Shares in London-based Siberian producer Imperial Oil soared 20.61 percent Friday on news from that Russian regulators had all but okayed the company’s takeover by Indian oil champion ONGC.

The company has long been a target of ONGC and others, and a source told Scandoil.com that the designation of Imperial as “non-strategic” meant “We were getting really close to getting this wrapped up.”

Only “paper work” appeared to remain now that officials were happy with the Russian Ministry of Natural Resources view of Imperial as not crtical to Russia’s national interest.

“Certainly the wires have quoted happy officials, but once we’re 100 percent, or ONGC is rather, then they could come out and communicate that to the market,” the source said.

Imperial has progressed from field to pipelines and exports to local and foreign markets in shore succession, and progress has brough exponential growth in production.

Tags: Imperial Energy, ONGC