSJC
Vankorneft, a company organised under the law of Russian
Federation which is the owner of Vankor Field and North Vankor
Rosneft, Russia's national oil company, holds 100 per cent
stake in Vankorneft. The acquisition is subject to relevant
board, government and regulatory approvals and is expected to
be completed by 2016-mid, it said.
While both OVL and Rosneft did not give value of the deal,
a source privy to the transaction said OVL will pay USD 1.268
This will be the fourth biggest acquisition by OVL. It had
in 2013 paid USD 4.125 billion for a 16 per cent stake in
Mozambique's offshore Rovuma Area 1, which holds as much as 75
Trillion cubic feet of gas reserves.
In 2009, it had bought Russia-focused Imperial Energy for
USD 2.1 billion. Prior to that, it had in 2001 paid USD 1.7
billion for a 20 per cent interest in the Sakhalin-1 oil and
gas field off Russia's far eastern coast.
The source said OVL can borrow money from its parent ONGC
or go the market for financing the acquisition. "It can be a
mix of both."
"Vankor is Rosneft's (and Russia's) second largest field
by production and accounts for 4 per cent of Russian
production. The daily production from the field is around
442,000 barrels per day of crude oil on an average with OVL's
share of daily oil production at about 66,000," OVL said.
The agreement to buy stake in Vankor was signed by the
Chairman of Rosneft Management Board Igor Sechin and OVL
Managing Director Narendra Verma in Vladivostok, in Russia's
Far East.
Upon completion of the deal, OVL will have two seats on
the board of Vankorneft, Rosneft said.
Rosneft, whose stake in the project will come down to 85
per cent, will however keep full control of the general
infrastructure of Vankor cluster, including oil pipeline
Vankor-Purpe. PTI