Exxon’s exit from Russia amid Ukraine war puts ONGC Videsh in a fix

Exxon Mobil Corp’s decision to exit Russia has put India’s flagship overseas firm ONGC Videsh in a fix as it is a partner in the global energy giant-operated Sakhalin-1 oil fields in Far East Russia, sources said.

ONGC Videsh Ltd (OVL) and three other state-owned Indian firms hold 49.9 per cent stake in a separate Vankor oilfield in west Siberia but that investment will not be impacted as they repatriated their dividend income from last year in January 2022 and would not immediately face issues because of Russia being cut off from the global payment system SWIFT over its Ukraine invasion.

ExxonMobil holds 30 per cent stake in the Sakhalin-1 offshore oil assets, where ONGC Videsh Ltd —