Sakhalin-1 Project

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Overview:

Oil and Natural Gas Corporation’s subsidiary, ONGC Videsh, recently said that oil output from the Sakhalin-1 project in Russia had bounced back to its plateau level of about 200,000 barrels per day (bpd) from zero.

About Sakhalin-1 Project:

  • Location: The Sakhalin-1 oil and gas development project is located in the Okhotsk Sea, off the north-eastern coast of Sakhalin Island in the Russian Far East.
  • It comprises three offshore fields namely Chayvo, Odoptu, and Arkutun-Dagi.
  • It is operated by Exxon Neftegas (ENL), a subsidiary of Exxon Mobil which holds a 30% participating interest. The other partners of the project are the Japanese consortium Sakhalin Oil and Gas Development Company (SODECO, 30%), India’s state-owned ONGC Videsh (20%), and Russian oil company Rosneft (20%).
  • The Sakhalin 1 project is estimated to hold approximately 2.3 billion barrels of oil and 17.1 trillion cubic feet (Tcf) in recoverable reserves.

ONGC Videsh Ltd (OVL):

  • It is a Miniratna Schedule “A” Central Public Sector Enterprise (CPSE) of the Government of India and is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC).
  • It comes under the administrative control of the Ministry of Petroleum and Natural Gas.
  • The primary business of ONGC Videsh is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas.
  • ONGC Videsh is the second largest petroleum company of India, next only to its parent ONGC.

 


Q1) What is ONGC Videsh Ltd (OVL)?

It is a Miniratna Schedule “A” Central Public Sector Enterprise (CPSE) of the Government of India and is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC). It comes under the administrative control of the Ministry of Petroleum and Natural Gas.

Source: Russia’s Sakhalin-1 Oil Output Returns To Its Peak Of 200,000 Bpd: ONGC