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India's ONGC Videsh has decided to retain its 20% stake in the Sakhalin-1 oil and gas project in Far East Russia by participating in a new operating company for the project that was recently registered in Russia. Japan's Sodeco consortium is also expected to retain its 30% stake in Sakhalin-1, but US major Exxon Mobil is expected to exit the project. Analysts say Russian oil giant Rosneft is likely to pick up Exxon's stake, raising its own interest to 50%. A member of the ONGC Videsh board who requested anonymity told Energy Intelligence that the company will retain the 20% stake in Sakhalin-1 that it originally acquired in 2001. Sakhalin-1 accounted for 23% of the Indian company's total production of around 247,000 boe/d in the fiscal year to Mar. 31, 2022. Russia has emerged as a major supplier of crude oil to India this year, with its refiners taking advantage of deeply discounted prices as other countries shun Russian crude because of Moscow's war in Ukraine. In previous years, India imported only modest amounts of Russian crude, but its September imports from Russia were estimated at around 870,000-900,000 b/d, exceeded only by its imports from Saudi Arabia.

Conventional Oil and Gas, Sanctions
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