ONGC’s arm retakes 20% stake in Sakhalin-1 oil and gas fields of Russia

10 Jan 2023 Evaluate

Oil and Natural Gas Corporation’s (ONGC) overseas arm -- ONGC Videsh (OVL) has re-taken a 20 per cent stake in the Sakhalin-1 oil and gas fields in the far east region of Russia. 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.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

ONGC Share Price

237.30 -4.65 (-1.92%)
20-Dec-2024 16:59 View Price Chart
Peers
Company Name CMP
ONGC 237.30
Oil India 421.20
Jindal Drilling&Inds 766.55
Hind Oil Exploration 192.80
Deep Industries 579.75
View more..
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt. Ltd.