ONGC Videsh Limited ::. The International Petroleum Company of India

CIS & Far-East
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Vietnam

Block 06.1 :

Participating Companies and their Shares :OVL-45%,BP-35% ,PV-20% ,(Operator - British Petroleum (BP))

OVL, British Petroleum (Operator) and PetroVietnam have developed the Lan Tay field in Block 06.1 offshore Vietnam. The field started commercial production of Gas in January, 2003. The project is operated by British Petroleum. OVL’s share of production from the project was 2.249 BCM of gas and 0.038 MMT of condensate during 2010-11 as compared to 1.967 BCM of gas and 0.042 MMT of condensate during 2009-10. OVL’s share of the development expenditure was about USD 244 Million till 31st March, 2011.

Block 127 :

Block 127 is an offshore deepwater Block, located at water depth of more than 400 meters with 9,246 sq km area in Vietnam. The PSC for the Block was signed on 24th May, 2006. OVL holds 100% PI in the Block with Operatorship. OVL has acquired 1,150 sq km 3D seismic data in the Block and the interpretation of the seismic data has been completed. Location for drilling of exploration well was identified and the well was drilled in July 2009 to a depth of 1265 mts. As there was no hydrocarbon presence, the Company has decided to relinquish the block to Petrovietnam. The Company has invested approx USD 68 million till 31st March, 2010.

Block 128 :

Participating Companies and their Shares :OVL- 100%

OVL signed a contract for 100% stake in the project in May, 2006. The project is operated by OVL. OVL had deployed the Rig Hakuryu-V on well B 128-RV-1X on 2nd September 2009 for drilling. However rig could not be anchored despite adding Piggy Back to the existing anchors. The drilling activity was terminated and it is planned that the location would be drilled in 2012 subject to successful field testing of anchors. OVL has invested about USD 46 million till 31st March, 2011

