The restoration of ONGC Videsh’s stake in Russian oil field Sakhalin-1 is marred in confusion as it is yet to get a formal communiqué on its rights over the field that was nationalised by Russian President Vladimir Putin in July.
India has been pressing for the restoration of its stake in the project. Now that the gas field has resumed production and the G7 price cap of $60 a barrel on seaborne Russian oil has kicked in, India is expected to intensify efforts to restore its claim to the field as the country has emerged a key buyer of Ural crude.
Some analysts have suggested that the country could use its buying power as a bargaining chip at a time Russia needs to sell its oil.
