ONGC Videsh awarded exploration permit in offshore New Zealand
ONGC Videsh Ltd has won an Exploration Block- 14TAR-R1 in New Zealand in the Bidding Round Block Offer-2014 by the Government of New Zealand. The bidding round was launched in April 2014 offering five offshore and three onshore release areas for competitive bidding. ONGC Videsh submitted bid for one exploration block located in the Taranaki offshore basin in October 2014.
The exploration permit has been awarded to ONGC Videsh by Mr. Simon Bridges, Hon’ble Minister of Energy and Resources, Government of New Zealand at a formal ceremony held at Wellington in the Parliament on Tuesday, 9th December 2014.
The award of block signifies entry of ONGC Videsh into a new Country, taking its presence in 17 countries in 36 projects.
Commenting on the occasion, MD & CEO of ONGC Videsh Mr. Narendra K. Verma expressed satisfaction at the outcome of the bidding and stated that ONGC Videsh’s maiden entry into the hydrocarbon province of Taranaki offshore basin in New Zealand shall provide an opportunity to explore interesting hydrocarbon potential in the region and act as a foothold for greater participation in the far-east region.
About ONGC Videsh Ltd.
ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India's largest international oil and gas E&P Company. At present, ONGC Videsh has 36 projects in 17 countries including Azerbaijan,Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela, Vietnam and New Zealand. ONGC Videsh is currently producing 160 thousand barrels of oil and oil equivalent gas per day and has total oil and gas reserves of about 637 mmtoe as on 31st March 2014. For more information visit: www.ongcvidesh.com
ONGC's market capitalisation as on 8th December, 2014, was INR 3,051 billion (US$ 50.88 billion). During the financial year ended 31st March 2014, ONGC Group had produced 59.20 million tonne of oil and oil equivalent gas (mmtoe) (approx. 1.2 mmboe per day); the Gross Revenue was INR 1,744.7 billion (US$ 29.46 billion) and total oil and gas reserves were 2,004 mmtoe as on 31st March 2014. For more information visit: www.ongcindia.com
Oil and Natural Gas Corporation Ltd.
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