NEW DELHI Three Indian oil firms plan to invest $1.7 billion to pick up a stake in the Russian oil field Taas-Yuriakh, a source close to the matter said.
Indian Oil Corp (IOC.NS), Oil India Ltd (OILI.NS) and Bharat Petro Resources Ltd, the upstream arm of state-owned refiner Bharat Petroleum Corporation Ltd (BPCL.NS), 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.
(Reporting by Nidhi Verma,; Editing by Christian Schmollinger and Clarence Fernandez)
This story has not been edited by Firstpost staff and is generated by auto-feed.