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ONGC Videsh Ltd,(OVL)

ONGC Videsh Limited (OVL) is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), a Public Sector Enterprise/Undertaking of the Government of India, under the administrative control of the Ministry of Petroleum & Natural Gas (MoP&NG). OVL was incorporated as Hydrocarbons India Private Limited, on March 5, 1965 with registered office in New Delhi for the business of international exploration and production. The Company was rechristened as ONGC Videsh Limited w.e.f. 15th June, 1989. The primary business of the company is to prospect for oil and gas acreages abroad. These include acquisition of oil and gas fields in foreign countries as well as exploration, production, transportation and sale of oil and gas.

Though OVL was incorporated in 1965, the company was functioning in small scale to carry out limited exploration activities in few countries like Iran, Iraq, Yemen, Sri Lanka, Tanzania etc. but overseas acquisitions and exploration activities started from late 1990s. A major breakthrough was achieved by OVL in 1992 in Vietnam with the discovery of two major free gas fields namely Lan Tay and Lan Do in partnership with British Petroleum and Petro Vietnam. The success is continuing thereafter as summarized below:
• The first oil production of OVL was from Greater Nile Oil Project (GNOP), Sudan which was acquired as a producing asset in March 2003. Soon before that production of gas began from Block 06.1, Vietnam in January 2003.
• OVL acquired Sakhalin-1, Russia in July 2001 where oil production started from October, 2005.
OVL acquired Block 5A, Sudan in May 2004 as an exploratory asset and oil production started from June, 2006.
• OVL acquired producing assets under Al Furat Petroleum Company in Syria during July 2005.
• OVL also acquired oil producing blocks in Colombia in Sept. 2006 under its joint venture company named Mansarovar Energy Colombia Limited.
• OVL acquired Block BC-10, Brazil in April 2006 at development stage where first oil was produced in July 2009 two months ahead of schedule.
• OVL further acquired producing assets - Sancristobal Project, Venezuela in April 2008 and Imperial Energy Corporation Plc, Russia in January 2009.
• In May 2010, OVL acquired 11% participating interest in Carabobo-1 project in hydrocarbon rich Orinoco belt of Venezuela, with proposed investment of USD 1.3 billion. The projected peak production is about 400,000 bopd and the first oil is expected in 2013.
• OVL signed agreements with KazMunaiGas (KMG), the National Oil Company of Kazakhstan for acquisition of 25% participating interest in Satpayev exploration block located in Caspian sea in April, 2011. The total investment of OVL during the exploration and appraisal phase is expected to be about USD 400 million.
OVL which had only one asset in 2000 in Vietnam, today it has participation in 30 projects in 15 countries namely Vietnam (1 project), Russia (2 projects), Sudan (2 projects), South Sudan (2 projects), Iran (1 project), Iraq (1 project), Libya (1 project), Myanmar (2 projects), Syria (2 projects), Cuba (2 projects), Brazil (4 projects), Nigeria (1 project), Colombia (6 projects), Venezuela (2 project) and Kazakhstan (1 project) and is actively seeking more opportunities across the world. OVL had successfully completed 741 Km pipeline project in Sudan in 2005. Out of 30 projects, OVL is operator in 8 projects and joint operator in 7 projects.

For further details, log on to www.ongcvidesh.com