Indian Oil Corp, Oil India Ltd and Bharat Petro Resources Ltd (BPRL) have decided to invest $1.7 billion in the Russian oil field Taas-Yuriakh, according to Reuters.
BPRL, Bharat Petroleum Corporation Ltd’s upstream arm will also put in $180 million each as future capital expenditures.
While the current production of the Russian oil field is 20,000 barrels per day, it is expected to shoot up to 100,000 bpd in the next two years.
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