SAKHALIN
Bank curbs hit ONGC's plans to gain 20% stake in Russia oilfield
ONGC, hindered by banking restrictions, faces challenges in paying its share to the abandonment fund for Russia's Sakhalin-1 field, obstructing its efforts to regain a 20% stake in the oilfield. Banking constraints prevent the repatriation of dividends from another Russian field, Vankor, leaving funds inaccessible outside Russia. ONGC Videsh, ONGC's subsidiary, aims to transfer the abandonment fund, necessary for project closure and environmental safety, but discussions with Russian authorities seek alternatives amid banking limitations.
Oil PSUs' output from overseas fields up a tad
The share of India's state companies in oil and gas production from overseas fields increased to 19.9 million metric tonnes of oil equivalent (MMTOE) in 2023-24 from 19.5 MMTOE in the previous year. Production at Russia's Skahalin-1 project normalised during the financial year, after being badly affected in 2022 following the launch of the Russia-Ukraine war.
ONGC's first oil from 98/2 block goes to MRPL
The first oil extracted from the newly operational KG deep-sea oilfield, owned by the state-run Oil and Natural Gas Corporation (ONGC), has been sent to its subsidiary, Mangalore Refinery and Petrochemicals Ltd (MRPL), for refinement into products such as petrol and diesel. Both companies confirmed the development.
India turns cautious on contracted Russian oil as US sanctions bite
The biggest state-owned refiner Indian Oil Corp. will likely reduce the amount of crude received under so-called term supply, while Bharat Petroleum Corp. and Hindustan Petroleum Corp. have decided against making firm commitments to take contracted oil next financial year, Bloomberg reported citing sources.
India resumes buying Russian Sokol oil after 2-month hiatus: Sources
India has resumed imports of Russian Sokol oil after a two-month hiatus, with at least two refiners receiving deliveries in February. Indian state refiners had stopped buying the crude last year due to strained relations with China. The move led to over 10 million barrels of unsold Sokol oil, causing significant disruption to Russian oil trade. India's Hindustan Petroleum Corp and private refiner Nayara Energy have purchased Sokol oil this month.
Rising prices cap India's thirst for Russian oil
The purchases have catapulted it to second place among Russia's customers behind China, and Indian officials have made no secret of their decision to prioritise national interest over international sanctions against Moscow.
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African crude makes up for fall in Russian imports
Russia's share in India's imported crude market shrank to 30% in December from 34.5% in November. Africa's share increased to 7.6% from 4.7%. The shares of Iraq (22.3%) and Saudi Arabia (16.4%), the second and third-largest suppliers respectively, expanded about one percentage point each. India's imports of Russian crude in December were the lowest in 11 months, with the largest declines from Urals and Sokol crude, according to Vortexa.
India dials Saudi as Russian oil purchases hit 11-month low in December
In December, India increased its imports of Saudi oil while facing payment issues, leading to a decline in its purchases of Russian oil to an 11-month low. Data from vessel tracking agencies revealed that at least five cargoes of the sweet Sokol variant originally destined for Indian Oil Corp were redirected elsewhere.
Payment woes delay supply of Russian Sokol oil to India: Sources
Indian Oil Corp (IOC)is facing delays in receiving shipments of Russian Sokol crude oil due to payment issues. The annual deal with Russian oil major Rosneft, which includes Sokol, has been affected as Sakhalin-1 LLC, the unit of Rosneft supplying Sokol oil to IOC, struggles to open a bank account in the UAE for dirham payments. The payment challenges arise from the Indian government's advice to use UAE dirhams instead of Chinese yuan, with private refiners still using yuan.
Japan excludes three Russian energy projects from sanctions
Japan has excluded from sanctions three Russian energy projects in which Japanese companies are actively participating, according to an announcement posted to the website of the country’s Economy Ministry. According to the announcement, the exemption will cover projects deemed critical to Japan's energy security.
Oil-rich Sakhalin calls for more investment from India
The Sakhalin governor has invited companies from India to invest in Russia's energy reserves after American and European oil and gas majors left. ONGC Videsh already has a 20% share in Sakhalin-1 oilfields, but Russia is encouraging India to increase its stake, including in the Sakhalin-2 gas field. Almost all of Sakhalin-1's oil production is sent to foreign markets.
Russia's Sakhalin invites India and China to tap energy resources
"We invite companies from China and India to projects of the energy complex. This is a good chance for them to fill the niche vacated by American and European companies in the oil and gas services market," Sakhalin's governor Valery Limarenko said on the government's website.
ONGC to get dividends instead of oil from Russia's Sakhalin-1 field
Oil and Natural Gas Corp (ONGC) will no longer receive its share of oil from Russia's Sakhalin-1, due to the oil now being sold by a new company Russia formed last year to operate the field. ONGC has a 20% stake in the new operator and will receive its share in dividends when they are paid out, which may take up to a year. This cash flow change will mean less cash realisation for the Indian state firm, which will also struggle to repatriate its share of capex and opex for a Russian field due to Western sanctions.
