ONGC VIDESH LTD
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Joined: Jun 2010
09-10-2010, 11:13 AM
LIQUIFIED NATURAL GAS.doc (Size: 624 KB / Downloads: 104) COMPANY OVERVIEW
ONGC Videsh Limited (OVL) is a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC) - the flagship national oil company of India. The primary business of OVL is to prospect for oil and gas acreages abroad including acquisition of oil and gas fields, exploration, development, production, transportation and export of oil and gas. Incorporated as Hydrocarbons India Private Limited on March 5, 1965 and rechristened as ONGC Videsh Limited on June 15, 1989, OVL, over a period of time has grown to become the second-largest E&P company in India both in terms of oil production and oil and gas reserve holdings.
ONGC Videsh Limited (OVL) is an upstream oil and gas company. OVL is also carrying other business operations like construction activities. The company’s operation present across Asia Pacific, Middle East, Africa and Latin America. It is headquartered in New Delhi, India. The company is also carrying its business operations along with subsidiaries namely ONGC Nile Ganga BV, ONGC Narmada Limited, ONGC Amazon Alaknanda Limited.
Starting with the exploration and development of the Rostam and Raksh oil fields in Iran and undertaking a service contract in Iraq, a major breakthrough was achieved by OVL in 1992 in Vietnam with the discovery of two major free gas fields, namely LanTay and LanDo, in partnership with British Petroleum and Petro-Vietnam. The success carried on thereafter. In 2001, OVL acquired 20% stake in Sakhalin-1 project and implimentation in the far east of Russia with an investment of over USD 2.1 billion – the single largest Foreign Direct Investment made by an Indian company at that time.
The company, adopting a balanced portfolio approach, maintains a combination of producing, discovered and exploration assets, working as operator in 18 project and implimentations and joint operator in 2 project and implimentations. OVL produces hydrocarbons from its 7 assets, namely, Russia (Sakhalin-I), Syria (Al-Furat Project), Vietnam (Block 06.1), Colombia (Mansarover Energy Project), Sudan (Greater Nile Oil Project and Block 5A) and Venezuela (San Cristobal Project). Balance 5 project and implimentations are in development phase and 25 are in the exploration phase.
OVL’s international oil and gas operations produced 8.802 MMT of O+OEG in 2007-08 as against 0.252 MMT of O+OEG in 2002-03. Today, OVL’s cumulative investment overseas has crossed USD 7.5 billion.
While OVL participates and operates in varied environments – both political and geographical, it is committed to the highest standards of Occupational Health, Safety and Environment protection and compliance to all applicable local laws and regulations. Understanding well its Corporate Social Responsibility, OVL makes valuable contributions to the communities and economies in which it operates by investing in education and training, improving employment opportunities for nationals, and providing medical, sports and/or agricultural facilities, besides payment of tax revenues to local governments.
Some of the leading alliance partners of OVL are BP, CNPC, Ecopetrol, ENI, Exxon, Norsk Hydro, PDVSA, Petrobras, Petronas , Petrovietnam, Repsol, Rosneft, Shell, Sinopec, Total and TPOC.
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