ONGC expects oil production at Sakhalin-1 to resume in Oct

MOSCOW. Aug 17 (Interfax) - India's Oil and Natural Gas Corp (ONGC), which holds a 20% stake in the Sakhalin-1 production sharing agreement project in Russia, expects oil production at the project to start recovering in October 2022.

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.

Production at Sakhalin-1 is expected to gradually resume beginning in October 2022, the company said, without providing further details.

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