ONGC Videsh set to retake its 20% stake in Russia’s Sakhalin-1 oil fields
ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has submitted an application to Russian authorities to retake a 20 per cent stake in the Sakhalin-1 oil and gas fields in the far east region of the country, the company said.
Russian President Vladimir Putin last month 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.
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.
