ONGC Videsh Limited (OVL)
ONGC Videsh Limited – Working globally for the Energy Security of India
ONGC Videsh Limited, a Miniratna Schedule “A” Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas, is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), the flagship national oil company (NOC) of India. The primary business of ONGC Videsh is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas. ONGC Videsh owns Participating Interests in 37 oil and gas assets in 17 countries and produced about 30.3% of oil and 23.7% of oil and natural gas of India’s domestic production in 2019-20. In terms of reserves and production, ONGC Videsh is the second largest petroleum company of India, next only to its parent ONGC.
Current Assets Portfolio
ONGC Videsh has stake in 37 oil and gas projects in 17 Countries, viz. Azerbaijan (2 projects), Bangladesh (2 Projects), Brazil (2 projects), Colombia (7 projects), Iran (1 project), Iraq (1 project), Israel (1 project), Kazakhstan (1 project), Libya (1 project), Mozambique (1 Project), Myanmar (6 projects), Russia (3 projects), South Sudan (2 projects), Syria (2 projects), UAE (1 project), Venezuela (2 projects) and Vietnam (2 projects).
ONGC Videsh adopts a balanced portfolio approach and maintains a combination of producing, discovered, exploration and pipeline assets. Currently, ONGC Videsh has oil and gas production from 14 Assets, 4 Assets where hydrocarbons have been discovered and are at various stages of development, 16 Assets are under various stages of Exploration and 3 projects are pipeline projects.
ONGC Videsh operates in highly competitive international oil and gas sector by competing with the best in the industry. Over the years, ONGC Videsh has built inherent capabilities and expertise in its areas of operations. ONGC Videsh has developed strong partnership alliance with a host of IOCs and NOCs including ExxonMobil, British Petroleum, Shell, ENI, Total, Repsol, Equinor, MOL, Petrobras, Sodeco, Socar, Rosneft, ADNOC, Posco International, Kazmunaigaz (KMG), Petro Vietnam, CNPC, Sinopec, PDVSA, Petronas and Ecopetrol.
ONGC Videsh has highly skilled human resource with excellent technical and management capabilities. The company has built facilities for evaluation, interpretation, economic modelling, FEED, design and execution of oil and gas projects and enjoys the technical and human resource support from ONGC. ONGC Videsh has developed core expertise in due diligence, techno-commercial evaluations, bid negotiations and transaction documentations.
ONGC Videsh has 2P reserves of 586.907 MMTOE as on 01 April 2020.
ONGC Videsh is the first Indian Company to produce equity oil and gas abroad. ONGC Videsh’s production started in 2002-03 with commencement of production of Block 06.1 in Vietnam in January 2003. With sustained growth in production from its acquired assets, ONGC Videsh’s production reached 9.448 MMTOE in 2010-11. Adverse geo-political conditions in North Eastern Africa and force majeure situation in Syria caused decline in oil production to a level 7.260 MMTOE in 2012-13. However, in 2013-14, 2014-15 and 2015-16, production increased to the level of 8.357 MMTOE, 8.874 MMTOE and 8.916 MMTOE, primarily due to better management and addition in the portfolio. With acquisition of 26% stake in Vankorneft, Russia in 2016 and 4% stake in Lower Zakum Concession, UAE in 2018; production of ONGC Videsh has increased to 12.803 MMTOE for 2016-17 and 14.833 MMTOE in 2018-19. ONGC Videsh reached highest ever production of oil and oil equivalent gas (O+OEG) of 14.891 MMtoe during 2019-20.