Oil and Natural Gas Corporation has received the first shipment of Sakhalin-I crude oil from Russia at its subsidiary Mangalore Refinery and Petrochemicals Ltd.
"Tanker Viktor Titov has arrived at Mangalore port. A formal function marking the arrival of the 100,000 tonnes of crude from Yuzhno-Sakhalinsk will be held on Saturday," a company official said.
ONGC Videsh Ltd, the overseas arm of ONGC, holds 20 per cent stake in the Sakhalin-I project, which is operated by ExxonMobil.
"Our entitlement from Sakhalin-I is three parcels of 700,000 barrels each in October-December. The first cargo will be processed at MRPL, while two others would be sold to ExxonMobil," he said.
ExxonMobil holds 30 per cent of Sakhalin-I, with the remaining equity owned by Russia's Rosneft (20 per cent) and Japan's Sakhalin Oil and Gas Development Co (30 per cent).
The project started in October 2005 and is currently producing around 50,000 barrels per day.
The official said OVL will get 2.4 million tonnes of crude in 2007 from Sakhalin-I in lieu of its 20 per cent stake in the project.
Sakhalin-I project will reach the peak rate of 12 million tonnes per year once a new onshore crude processing unit is commissioned in December.
OVL, which has 24 properties in 14 countries, has till now only shipped part of its share from the Greater Nile Oil Project in Sudan. It shipped 2,56,000 tonnes of crude oil from its Sudan property to India in 2005-06.
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