ONGC Videsh Limited – Working globally for the energy security of India
ONGC Videsh Ltd. (‘OVL’) 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 contributes to 14.8% of oil and 12.5 % of oil and natural gas production of India respectively. 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. Vietnam (2 projects), Russia (3 projects), Sudan (2 projects), South Sudan (2 projects), Iran (1 project), Iraq (1 project), Libya (1 project), Myanmar (4 projects), Syria (2 projects), Brazil (2 projects), Colombia (8 projects), Venezuela (2 projects), Kazakhstan (1 project), Azerbaijan (2 projects), Mozambique (1 Project), Bangladesh (2 Projects) and New Zealand (1 Project). ONGC Videsh had ventured into midstream and had successfully completed 741 Km product pipeline project in Sudan in 2005, and is a partner in the Baku-Tblisi-Ceyhan(BTC) pipeline in the Mediterranean.
ONGC Videsh adopts a balanced portfolio approach and maintains a combination of producing, discovered and exploration assets. Currently, ONGC Videsh has oil and gas production from 14 Assets, four Assets where hydrocarbons have been discovered and are at various stages of development, 17 Assets are under various stages of Exploration and 2 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, Statoil, Chevron, Petrobras, Sodeco, Socar, Rosneft, Daewoo, Kazmunaigaz (KMG), Petro Vietnam, CNPC, Sinopec, PDVSA, Petronas, Anadarko and Ecopetrol. It has highly skilled human resource with excellent technical and management capabilities. The company has built facilities for evaluation, interpretation, economic modeling, 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 3P reserves of 632.65 MMTOE as on 01.04.2016.
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 and from Greater Nile Oil Project in Sudan in March 2003, aggregating a meagre 0.25 MMToe in FY’03. With sustained growth in production from its acquired assets, ONGC Videsh registered the highest production of 9.448 MMtoe in 2010-11. This was followed by 8.753 MMTOE achieved in 2011-12. Adverse geo-political conditions in Sudan and South Sudan and force majeure situation in Syria caused decline in oil production to a level 7.260 MMToe in 2012-13. However, in 2013-14 and 2014-15, production increased to the level of 8.357 MMToe and 8.874 MMToe. Overseas production reached 8.916 MMToe in 2015-16. The incremental production is primarily due to better management and addition in the portfolio.
For further details, log on to www.ongcvidesh.com