India's ONGC expands Russian footprint
The Oil and Natural Gas Corporation has taken a 15% stake in the Vankor oilfield
India’s Oil and Natural Gas Corporation (ONGC) has taken a 15% stake in Rosneft’s prolific Vankor oilfield as part of its accelerating global expansion drive. The sale price has not been officially announced, but local media reports peg the deal at between $1.275bn and $1.35bn for the East Siberian field, Russia’s biggest discovery in the past 25 years, and smaller clusters. It will be ONGC’s third major investment in Russia’s upstream, after Sakhalin-1, largely considered a success, and its acquisition of Imperial Energy, purchased when oil prices were at a peak, and widely seen as a failure, said Abhishek Agarwal, an India-focused energy analyst at investment bank Macquarie. Given the timi
Also in this section
20 March 2026
Attacks on key oil and LNG assets across the Gulf mean a prolonged supply disruption, with damage to Qatar’s export capacity undermining confidence in the global gas system
20 March 2026
The US may be systemically stripping Russia of key geopolitical allies, but Moscow can reap rewards from the Hormuz crisis, both in the short and long term
20 March 2026
Disruptions to Qatari LNG exports have highlighted the risks of concentrated supply, potentially strengthening the long-term position of US exporters despite limited near-term flexibility
20 March 2026
The extent of the US-Israel war with Iran means there will be no going back to the previous market equilibrium no matter how the conflict ends
