New Delhi wants to purchase the stakes of Exxon and Shell in Sakhalin energy projects, the Economic Times reports


India’s Oil and Natural Gas Corporation (ONGC) is considering purchasing additional stakes in Russian oil and gas fields from Western firms that plan to leave the country, the Economic Times (ET) reported on Thursday, citing people familiar with the matter.

The move comes even as the Indian company’s first bid for Shell's 50% stake in the Salym oil fields in Siberia has not been accepted, the sources said.

“The war will not last forever, nor will the sanctions. We must move to secure our energy supplies,” said one of the sources. “We understand the risk and we are willing to take the risk.”

ONGC is considering making bids for ExxonMobil’s 30% stake in Russia’s Sakhalin 1 project and Shell’s 27.5% interest in the Sakhalin 2 project. It already owns a 20% stake in Sakhalin 1.

The sources revealed that along with other Indian firms, ONGC has also held preliminary discussions about the potential acquisition of BP’s 20% stake in Russia’s Rosneft.

Major Western oil companies, such as BP, Shell, and ExxonMobil, have recently announced their intention to exit their oil and gas operations in Russia due to Western sanctions.

Meanwhile, India has continued purchasing Russian oil in addition to seeking stakes in Russian assets at discounted rates, given the risks involved.

However, one of the sources cited by the ET said that “buying Russian crude is one thing. In case of sanctions intensifying, you could wind it back in just a couple of months. But investing in upstream could have deeper repercussions, including tougher reactions from the West.

Shege Indians

With the way things are going, the west would have singlehandedly enriched India, China and the Asian Continent before the end of this war, while EU countries become poorer due to its own/self-inflicting sanctions.

Watch how British and USA oil companies will refuse to sell it.
They have already rejected the offer before
Russia oil and gas dey sweet because gain full am.
Russia have made over €100B within 3 months of the war and that more than what Russia was expected to get during peace time.

Well ...well..Go India!


Bold huge move.

If you ever thought that Putin did not test "present circumstances and different scenarios" using game theories... you need to have a rethink.


When he's done , the EU will go to him, begging , cap in hand, for energy , food and raw materials.
A master chess player, Putin is.

India seems to be locking horns with the US.

Russia just exposed their ass

So Russia has been the one boosting their economy

VictorUSA:
India seems to be locking horns with the US.

India is a sovereign country

VictorUSA:
India seems to be locking horns with the US.

You mean an Elephant locking horn with a Bison?

ken6488:

India is a sovereign country

Does that give them the temerity to act against the U.S?