Oil companies exit Russia: Where does India fit in? – 14 Apr 2022

Western oil companies stand to lose heavily in the Russian debacle.

For example, by walking out of Rosneft, BP lost 32% of its daily output.

And there are other companies too which will be abandoning a whole lot of prized assets..

The point is here how aggressively will Indian companies want to fill this gap? In many cases however, western companies were not just bringing in equity but also technology, which Indian companies will be unable to match.

Then again, if India is coerced to stay off Russia because of secondary sanctions, like it did in Iran and lost on both Iranian assets as well as goodwill, the gains will accrue to China as they did in case of Iran.

The Chinese will be watching eagerly too to pick up the threads from where BP, Shell and others have left off.

Also, India reportedly picked up crude from Russia at $25/bbl discount. At what price are Russians willing to sell oil today?