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New Delhi: Oil India Ltd, the nation's second largest explorer, today said it has completed acquisition of 50 per cent stake in an oil block in Russia for USD 85 million.
The deal includes a three-stage payout including USD 35 million in cash up-front, USD 45 million in exploration and development spending and a performance bonus of up to USD 5 million.The total commitment from OIL will be USD 85 million including USD 45 million for development capex. The effective date of the acquisition is January 1, 2014," the company said in a statement here.
The acquisition marks OIL's entry into Russia and is a significant addition to the company's overseas E&P portfolio. Last month, it had signed an MoU with Russia's Gazprom International BV for joint pursuit of exploration opportunities across the globe as well as collaborate on liquefied natural gas (LNG).
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