ONGC Videsh says oil movement from Sakhalin-1 project disrupted due to sanctions against Russia

ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation NSE -1.03 % (ONGC), is facing temporary disruptions in moving its share of oil from the Sakhalin-1 project in Far East Russia due to sanctions against Russia, its Managing Director Alok Gupta said. OVL holds a 20 per cent stake in Sakhalin-1 where ExxonMobil’s Russian subsidiary, Exxon Neftegaz, is the operator. Exxon has announced its exit from the project following Russia’s invasion of Ukraine and has reportedly begun withdrawing expatriates from the project.