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.
