India s Oil and Natural Gas Corp (ONGC) is willing to wait for its share of crude from a Russian project it partly owns due to difficulties in shipping Russian oil. ONGC Videsh, the overseas investment arm of ONGC, has regained its 20% stake in the Sakhalin-1 oil and gas project and is in talks with Russian officials and shareholders to resume oil production. Western sanctions on Russian oil have made it difficult to secure insurance and shipping.
Ongc: "Under-investment in oil and gas is not only a disservice to the energy sector but a roadblock to global progress," he said recently while speaking at an industry event.
ONGC: The company, which accounts for about two-thirds of India s oil production and about 58% of gas, is looking to boost its hydrocarbon output while strengthening its presence in the clean energy sector.
MRPL, a subsidiary of state-controlled Oil and Natural Gas Corp, operates a 300,000 barrel-per-day coastal refinery in southern Karnataka state, mostly supplying the state refiners that own about 90% of India s retail fuel stations and exporting the remainder.