ONGC weighs raising stakes in Russian oil despite Shell snub

ONGC NSE -1.23 % is weighing the options of placing more bids for Western companies’ stakes in multiple Russian oil and gas fields even as its first bid for Shell’s 50% stake in Salym fields in Siberia has not been accepted, people familiar with the matter said.

“The war will not last forever, nor will the sanctions. We must move to secure our energy supplies,” said one of these persons. “We understand the risk and we are willing to take the risk.”