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
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
