(PTI)
ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation (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.
Sakhalin-1 produced around 271,000 barrels of oil per day in January and February 2022, according to the Russian Energy Ministry data, against the average of 227,000 bpd last year. Output has slipped after sanctions against Russia made it difficult to ship oil from the project.
