Oil & Natural Gas Corporation Ltd.

Oil and Natural Gas Corporation's (ONGC) overseas arm -- ONGC Videsh (OVL) -- is reportedly making a proposal to retake 20% stake in Russia's Sakhalin-1 oil and gas project in the far east.

Russian President Vladimir Putin earlier this month disbanded Exxon Neftegaz - a regional subsidiary of US supermajor ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator. Sakhalin-1 is OVL's cash cow and without the project, the company will be a loss-making entity. Production from Sakhalin-1 stopped in May after Exxon Neftegaz declared force majeure at the project in response to international sanctions imposed on Russia following its invasion of Ukraine in February. Since then, OVL is facing cash issues.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.