Can ONGC Videsh cling on to its stake in Russian oil and gas assets? Things are as uncertain as war

Getty Images

The Molikpaq offshore oil platform, which produces up to 70,000 barrels a day, stands off Sakhalin island, Russia

Synopsis
ONGC Videsh Limited’s stake in Russia’s Sakhalin-I oil field is stuck as Russia transferred the project and all of its assets and equipment to a new operator. People involved in the business have not been receiving any information on production officially from the operator now. What lies ahead?

In the aftermath of the Ukraine crisis, Indian oil companies who were looking to increase their hydrocarbon assets in Russia are now under pressure about whether they can even retain their previous stakes which they bought in 2001. The war has reshaped the global fuel markets. Amid this, ONGC Videsh Limited (OVL) is still feeling the heat to hold on to its 20% stake in Sakhalin-I — one of the largest oil and gas fields. Back in 2001, OVL