Myanmar Block- A-1 : Participating Companies and their Shares :OVL – 17%,Daewoo–51% ,KOGAS – 8.5%,GAIL – 8.5%,MOGE – 15% ,(Operator – Daewoo) Block A-1 is an exploration Block in offshore Myanmar. OVL acquired stake in the project in April, 2002. Commercial quantity of natural gas has been discovered in two of the fields, Shwe and Shwe Phyu, in the Block. The Shwe and Shwe Phyu field appraisals have been completed by the consortium. The Block has entered into Development phase with effect from 1st November 2009. The project is operated by Daewoo. A joint Field Development Plan prepared for Blocks A-1 and A-3 comprising of Shwe, Shwe Phyu and Mya gas fields has been approved by Consortium Partners. Execution of Development plan through Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract is in progress. Presently the detailed engineering and the procurement is nearing completion and the construction works (fabrication works in the Yards) are in progress. The drilling of subsea wells in Mya (North) has also commenced in February 2011 with envisaged completion in 2011. Gas production from these fields is expected to commence in mid-2013. OVL’s share of investment was about USD 92 million for Block A-1 till 31st March, 2011. OVL is participating in the complete hydrocarbon exploration, production and transportation chain comprising combined Upstream Field development of A-1 and A-3 Blocks, Offshore Pipeline Unincorporated JV and Onshore Pipeline Incorporated Company.
Block-A-3 : Participating Companies and their Shares :OVL – 17%,Daewoo–51% ,KOGAS – 8.5%,GAIL – 8.5%,MOGE – 15%,(Operator – Daewoo) Block A-3 is an exploration Block in offshore Myanmar. OVL acquired stake in the project in March, 2006. Commercial quantity of natural gas has been discovered in the Block in Mya field. The Block has entered into Development phase with effect from 1st November 2009. The project is operated by Daewoo. A joint Field Development Plan prepared for Blocks A-1 and A-3 comprising of Shwe, Shwe Phyu and Mya gas fields has been approved by Consortium Partners. Execution of Development plan through Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract is in progress. Presently the detailed engineering and the procurement is nearing completion and the construction works (fabrication works in the Yards) are in progress. The drilling of subsea wells in Mya (North) has also commenced in February 2011 with envisaged completion in 2011. Gas production from these fields is expected to commence in mid-2013. OVL’s share of investment was about USD 68 million for Block A-3 till 31st March, 2011. OVL is participating in the complete hydrocarbon exploration, production and transportation chain comprising combined Upstream Field development of A-1 and A-3 Blocks, Offshore Pipeline Unincorporated JV and Onshore Pipeline Incorporated Company. Shwe Offshore Pipeline Joint Venture Company (PipeCo-1) Participating Companies and their Shares :OVL – 17%,Daewoo – 51%(Operator),GAIL - 8.5%,KOGAS – 8.5%,MOGE – 15% OVL is participating in the offshore mid-stream project. The project as a part of the combined development of A-1 and A-3 blocks is in progress through an EPCIC contract and includes construction of offshore pipeline of 110 Km X 32” from Shwe Offshore Platform to land fall point at Ramree Island, onshore gas terminal, supply base and jetty. The Project is scheduled to be completed by March 2013. OVL’s share of investment was about USD 10 million till 31st March, 2011. Onshore Pipeline Company (PipeCo-2) OVL is participating in the Onshore Pipeline Company having a PI of 8.347%. The Onshore Pipeline Company was formed and registered in Hong Kong. The shareholding of other partners is CNPC-South-East Asia Pipeline Company Limited (SEAP), China- 50.9%, Daewoo- 25.04%, MOGE, Myanmar 7.365 %, GAIL and KOGAS 4.1735% each. The Company will lay an onland pipeline of 870 Km X 40” from land fall point at Ramree Island to Myanmar China border. To achieve the first gas from Shwe Gas Development Project in mid 2013, the onshore pipeline project is scheduled to be completed by March 2013. As per current estimates, OVL’s share of investment jointly for Blocks A-1 and A-3 including Pipeco-1 & 2 projects is estimated at about USD 1 billion. Blocks AD-2, AD-3 and AD-9 : OVL acquired three offshore deepwater exploration Blocks i.e. AD-2, AD-3 and AD-9 on 23rd September, 2007 in Myanmar. OVL is the operator with 100% PI in all the three Blocks. The Blocks have been awarded on the basis of mutual understanding and cooperation between India and Myanmar in the hydrocarbon sector. The blocks AD-2, AD-3 and AD-9 extend over an area of 8,100 sq km, 9,900 sq km and 7,800 sq km respectively with water depths ranging from 1,500 to 3,000 meters in the Rakhine Coast in Myanmar. The exploration period spread over four phases extends to 5 years for AD-2; and 7 years for AD-3 and AD-9. 2D Seismic and G-M data acquisition and processing have been completed. Reprocessing of a few in-fill lines and interpretation of seismic and G-M data is in progress for evaluation of these Blocks. The Company has invested approx USD 24 million in the Blocks till 31st March, 2010.

Russia Sakhalin-I : Participating Companies and their Shares :OVL – 20%,Exxon–30% ,Sodeco – 30% ,SMNG – 11.5% ,RN Astra – 8.5% (Operator – Exxon Mobil) Sakhalin-1 is a large oil and gas field in far east offshore in Russia. OVL acquired 20% PI in the project in 2001. The exports of Sakhalin -1 crude oil started from September, 2006. The project is operated by Exxon Mobil. OVL’s share of production from the project was 1.474 MMT of oil and 0.415 BCM of gas during 2010-11 as compared to 1.532 MMT of oil and 0.390 BCM of gas during 2009-10.

