ONGC Videsh drills deep as India eyes controlling stakes in oil fields in Russia

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An oil derrick floats in the ocean near Sakhalin Island, the largest island in Russia.

Synopsis
Even as the war in Ukraine continues, global oil and gas companies such as BP, Equinor, ExxonMobil, and Shell are looking to exit Russian projects. Indian majors like ONGC Videsh are trying to use this scenario to increase their stake in Russian energy assets. Will this attract the ire of western countries?

There is a big opportunity sporting a smile for Indian oil and gas companies in Russia – courtesy western energy majors. The Russia-Ukraine war has reshaped global diplomacy for fuel. Energy giants like BP, Equinor, ExxonMobil, and Shell are looking for suitable exits from Russian projects. This is creating mega openings for Indian oil companies such as ONGC Videsh Limited (OVL) to directly invest and increase their stake in Russian energy

( Originally published on Dec 14, 2022 )