Indian oil and gas company Oil and Natural Gas Corporation (ONGC) has asked the new Russian operator of the Sakhalin-1 project to retain its stake in an oil and gas project in the Far East. This was reported by Reuters on Monday, citing a source within the company.

Former CEO of ONGC Rajesh Srivastava On the sidelines of the Adipec conference in Abu Dhabi, he told TASS that his company was considering notifying the Russian government of its intention to retain a stake in the Sakhalin-1 project. According to him, “it will definitely be done”, it is important for the CGSB to participate in projects in the Russian Federation.

President of Russia Vladimir Poutine On October 7, he signed a decree on the creation of a new operator of the Sakhalin-1 project, which became LLC Sakhalin-1 registered in Yuzhno-Sakhalinsk.

The Cabinet of Ministers of the Russian Federation has appointed a subsidiary of Rosneft, Sakhalinmorneftegaz-shelf, as the management company of the new operator. Foreign participants in Sakhalin-1 must notify the Government of the Russian Federation within a month of their consent to receive a share from the new operator or refuse. The share of Sakhalin-1, which will not be transferred to a foreign participant, will be sold by the government to a Russian legal entity within four months from the date of the decision.

The share of ONGC Videsh in the project is 20%, Exxon Neftegas (subsidiary of ExxonMobil) – 30%, Rosneft – 20%, Japanese Sodeco – 30%.