Wednesday, June 19, 2024
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ONGC Videsh (OVL), a subsidiary of Oil and Natural Gas Corporation (ONGC), has successfully reacquired a 20% stake in the Sakhalin-1 oil and gas fields located off the coast of Russia. This marks a significant victory for OVL, as the company had previously sold its stake in the fields back in 2011. The Sakhalin-1 project is a consortium made up of OVL, Rosneft, ExxonMobil, and SODECO, and is responsible for the exploration and production of oil and gas in the region. The reacquisition of the stake will not only give OVL a larger share of the profits from the project but also strengthen its position as a major player in the international energy market.

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