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The Russian government has approved a deal for ONGC to acquire a 15 per cent stake in the Vankor oilfield for $1.3 billion from Rosneft, the Interfax news agency reported on Thursday citing Anti-Monopoly Service head Igor Artemyev.
Vankor, launched in 2009, produces around 440,000 barrels per day. The field is a source of Russian oil supply to China.
This month, ONGC signed an initial deal to raise its stake in Vankor to 26 per cent from 15 per cent, while the other three companies could together pick up 23.9 per cent.
If the deals go through, Rosneft will retain 50.1 per cent of Vankor.
The deals will help India secure access to Russia's oil output, while Rosneft will gain access to the Indian market.
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