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ONGC Videsh to Reacquire a 20 Percent Stake in Sakhalin-1 Oil and Gas Field

ONGC Videsh Ltd has appealed to Russian authorities to retake a 20 percent stake in the Sakhalin-1 oil and gas fields.

November 18, 2022

ONGC Videsh
Image Source: ONGC Videsh

ONGC Videsh Ltd. (OVL), the overseas subdivision of Oil and Natural Gas Corporation (ONGC), has put forth an official appeal to Russian authorities to retake a 20 percent stake in the Sakhalin-1 oil and gas fields.

As published in news reports – Russian President Vladimir Putin disbanded Exxon Neftegaz – a regional subsidiary of US super major ExxonMobil – as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator.

“ONGC Videsh Board in its meeting held on October 18, 2022, has approved submission of its consent to claim the company’s right in Sakhalin-1,” ONGC said in its notes to a stock exchange filing on July-September quarter earnings.

Moscow has assigned a 20 percent stake in Sakhalin-1 and operatorship to a regional subsidiary of Russian oil producer Rosneft. Russia has asked foreign shareholders in the project – ExxonMobil, Sodeco, and ONGC Videsh – to apply to reinstate their shareholdings in the project before mid-November.

Also Read: PM Dedicates ONGC U-field Onshore Facilities of Deep Water Block to Nation

Sakhalin-1 is a large oil and gas field in far-east offshore Russia, spread over 1,140 sq km, which includes three offshore fields namely Chayvo, Odoptu, and ArkutunDagi. OVL acquired a 20 percent stake in the project in July 2001.

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