Indiaโs state-backed Oil & Natural Gas Corporation (ONGC) (NSE:ONGC) is considering placing more offers for Russian energy assets that western majors, such as Shell (LSE:RDSA), BP (LON:BP), and ExxonMobil (NYSE:XOM), are seeking to divest following Russiaโs invasion of Ukraine, the Economic Times reported yesterday.
South Asia, which includes India, Pakistan, Sri Lanka, and Bangladesh, is slowly following the rest of the world in the transition towards cleaner energy systems. The subtle shift opens potentially large market opportunities for energy service suppliers.
PetroNeft has heralded its โtransformative yearโ in the wake its of Oil India farmout deal.
The firm, which owns and operates licences 61 and 67 in the Russian basin, confirmed plans to move ahead with production in its latest company results.