Following Russia’s invasion of Ukraine, Moscow seized the Sakhalin-1 asset through a presidential decree, resulting in ExxonMobil, the operator of the asset, exiting Russia. ExxonMobil owned a 30% stake in the asset that was valued at over $4 billion.
While ONGC Videsh has regained its stake in Sakhalin-1, its Russian partner is now offering dividends instead of equity oil. India, the world’s third-largest oil importer, is pushing for equity oil from Russia as sanctions-related difficulties have made it difficult to repatriate funds to India and energy security concerns.
“We want equity oil because we are unable to transfer dividends. After the Presidential decree, they took over the entire asset. Then, they said whoever wants their stake back needs to appeal to the Russian government. Post that, whether ONGC Videsh will get equity oil or dividend has still not been agreed upon. India has been asking for equity oil," an Indian official said, requesting anonymity.
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