The India player has signed onto the deal for a 50% stake in Russia's License 61, Tomsk Oblast, Petroneft said.
The deal includes a three-stage payout including $35 million in cash up-front, $45 million in exploration and development spending and a performance bonus of up to $5 million.
"This agreement has come at the end of a lengthy negotiation and due diligence process and is, we believe, the best deal for all PetroNeft shareholders," chief executive Dennis Francis said.
"With