Imperial Energy

Participating Companies and their Shares : OVL-100%

OVL had set-up a wholly-owned subsidiary Jarpeno Ltd on 12th August, 2008 in Cyprus. Jarpeno Limited has acquired Imperial Energy in January, 2009 which through its subsidiaries owns the licenses of the blocks/ fields in Russia. The post-acquisition developmental plans of Imperial Energy, which included the drilling of 76 wells and construction of facilities, has resulted in the ramping up of its oil production to above 18,500 bopd in June 2011 from around 6,000 bopd at the time of acquisition. On the exploratory front, a total of 21 exploratory/ appraisal wells have been drilled since 2009 till May 2011, while seven more wells are planned to be drilled during 2011. Further 165 sq. km of 3D seismic data and 1650 lkm of 2D seismic data was acquired, processed and interpreted. In 2011, 65 sq.km 3D seismic and 766 lkm 2D seismic data has been acquired and is currently under processing. The exploratory campaign also focused on extensive G&G studies by internationally reputed external agencies to develop & study the exploration/exploitation models and recommend new techniques for exploitation. The exploration efforts have resulted in the discovery of three new fields, extension of two currently producing oilfields, up gradation of reserves from 3P to 2P in one of the oilfields and addition of several new pay zones to existing fields. OVL’s share in the oil production was 0.770 MMT during 2010-11 as against 0.543 MMT during 2009-10. The Company has invested about USD 2,449 million till 31st March 2011 in the project.

Satpayev Project, Kazakhstan

Participating Companies and their Shares :OVL – 25%,KMZ – 75% (Operator)

ONGC Videsh Limited signed definitive agreements for acquisition of 25% participating interest in Satpayev exploration block with KazMunaiGas, the national oil company of Kazakhstan on 16th April, 2011 at Astana, Kazakhstan. The block contains two prospective structures, namely Satpayev and Satpayev Vostochni (East) with 256 MMT in estimated hydrocarbon resources. The total estimated investment of OVL during the exploration and appraisal phase would be about USD 400 million, which comprises the initial payment, signature bonus, exclusivity fee, minimum work commitment and appraisal costs. At present, OVL and KMG are jointly working towards obtaining the Amendment to the E&P contract from Ministry of Oil & Gas for the participation of OVL in the E&P contract.

Iran Farsi Offshore Exploration Block : Participating Companies and their Shares :OVL – 40% ,IOC – 40% ,OIL – 20% ,(Operator – OVL) The Exploration Service Contract (ESC) for Farsi Offshore Exploration Block, Iran was signed in December, 2002. The Consortium carried out seismic API and drilled four exploratory wells in the Block during 2006 - 07 resulting in discovery of oil and gas. Subsequently, the Farzad-B gas field was declared Commercial with effect from 18th August, 2008 by National Iranian Oil Company (NIOC). The Master Development Plan (MDP) for the Farzad ‘B’ Gas Field is under finalisation. OVL’s share of investment was about USD 36 million till 31st March, 2011.
Iraq Exploration Block-8 : Participating Companies and their Shares :OVL- 100% OVL signed a contract for 100% stake in the project effective from May, 2001. The project is operated by OVL. The project is under exploration phase, however, due to prevailing conditions in Iraq, OVL has notified the force majeure situation to the Ministry of Oil, Iraq since April, 2003. The contract has been re-negotiated & commercial terms were sent to MoO. However Government of Iraq had decided to re-negotiate the Block-8 contract in line with the provisions of the new oil & gas law which is expected to be promulgated soon. Accordingly, Block-8 contract is being renegotiated with the Government of Iraq. OVL has invested about USD 2 million till 31st March, 2011 in the project.
Syria Al Furat (4 PSA) : Participating Companies and their Shares :Himalaya Energy (Syria) B.V. – 33.33% to 37.5% Shell – 66.67% to 62.5% ONGBV and Fulin Investments Sarl, a subsidiary of China National Petroleum Company International (CNPCI), holds 33.33% to 37.5% PI in four Production Sharing Contracts (PSCs) comprising 36 producing onland fields in Syria through a Dutch joint venture company, named Himalaya Energy (Syria) B.V., wherein ONGBV and Fulin Investments Sarl, hold 50% shareholding each. ONGBV share has been funded by OVL and Mittal Investment Sarl in the ratio of 77.95: 22.05. 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 oil plus OEG production was 0.664 MMT during 2010-11 as compared to 0.718 MMT during 2009-10.
Block-XXIV : Participating Companies and their Shares :OVL – 60% ,IPR International – 25% ,Tri Ocean Mediterranean – 15% ,(Operator – IPR International) The contract for 60% PI in onland Exploration Block 24 in Syria was signed in January, 2004. IPR as operator and Tri Ocean Mediterranean holding 25% and 15% stake respectively in the Block. . Based on the discoveries in Rashid-1, Abu Khasab-1 and Abu Khasab-2, the Syrian Government has granted Development rights in two areas viz., ‘Abu Khasab’ and ‘Rashid’ fields to the consortium for development and production. As per the terms of the Contract, an operating company, Al Rashid Petroleum Company (RPC) has been formed to oversee the Development and Production related activities in the area under Block-XXIV Contract. Two existing wells, Rashid-1 and Kasra-101 in Rashid field have been put on extended production testing. The extended production testing is also planned for Abu Khasab-1, Abu Khasab-2 wells of Abu Khasab field in 2011-12 to collect reservoir data for preparation of detailed Field Development Plan. Further exploratory efforts are in progress to assess the potential of the block in an optimum manner. Two exploratory wells are currently under drilling and in addition, four firm and a few contingent wells have also been planned for drilling before the expiry of Exploration period in Sept 2011. New discoveries resulting from the ongoing exploration program will allow the consortium to consolidate ‘development areas’ in the block. The Company has invested about USD 44 Million till 31st March, 2011in the block.

