Global Crude oil price of Indian Basket was US$ 48.28 per bbl on 04.10.2016

Global Crude oil price of Indian Basket was US$ 48.28 per bbl on 04.10.2016

The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 48.28 per barrel (bbl) on 04.10.2016. This was higher than the price of US$ 48.10 per bbl on previous publishing day of 03.10.2016.

In rupee terms, the price of Indian Basket increased to Rs. 3213.55 per bbl on 04.10.2016 as compared to Rs. 3200.41 per bbl on 03.10.2016. Rupee closed weaker at Rs. 66.56 per US$ on 04.10.2016 as against Rs. 66.53 per US$ on 03.10.2016. The table below gives details in this regard:

Price on October 04, 2016
 (Previous trading day i.e. 03.10.2016)                                                                  
Pricing Fortnight for 01.10.2016
(Sep 14, 2016 to
Sep 28, 2016)
Crude Oil (Indian Basket)
 48.28              (48.10)        
 3200.41        (3200.41)       
Exchange Rate
  66.56              (66.53)

Daily Crude Oil Price- 05.10.2016


Cabinet approves acquisition of 11 percent stake in JSC Vankorneft by ONGC Videsh Limited
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has given its approval to an acquisition by ONGC Videsh Limited (OVL) for 11% stake in JSC Vankorneft from M/s Rosneft Oil Company (Rosneft), the National Oil Company (NOC) of Russian Federation (Russia). Rosneft operates Vankor fields, with Vankorneft, its wholly owned subsidiary.
OVL will be paying an amount of US $ 930 million for acquiring 11% stake in Vankorneft.

The acquisition of stake in Vankorneft will provide 3.2 Million Metric Ton of Oil Equivalent (MMTOE) to OVL by 2017. It will also provide an opportunity to Indian public sector Oil and Gas companies to acquire new technologies from Rosneft. The acquisition is in line the ONGC’s stated objective of adding high quality international assets to India's Exploration and Production (E&P) portfolio and thereby augmenting India's energy security.

Recently, an Indian Consortium comprising of Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat PetroResources Limited (BPRL) acquired 23.9% stake in Vankorneft at a cost of US $ 2020.35 million which will give them 6.56 MMTOE. Earlier in May 2016, ONGC Videsh Ltd (OVL) completed the formalities on acquisition of 15% stake in Vankorneft at a cost of US $ 1.284 billion which gave OVL 4.11 MMTOE.

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