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Ongc: The oil and gas output has risen to 8.3 million metric tonnes of oil equivalent (mmtoe) in the April-August period from 8.1 mmtoe in the same period last fiscal year. ....
The oil and gas output has risen to 8.3 million metric tonnes of oil equivalent (mmtoe) in the April-August period from 8.1 mmtoe in the same period last fiscal year. The annual output had reached a peak of 24.7 mmtoe in 2018-19 following the purchase of stakes in Russia s Vankor field by Indian state-run firms in 2015 and 2016. The output started declining in 2019-20 and had dropped 21% by 2022-23 as fields matured, producer cartel OPEC+ took voluntary production cuts, and geopolitics throttled output in a Russian field last year. ....
India s Oil and Natural Gas Corp (ONGC) is willing to wait for its share of crude from a Russian project it partly owns due to difficulties in shipping Russian oil. ONGC Videsh, the overseas investment arm of ONGC, has regained its 20% stake in the Sakhalin-1 oil and gas project and is in talks with Russian officials and shareholders to resume oil production. Western sanctions on Russian oil have made it difficult to secure insurance and shipping. ....
Ongc: Russian President Vladimir Putin last year removed an Exxon Mobil subsidiary as operator of the Sakhalin-1 oil and gas project in Russia s Far East and transferred it to a new operator. ....