ONGC Videsh Limited - OVL

ONGC has extended its operations beyond domestic arena, and now, through its wholly owned subsidiary, the ONGC Videsh Limited (OVL), is operating in 15 countries with 33 projects to source equity oil & gas for energy security of the country. Over the years OVL has emerged as the biggest Indian Multinational.

• ONGC’s overseas arm ONGC Videsh Limited (OVL), continued to maintain robust growth with 5.042 MMT of Crude and 2.022 BCM of Gas during 2010-11.
• ONGC Videsh Ltd’s (OVL) proved reserves (1P) as on 1st April 2011 stood at 202.908 MTOE, which next to ONGC, is the second largest holding of proved oil and gas reserves by any Indian Company. OVL’s share of total reserves (3P) of oil and oil equivalent gas as on 1st April 2011 was 435.004 MTOE.  There was an impressive reserve accretion of 466.23 MMT of oil and oil equivalent gas during the year 2010-11. The Reserves-to-Production (R/P) Ration considering proved reserves was 21 for the year 2010-11.
• OVL signed agreements with KazMunaiGas (KMG), the national oil company of Kazakhstan for acquisition of 25% participative interest in Satpayev exploration block in Kazakhstan. The agreement was signed on 16th April 2011 with KazMunaiGas in the presence of Dr. Manmohan Singh, Hon’ble Prime Minister of India and H.E. Nursultan Nazarbayev, Prsident of Kazakhstan.
• The company now has participation in 33 projects in 15 countries, namely Vietnam (2 projects), Russia (2 projects), Sudan (3 Projects – includes 2 Project in South Sudan), Iran (1 project), Iraq (1 project), Libya (1 project), Myanmar (2 projects), Syria (2 projects), Cuba (2 projects), Brazil (6 projects), Nigeria (2 projects), Colombia (6 projects), Venezula (2 projects) and Kazakhstan (1 project). Out of 33 projects, OVL is operator in 11 projects and joint operator in 6 projects.
•  OVL’s share of production of oil and oil-equivalent gas (O+OEG), together with its wholly owned subsidiaries ONGC Nile Ganga B.V. ONGC Narmada Ltd,  ONGC Amazon Alaknanda Limited, Jarpeno Limited, Carabobo One AB and ONGC Mittal Energy Limited, increased from 8.87 MMTOE to 9.45 MMTONE, up 6.5%. Consolidated gross revenue of OVL increased from Rs.153.83 billion to Rs.186.83 billion, up 21% and consolidated net profit from Rs.20.90 billion to Rs.26.91 billion, up 29%.
• OVL’s strategic objective of sourcing 20 million tonnes of equity oil abroad per year is likely to be fulfilled by 2018.