|OVL Board compliments team OVL for commendable performance in Q1 2010-11|
16 September, 2010
The Quarterly Accounts of ONGC Videsh Ltd (OVL), the wholly-owned subsidiary of ONGC, for the quarter Q1 2010-11 were considered and approved by OVL Board in its meeting held on 15th September 2010. The salient highlights of the Quarterly Performance results are as below:
*As quarterly accounts have been compiled for the first time, the corresponding figures for the previous year Q1 are not available.
OVL is presently having participation in 40 projects in 15 countries, out of which 9 are producing assets. BC-10 deepwater field in Brazil where OVL has a participating interest of 15% started production in July 2009, and is currently producing at 80,000 bopd. Mixed company named Petro Carabobo S.A has been formed during the period for Carabobo project in Venezuela, in which OVL holds 11% participating interest along with Repsol (11%), Petronas (11%), IOCL (3.5%), OIL (3.5%) and PDVSA (60%). Transfer decree allowing Petro Carabobo S.A to carry out activities in the designated areas was published in the gazette of Government of Venezuela on 29th July 2010 and with this, mixed company has received necessary approval for start of development of the fields. The consortium is targeting to commence first oil production from the project in 2013. Development of Shwe, Shwe Phyu and Mya offshore gas fields in Block A1 and A3 Myanmar is in progress and first gas is expected in 2013.
Speaking on the occasion, Sh. R S Sharma, Chairman ONGC group of companies stated that the robust growth of the company during the first quarter augurs very well for the further strengthening of ONGC’s overseas portfolios which holds significant potential.