ONGC Videsh Ltd

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has re-taken a 20 per cent stake in the Sakhalin-1 oil and gas fields in the far east region of Russia, an official said on Monday. Russian President Vladimir Putin in October last year 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 - were asked to apply to the Russian government to regain their shareholdings in the project. OVL applied and has been given the same shareholding as it had previously, the official said. Production from Sakhalin-1 stopped in April 2022 after Exxon Neftegaz declared force majeure at the project in response to international sanctions imposed on Russia following its invasion of Ukraine. Moscow assigned the Sakhalin-1 project and

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. "ONGC Videsh Board in its meeting held on October 18, 2022, has approved submission of its consent to claim the company's right in Sakhalin-1," ONGC said in its notes to a stock exchange filing on July-September quarter earnings. It "expects retention of its interest in the project and is not expecting any .

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), is making a proposal to retake 20 per cent stake in Russia's Sakhalin-1 oil and gas project in the far east, 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. OVL is in the process of applying to regain the 20 per cent stake it held in the project, three sources aware of the matter said. "We want to retain the shareholding and will do all that the local law requires us to do," a source said. Sakhalin-1 is OVL's cash cow and without the project, the company will be a loss-making entity, another source ...

The consortium is led by ONGC Videsh Ltd (OVL) and includes companies like Indian Oil Corporation Ltd (IOCL), Bharat PetroResources Ltd (BPRL) and Oil India Ltd (OIL)

Brazil's Petroleo Brasileiro SA (Petrobras) owns a 75 per cent stake in the block and the rest 25 per cent is held by OVL, it will raise its stake in the block

Rajarshi Gupta has taken over as Managing Director of ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC). He replaces Alok Gupta who superannuated last month. "Rajarshi Gupta has more than 33 years of wide-ranging experience in supervisory, managerial and strategic planning capacities in domestic and international operations of ONGC and ONGC Videsh," the company said in a statement adding he took over on July 19. Prior to this, he was Executive Director - Chief of Corporate Strategy & Planning in ONGC. "He has a keen business sense of the oil and gas industry, commercial and financial acumen, with mergers and acquisitions, strategic planning, and man management as his core strengths," the statement said. A mechanical engineer from NIT Rourkela and a Gold Medallist in MBA (International Business) from the Indian Institute of Foreign Trade, he spent 13 years in ONGC Videsh during 2006-2019, working across the globe in diverse ...

Exxon has announced its exit from the project following Russia's invasion of Ukraine and has reportedly begun withdrawing expatriates from the project.

ONGC subsidiary OVL derives significant value from its oilfields in that country

Indian companies are snapping up Russian oil as it is available at a deep discount after some companies and countries shunned purchases from Moscow due to sanctions against Russia

ONGC Videsh said it and its partners will decide on how to keep operating the Sakhalin 1 project over next few weeks, after Exxon Mobil's decision to exit Russia's oil and gas sector

Exxon Mobil Corp's decision to exit Russia has put India's flagship overseas firm ONGC Videsh in a fix as it is a partner in the global energy giant-operated Sakhalin-1 oil fields in Far East Russia

Covid-19 has added to these issues. It has not only impacted the demand for fuel but also made the acquisition process slower.

ONGC plans to acquire much larger acreage via open acreage licensing policy

OVL and its partners had offered to invest up to $11 billion for development of the discovery, which was later named Farzad-B

Farzad-B, which was discovered by OVL in the Farsi block about 10 years ago, had in-place gas reserve of 21.7 trillion cubic feet, of which 12.5 Tcf is believed to be recoverable

The CCEA, chaired by Prime Minister Narendra Modi, approved the additional investment for the Shwe oil and gas project in Myanmar blocks

OVL said in Brazil, well Moita Bonita-2 encountered natural gas reserves at water depth of 2.6 kilometers

The overseas investment arm of ONGC showed a turnover rise to 40.5 per cent to Rs 14,632 crore

The government had on previous occasions looked at hiving off the highly successful OVL from its parent and monetising it by listing the firm on domestic or international bourses

The government had last month asked ONGC to list its overseas investment arm OVL on stock exchanges and transfer proceeds to it in the form of a special dividend