ONGC Videsh temporarily shuts down its Oilfield operations in South Sudan
Dated : 26 December 2013 11:54:11 AM
ONGC Videsh Limited (OVL) is operating in two producing assets in South Sudan through its Joint Operating Companies, Greater Pioneer Operating Company (GPOC) and SUDD Petroleum Operating Company (SPOC) with Participating Interest (PI) of 25% and 24.125% respectively. GPOC is producing close to 37000 bopd (OVL share 9250 bopd) from Block 1,2,4 and SPOC is producing close to 4600 bopd (OVL share 1100 bopd) from Block 5A .While the partners of OVL in GPOC are CNPC, Petronas and Nilepet, in SPOC OVL has partnership with Petronas and Nilepet.
Following the deteriorating security situation in the country from 15th December 2013, the Joint Operating Companies decided to temporarily shut down the operations in its oilfields. The shutdown was executed methodically as per its standard shutdown procedure, ensuring safety of personnel / equipments and smooth resumption of operation immediately after normalization of the security situation. Following the shutdown, the production from the oilfields was completely stopped from 22nd December 2013.
Due to the adverse security situation, OVL in coordination with the Indian Embassy in South Sudan has evacuated all its 11 personnel posted in South Sudan. Other partners of OVL in the assets have also evacuated most of its personnel from the country.
OVL is closely monitoring the security situation in the country and is in constant interaction with its partners in the assets and the Indian Embassy at Juba. Operations will be resumed once the situation is normalized.
OVL 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, OVL participates in 32 projects in 16 countries including Azerbaijan, Brazil, Colombia, Cuba, Iraq, Kazakhstan, Libya, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela and Vietnam. OVL is currently producing 156 thousand barrels of oil and oil equivalent gas per day and has total oil and gas reserves of about 433 mmtoe as on 31 March 2013.
ONGC’s market capitalisation as on 24th December 2013, was INR 2,438 billion (US$ 39 billion). It is the highest valued and the highest profit making Government of India enterprise. For the financial year ended 31 March 2013, ONGC Group had produced 58.7 million tonne of oil and oil equivalent gas (mmtoe) (approx. 1.2 mmboe per day), Turnover of INR 165,849 Crore (US$ 30.45 billion) and profit after tax of INR 24,220 Crore (US$ 4.44 billion). ONGC Group had total oil and gas reserves of 1,759 mmtoe as on 31 March 2013.