India's state-run Oil and Natural Gas Corp ONGC.NS said oil output from the Sakhalin-1 project in Russia has bounced back to its plateau level of about 200,000 barrels per day (bpd) from zero, according to a company presentation.
ONGC hopes to reclaim its 20% stake in the project in coming months after some 'terms and conditions' are fulfilled, Rajarshi Gupta, managing director of ONGC Videsh, the overseas investment arm of ONGC, said at a news conference.
ONGC last year applied to the new Russian operator of Sakhalin-1 to retain its stake in the oil and gas project in the country's Far East, a person familiar with the development said in November.
Gupta said ONGC Videsh is "not in a hurry" to repatriate its less than $100 million pending dividend from the Russian project and could consider reinvesting it in the project.
ONGC Videsh also has a 26% stake in Russia's Vankorneft, a company that owns Vankor Field and the North Vankor licence.
Gupta also said that ONGC Videsh along with other state-run companies are studying recent changes in the terms announced by Guyana for its latest exploration and licensing round for a participation.
Apart from Russia, there is also a dividend pending from ONGC's stake in Venezuela's San Cristobal project in the Orinoco heavy oil belt.
