Earlier, ONGC held the 20% stake in the Sakhalin-1 project
According to TASS, Russia's state-owned news agency article published on October 18, 2022, the Indian oil and gas corporation ONGC Videsh plans to continue its participation in the Sakhalin-1 oil production project after creation of a new operator, The Times of India newspaper said on Tuesday, citing sources.
"ONGC Videsh will protect its share in the project, which means it will take a stake in the new entity," the newspaper said, citing one of sources.
Operatorship of the project by a Russian entity will lead to smooth functioning of Sakhalin 1 and would ensure shipping of oil, the sources told the newspaper. ONGC Videsh will consider acquisition of an extra share in the project if it has the commercial sense, the sources added.
ONGC earlier held the 20% stake in the Sakhalin-1 project.
