The company has a 20 % stake in this energy project, located in Russia’s Far East.
According to reports, ONGC’s overseas investment arm OVL has offered to send more personnel with suitable expertise to partially fill the void, after US energy giant ExxonMobil announced in March its intention to exit oil & gas operations in Russia due to Western sanctions.
ONGC also expressed hopes that its stake in the Russian project will not be affected in case of the possible re-organization of Sakhalin-1 by Moscow, just as had happened with the neighboring Sakhalin-2 project.
ONGC chairperson Alka Mittal told Reuters last week:
- I hope it would not impact us, our relation is too strong and it has been for too long
This indicated the firm planned to bid for Exxon’s 30 % stake in Sakhalin-1 and Shell’s 27.5 % interest in the Sakhalin-2 project.
Major Western oil companies, such as BP, Shell and ExxonMobil, have recently announced their intention to end their oil & gas ventures in Russia due to Western sanctions.
Meanwhile, India has continued to boost purchases of Russian oil and to invest in the country’s energy sector.