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OVL’s Syrian Company Board Meets at Ahmedabad
08 June, 2009

ONGBV, a subsidiary of OVL and Fulin Investments Sarl, a subsidiary of China National Petroleum Company International (CNPC), holds 33.33% - 37.5% PI in four Production Sharing Contracts (PSCs) comprising 36 producing fields in Syria. The project is being managed through a Dutch joint venture company, named Himalaya Energy (Syria) BV, wherein ONGBV and Fulin Investments Sarl hold 50% shareholding each. The fields are operated by Al Furat Petroleum Company (AFPC), jointly owned by Syrian Petroleum Company - the National Oil Company of Syria, and Shell, the other partner in the fields. OVL’s share in the production of crude oil during 2007-08 & 2008-09 was about 0.951 and 0.812 MMT respectively.

As a part of Corporate Governance, four AFPC Board Meetings are held every year in rotation in respective countries of the partners. Accordingly, 108th AFPC Board meeting was organized by OVL at Ahmedabad from May 26 to May 29, 2009 and senior delegates from AFPC, Shell and OVL participated in the meeting. The Syrian delegation of ten members was headed by AFPC Chairman Mr S Hunedi and Shell General Manager Mr Ole Myklestad. From OVL, Mr Anupam Mathur, Dir(Com) who is on the AFPC Board and Mr S Roychaudhury, ED were present.

During the Board Meeting, last quarter work program and budget (WP&B) was reviewed and the performance of the Company was found to exceed the target set earlier. While reviewing the next 5 years WP&B, the Board also resolved suitable strategies for arresting the decline in production due to ageing of the field.

The opportunity was also utilized by OVL to showcase its technical prowess by organizing a visit to IRS and WSS after the meeting. Mr Sidhartha Sur, GM - Heavy Oil presented the EOR capabilities of IRS like High Pressure Air Injection, Microbial EOR, Thermal Lab, CT Scan Lab, etc. A technical presentation was made by the WSS team headed by Mr BD Ojha, DGM(P) at Shertha Base and the WSS units and Chemistry Lab shown at Kallol. The delegation was visibly impressed by ONGC’s technical expertise and appreciated the state of the art capabilities exhibited. A visit was also made to the premises of M/s Dresser Rand to see the international class manufacturing facilities for Gas Compressors.

Syria is one of the important focus countries where OVL is trying to augment its business relationships.  Besides partaking in a producing field, an agreement has been signed between India & Syria in January 2009 for training in the field of Production, Drilling, Reservoir management, etc. ONGC Mehsana Asset is also involved in implementation of High Pressure Air Injection technology for EOR scheme in AFPC, Syria.

The meet was coordinated by Mr AK Das, CE(P) and Mr BSS Kumar, CE(M) from OVL with local support provided by Mr MP Upadhyay, Sr HR Executive from Ahmedabad.

The delegation at IRS

The delegation at WSS Base at Kallol


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