Russia to test missiles in surprise inspection of Pacific fleet
The drills come amid heightened tension in the Asia-Pacific region, as the United States and South Korea conduct joint air exercises following an intercontinental ballistic missile test by North Korea.
India-Russia trade volume touches 38.4 billion USD in 2022
This significant increase in trade turnover between Russia and India was noted during Igor Sechin, Chief Executive Officer of Rosneft Oil Company, working trip to New Delhi this week. Thus, the goal set by the leaders of our countries to increase turnover to $30 billion by 2025 has been achieved in advance," said the head of Rosneft.
ONGC part-owned Sakhalin-1 output to be near normal by March
Production at Russia's Sakhalin-1 block, in which ONGC has a 20% stake, will reach near normal by March after a halt for months last year following the force majeure by operator ExxonMobil, an official said.
OVL retakes 20% stake in Sakhalin-1 oil, gas fields
Sakhalin-1 is a large oil and gas field in far-east offshore Russia, spread over 1,140 square kilometers, which includes three offshore fields namely Chayvo, Odoptu and ArkutunDagi. OVL acquired 20 per cent stake in the project in July 2001. Exxon Neftegas Limited (ENL) and Sodeco held a 30 per cent stake each. The remaining 20 per cent is held by Russia's Rosneft through its subsidiaries SMNG (11.5 per cent) and RN Astra (8.5 per cent).
Two gas explosions kill at least nine persons in Russia
According to Russia’s local officials, two massive explosions in St Petersburg and Sakhalin Island killed at least nine people, including four children. The cause of the blast is speculated to be depressurisation in the pipeline.
Russia’s St Petersburg witnesses huge fireball after explosion
Early this morning, the city of St. Petersburg, which is the second largest in Russia, was completely engulfed in flames, sending thick plumes of poisonous smoke into the sky while locals questioned the reason on Twitter.
ONGC applies to retain 20% in Russia's Sakhalin-1- source
Russia has established a new entity, managed by a Rosneft subsidiary, that owns investor's rights in Sakhalin 1 after the exit of previous operator ExxonMobil. Moscow gave the state-run company the authority to decide whether foreign shareholders can retain their participation.
ONGC Videsh bids to retake 20% stake in Russia's Sakhalin-1
Russian President Vladimir Putin earlier this month disbanded Exxon Neftegaz - a regional subsidiary of US supermajor ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator.
ONGC eyes stake in Russian entity managing Sakhalin 1: Sources
Russian President Vladimir Putin earlier this month issued a decree to establish a new operator for the ExxonMobil -led project and authorised the Kremlin to decide whether foreign shareholders could retain stakes in Sakhalin 1.
ONGC eyes stake in Russian entity managing Sakhalin 1: Sources
Russian President Vladimir Putin earlier this month issued a decree to establish a new operator for the ExxonMobil-led project and authorised the Kremlin to decide whether foreign shareholders could retain stakes in Sakhalin 1.
ONCG says no clarity on resumption of Sakhalin-1
Production at Sakhalin-1 was "minimized" shortly after the Ukraine war started and there is no clarity or timeline yet when it could be resumed, ONGC officials told Reuters on the sidelines of the 38th Annual Asia Pacific Petroleum Conference (APPEC) 2022.
ONGC hopes its Sakhalin-1 stake will not be affected by Russian takeover
A senior Russian lawmaker said on Thursday that Moscow would take control of the Sakhalin-1 oil and gas project in which ExxonMobil, Japan's SODECO and India's ONGC Videsh are partners, a week after taking over the neighbouring Sakhalin-2.
Russia seizes control of Sakhalin gas project, raises stakes with West
The order, signed on Thursday, creates a new firm to take over all rights and obligations of Sakhalin Energy Investment Co, in which Shell and two Japanese trading companies Mitsui and Mitsubishi hold just under 50%. The five-page decree, which follows Western sanctions imposed on Moscow over its invasion of Ukraine, indicates the Kremlin will now decide whether the foreign partners can stay.
ONGC Videsh says oil movement from Sakhalin-1 project disrupted due to sanctions against Russia
Sakhalin-1 produced around 271,000 barrels of oil per day in January and February 2022, according to the Russian Energy Ministry data, against the average of 227,000 bpd last year. Output has slipped after sanctions against Russia made it difficult to ship oil from the project.
Japan not to withdraw form Sakhalin-2 LNG project even if asked to: Minister
The comments follow criticism from Moscow, last week, accusing Japan of benefiting from its participation in the project while being an “unfriendly nation” that joined the West in sanctioning Russia.
ONGC weighs raising stakes in Russian oil despite Shell snub
ONGC, Bharat Petroleum, Indian Oil, and Oil India have also held preliminary discussions among themselves to evaluate buying BP's 20% stake in Russian energy giant Rosneft.
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