Libya Exploration Block NC-189 : Block NC-189, measuring an area of 2,088 sq km is located in west-central part of the Sirte Basin in Libya. OVL acquired stake in the onland Block in June, 2003. OVL holds 49% PI in exploration Block NC-189 in Libya with Turkish Petroleum Overseas Company (TPOC), a subsidiary of National Oil Company of Turkey, holding the remaining 51% PI with operatorship. So far, three exploratory wells were drilled in this Block. All the wells were plugged and abandoned as dry wells. OVL ’s share of investment was approx USD 41 million till 31st March, 2010. Block 81-1 : Block 81-1 measuring 1,809 sq km is an onshore exploration Block located in Ghadames Basin in south-west Libya. The Exploration and Production Sharing Agreement (EPSA) for the Block is effective from 10th December 2005. OVL holds 100% PI with operatorship in the Block. The acquisition, processing and interpretation of 811 LKM 2D and 502 Sq. Km. 3D seismic data have been completed. The report on Interpretation of Geoscientific data for Block 81-1, Libya is under preparation by G & G centre of OVL. The Company has invested approx USD 26 million till 31st March, 2010. Contract Area 43 : Participating Companies and their Shares :OVL- 100% OVL signed a contract for 100% stake in onland exploration Block 43 in Libya in March, 2007. The project is operated by OVL. The acquisition and processing of 1011 LKM 2D and 4000 Sq. Km. 3D seismic data has been completed. The interpretation of Geo scientific data is in progress at G & G centre of OVL in Delhi. Due to current unrest in Libya, Force Majeure notice with effect from 26th February, 2011 has been served to NOC, Libya and the operations at Libya have been suspended by OVL. OVL has invested about USD 39 million in the Contract Area 43 till 31st March, 2011.

