User:Pradnyajoshi21/ONGC Videsh

ONGC Videsh Limited (OVL) was rechristened on 15th June 1989 from the earstwhile Hydrocarbons India Private Limited, which was incorporated on 5th March, 1965. Over a period of time, OVL has grown to become the second-largest E&P company in India both in terms of oil production and oil and gas reserve holdings. 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. OVL is a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC) - the flagship national oil company of India.

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 in the far east of Russia. In January 2009, OVL completed the acquisition of Imperial Energy Corporation Plc.- an UK listed company, having its exploration and production assets in Tomsk region of Western Siberia, Russia with an investment of over USD 2.1 billion.

The company, adopting a balanced portfolio approach, maintains a combination of producing, discovered and exploration assets, working as operator in 17 projects and joint operator in 5 projects. OVL produces hydrocarbons from its 9 assets, namely, Russia (Sakhalin-I and Imperial), Syria (Al-Furat Project), Vietnam (Block 06.1), Colombia (Mansarover Energy Project), Sudan (Greater Nile Oil Project and Block 5A), Venezuela (San Cristobal Project) and Brazil (BC-10) ; 6 projects are in development phase and 23 are in the exploration phase. OVL has successfully completed 741 km long pipe line project in Sudan.

OVL’s international oil and gas operations produced 8.87 MMT of O+OEG in 2009-10 as against 0.252 MMT of O+OEG in 2002-03. OVL’s overseas cumulative investment has crossed USD 10 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, Statoil Hydro, PDVSA, Petrobras, Petronas, Petrovietnam, Repsol, Rosneft, Shell, Sinopec, Total and TPOC.

ONGC videsh earned its first hydrocarbon revenue from its investment in Vietnam.

The Chairman & Managing Director of ONGC - the parent company - is also the Chairman of OVL. The OVL Board consists of four full time Directors: the Managing Director, who is the Chief Executive Officer of the Company, Director (Finance), Director (Commercial) and Director (Exploration). All full-time Directors of ONGC are part-time Directors on the OVL Board.