ONGC to receive first oil shipment from Sakhalin-I

New Delhi, Nov 30 (UNI) State-run Oil and Natural Gas Corporation (ONGC) will receive the first shipment of Sakhalin-I crude oil from Russia tomorrow at its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL).

''A formal function marking the arrival of the 1,00,000 tonnes of crude from Yuzhno-Sakhalinsk will be held on Saturday,'' a company statement said.

ONGC Videsh Ltd (OVL), the overseas arm of ONGC, holds 20 per cent stake in the Sakhalin-I project, which is operated by Exxonmobil.

Exxonmobil holds 30 per cent of Sakhalin-I, with the remaining equity owned by Russia's Rosneft (20 per cent) and Japan's Sakhalin oil and gas development company (30 per cent).

The project started in October 2005 and is currently producing around 50,000 barrels per day.

The production from the Sakhalin-I project could be increased by 1.2 to 1.4 million tonnes per year if the license area is expanded to North, it added.

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