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Sakalin-1 Production to Recover in October: ONGC

OIL

India’s ONGC expects production at Sakhalin-1 to start recovering in October according to Interfax. The company has a 20% stake in the project.

  • The temporary absence of insurance from International Group of Protection & Indemnity (IG P&I) for crude oil tankers leased by the project to delivery oil to foreign buyers created logistics constraints, so Sakhalin-1 operator Exxon Neftegas Ltd declared a force majeure and reduced production, ONGC said in a statement on the exchange.
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India’s ONGC expects production at Sakhalin-1 to start recovering in October according to Interfax. The company has a 20% stake in the project.

  • The temporary absence of insurance from International Group of Protection & Indemnity (IG P&I) for crude oil tankers leased by the project to delivery oil to foreign buyers created logistics constraints, so Sakhalin-1 operator Exxon Neftegas Ltd declared a force majeure and reduced production, ONGC said in a statement on the exchange.