In terms of reserves and production, ONGC Videsh is the second largest petroleum company of India, next only to its parent ONGC.ONGC Videsh produced about 27.3% of oil and 19.4% of oil and natural gas of India's domestic production in 2021-22.
India's Oil and Natural Gas Corp (ONGC.NS) plans to take a stake in the new Russian entity that will manage the Sakhalin 1 project in the far east as it seeks to retain a 20% share in the asset. Singh said that there is no sanction on Russian oil and unless the government decides otherwise, ONGC group refiners Hindustan Petroleum Corporation (HPCL) and Mangalore Refinery and Petrochemicals (MRPL)–are free to buy crude from Russia.
Considering purchasing additional stakes in Russian oil and gasoline fields. State-run companies such as ONGC Videsh Ltd have stakes in Russian oil and gas fields. But dividends from those assets are stuck because of a logjam in Russia’s banking channels and the country’s inability to pay in dollars amid US and EU sanctions. India's ONGC willing to wait to regain oil from Russian project. ONGC Videsh has since regained its 20% stake in the project and is in talks with Russian government officials and company shareholders to resume taking oil under a production-sharing arrangement. ONGC Videsh Ltd is seeking legal counsel after the US imposed sanctions on a Russian oilfield where Indian companies collectively hold a 49.9% stake. While Indian stakes are below the 50% threshold for direct sanctions, OVL aims to ensure compliance with OFAC regulations. The move highlights the challenges for Indian firms navigating Western sanctions while pursuing energy interests in Russia.