ONGC Videsh, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), is making a proposal to retake a 20 per cent stake in Russia’s Sakhalin-1 oil and gas project, sources said.
Russian President Vladimir Putin earlier this month disbanded Exxon Neftegaz — a regional subsidiary of US supermajor ExxonMobil — as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator.
The other former foreign shareholders in the project — Japan’s Sodeco consortium and ONGC Videsh — have to apply to the Russian government to regain their shareholdings in the project.
