Tags: International News
ONGC Videsh, a subsidiary of Oil and Natural Gas Corporation, recently said that oil production from the Sakhalin-1 project in Russia is back from zero to a high of around 200,000 barrels per day (bpd).
An overview of the news
ONGC expressed confidence that it would be able to retain its 20 per cent stake in the Sakhalin-1 project.
ONGC last year applied to the new Russian operator of Sakhalin-1 to retain its stake in the oil and gas project in the country's Far East.
ONGC Videsh also has a 26% stake in Russia's Vankorneft, a company that owns Vankor Field and the North Vankor licence.
ONGC, which has set a net zero target by 2038, is expecting gas production from its Mozambique project to begin by 2026-27.
About Sakhalin-1 project
The Sakhalin-1 project is an oil and gas exploration and production project located on the northeastern coast of Sakhalin Island in Russia.
It is one of the largest foreign direct investments in Russia's energy sector.
The Sakhalin-1 project is estimated to have significant oil and gas reserves.
Consortium: The project is operated by Exxon Neftegas Limited, a subsidiary of ExxonMobil, in cooperation with other international partners, including Rosneft, ONGC Videsh Limited, and SODECO (a consortium of Japanese companies).
Technological Challenges: The project faced numerous technological challenges due to its location in a remote and harsh environment.
The offshore fields are located in the subarctic region, where ice and extreme weather conditions pose significant operational difficulties.
Socio Economic Impact: The Sakhalin-1 project has had a significant socioeconomic impact on the region and Russia as a whole.
It has contributed to job creation, infrastructure development, and technology transfer, stimulating economic growth in the area.
Future Expansion: Additional exploration activities are being conducted to identify new reserves and expand production capacity.
Collaboration and Partnerships: The Sakhalin-1 project serves as an example of successful international collaboration in the energy sector.
It has brought together major international oil companies and Russian partners to leverage their expertise, resources, and technology.
About ONGC Videsh
ONGC Videsh Limited is a Miniratna Schedule "A" Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum and Natural Gas.
It is a wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC).
ONGC Videsh Limited's primary business is to explore possibilities for oil and gas production outside India, including exploration, development and production of oil and gas.
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