|OVL receives SCOPE award from Hon'ble Prime Minister of India|
01 February, 2012
ONGC Videsh Limited (OVL), the overseas arm of ONGC has been conferred with the prestigious "SCOPE Award for Excellence and Outstanding Contribution to the Public Sector Management Institutional III (Other Profit Making PSE Category - Non Ratna)" 2009-2010. Mr. Sudhir Vasudeva, CMD, ONGC & Chairman, ONGC Group of Companies and Mr. D. K. Sarraf MD, OVL received this prestigious award from Hon'ble Prime Minister of India, Dr Manmohan Singh at a glittering awards ceremony held at Vigyan Bhawan, New Delhi on 31st January 2012. The awards ceremony was organized by Standing Committee of Public Enterprises (SCOPE) under the aegis of Department of Public Enterprise, Ministry of Heavy Industries & Public Enterprises, Government of India.
Mr. Praful Patel, Union Minister for Heavy Industries while delivering the welcome address shared the growth of Central PSE's (CPSEs) from 1990 to 2010. He informed that from 1990-91 to 2009-10, the cumulative turnover of CPSEs have increased from Rs 18,000 crores to Rs 12 Lakh 50 Thousand crores, cumulative profit has increased from Rs 2,792 crores to Rs 93,000 crores and total employee strength from around 56,000 employees to over 15 Lakh employees. CPSEs have played a crucial role towards the economic growth of the nation.
Hon'ble Prime Minister hands over the award to CMD, ONGC & MD, OVL
Hon'ble Prime Minister while delivering his inaugural address complimented the CPSEs for setting high standards which is an inspiration for others to follow. Congratulating the awardees for their stellar performance in respective fields he iterated that to stay competitive at the time when there are rapid changes across the globe each and every organization should pay increased focus towards Corporate Governance, Strategic Planning, Innovation, Research and Development and Quality Control. This is the 5th year in succession that Hon'ble Prime Minister, Dr Manmohan Singh has given away the MoU Excellence Awards & SCOPE Excellence Awards.
The moment of pride
SCOPE excellence award has been conceptualized and instituted to recognize the contribution of Public Enterprises and to encourage outstanding persons for their hard work and leadership qualities. Selection of this prestigious award has been made based on stringent criteria devised/evaluated by Deloitte Touche Tohmatsu India Private Limited and decided by a distinguished panel of eminent persons as Jury chaired by Justice P. N. Bhagwati, former Chief Justice of India.
One for the Album - Awardees with the Prime Minister
Note: ONGC Videsh Limited (OVL) is presently the second-largest E&P company in India both in terms of oil production and oil and gas reserve holdings. OVL prospects 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. OVL, adopting a balanced portfolio approach, maintains a combination of producing, discovered and exploration assets, working as operator in 11 projects and joint operator in 6 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) ; Blocks A1 and A3 in Mayanmar, Carabobo-1 in Venezuela and Farsi Block, Iran have discover and further work is being carried out. OVL has successfully completed 741 km long pipe line project in Sudan. The remaining projects are in exploration phase. OVL's international oil and gas operations produced 9.45 MMT of O+OEG in 2010-11 as against 0.252 MMT of O+OEG in 2002-03. OVL's overseas cumulative investment has crossed USD 12 billion.