The leading public sector company of India, Oil and Natural Gas Corp (ONGC) announced to invest over $600 million for the development of assets of Imperial Energy, in addition to its acquisition price of $2.1 billion. Imperial Energy was acquired by ONGC when more than 97 percent of Imperial's shareholders approved the deal. As per a statement of the company official, ONGC will make an investment of $600 million to develop the strategic assets of Imperial Energy in the western Siberian region of Russia.

 

Leading British-based oil exploration and production business company, Imperial Energy was acquired by ONGC for $1.89 billion in January 2009. Headquartered in Leeds, Imperial is focused on oil exploration and production in the Commonwealth of Independent States (CIS). The company has the exploration and production licenses, principally in the Tomsk region of Western Siberia, Russia.

 

Western Siberia is the most prolific oil producing part of Russia and is the home to some of Russia’s largest oil fields. The Tomsk region is one of the largest oil producing regions within Western Siberia. The ONGC's new investment plan aims for further expansion in this particular region. The highest profit-making company of India, ONGC produces about 30 percent of India's crude oil requirement. It owns and operates more than 11,000 kilometers of pipelines in the country.