India's government approved $1.1 billion of additional investment by state-run oil firm Oil & Natural Gas Corp. Ltd. in Russia?s Sakhalin-1 oil project.
ONGC's overseas exploration arm, ONGC Videsh Ltd., bought a 20 per cent stake in the offshore Sakhalin-1 exploration project led by Exxon Mobil Corp. for $1.7 billion in 2001.
India, which imports about 70% of the crude oil of its consumption, has been acquiring stakes in oil and gas properties overseas in order to boost its static petroleum production amid rising domestic demand for petroleum products and gas.
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India Invests In Sakhalin
India, which imports about 70% of the crude oil of its consumption, has been acquiring stakes