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Nigeria Block OPL 279 : Participating Companies and their Shares :OMEL -45.5% ,EMO – 40% ,Total-14.5% (Operatorship –OMEL) ONGC Mittal Energy Limited (OMEL), a joint venture company incorporated by OVL along with Mittal Investments Sarl in Cyprus, has been awarded exploration Block OPL 279 in Nigeria. The effective date of the PSC has been determined to be 23rd February, 2007. OMEL through its wholly owned subsidiary company OMEL Exploration & Production Nigeria Ltd. holds 45.5% PI in the Block. Other partners in the Block are EMO, a local Nigerian company with 40% PI and TOTAL with 14.5% PI. The Block is operated by OMEL. OMEL, Nigeria has drilled the first well Kuyere-1 in block OPL-279 in January - February 2010 and OMEL, Nigeria has drilled the first well Kuyere-1 in block OPL-279 in January 2010 and the well was plugged and abandoned on 6th February 2010. OMEL’s share of investment, inclusive of the carry obligations to EMO, till March, 2011 was about USD 155 million. Block OPL 285 : Participating Companies and their Shares :OMEL -64.33% ,EMO – 10% ,Total-25.67% (Operatorship –OMEL)
OMEL has been awarded exploration Block OPL 285 in Nigeria. The effective date of the PSC has been determined to be 23rd February, 2007. OMEL through its wholly owned subsidiary company OMEL Energy Nigeria Ltd. holds 64.33% PI in the Block. Other partners in the Block are EMO, a local Nigerian company with 10% PI and TOTAL with 25.67% PI. The first exploratory well Opueyi-AX in Block-285 was drilled till the target depth and post evaluation study of the well is in progress. OMEL’s share of investment, inclusive of the carry obligations to EMO, till March, 2011 was about USD 77 million.
Sudan Greater Nile Oil Project (GNOP) 1, 2 & 4 : Participating Companies and their Shares :OVL – 25%,CNPC – 40%,Petronas – 30%,Sudapet – 5%,(Joint Operatorship) ONGC Nile Ganga BV (ONGBV) a wholly owned subsidiary company of OVL incorporated in Netherlands holds 25% PI in Greater Nile Oil Project (GNOP), Sudan, acquired on 12th March, 2003. The project is currently producing oil and jointly operated by all the partners. ONGBV’s share in oil production from GNOP was 1.801 MMT during 2010-11 as compared to 2.126 MMT during 2009-10.
Block 5A, : Participating Companies and their Shares : OVL– 24.125% ,Petronas–67.875% ,Sudapet – 8% ,(Operator - Petronas and Sudapet Joint Operator) Block OVL acquired 24.125% PI in Block 5A in Sudan in May, 2004. The Block is operated by White Nile Petroleum Operating Company (WNPOC) a company jointly owned by Petronas and Sudapet. TharJath, Mala and Mala Satellites fields have been put on production in Block 5A. Further, extensive exploration work is on-going in the Block. OVL’s share of oil production from the project was 0.226 MMT for 2010-11 as compared to 0.247 MMT for the year 2009-10. OVL incurred a capital expenditure of about USD 428 million till 31st March, 2011.
Khartoum-Port Sudan Pipeline Project, Sudan: Participating Companies and their Shares :OVL-90%,OIL-10% The pipeline has been completed and is under lease. Eleven half-yearly repayments due till December, 2010 have been received by OVL from Government of Sudan (GOS). M/s Dodsal, the EPC contractor has invoked arbitration against OVL staking claim of USD 28.7 million towards alleged additional work carried out in the project. The arbitral proceedings in the matter between OVL and Dodsal are currently in progress. OVL in turn has given a pre-arbitral notice to Ministry of Justice, Government of Sudan.
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Brazil

Block BC-10 :

Participating Companies and their Shares :OVL- 15% ,Shell - 50% ,Petrobras - 35% (Operator – Shell )

ONG BV holds 15% PI in the deepwater offshore Block BC-10 in Brazil through its wholly owned subsidiary ONGC Campos Ltda. The Company acquired stake in the Block on 25th April, 2006. The Phase-1 of the Block was developed using sub-sea wells which connects via sub-sea manifolds, flowlines, and risers to a Floating Production, Storage and Offloading Vessel (FPSO). OVL’s share of oil and gas production was 0.573 MMT and 0.013 BCM respectively during 2010-11 as compared to oil production of 0.192 MMT during 2009-10.

Blocks BM-SEAL-4 & BM-BAR-1 :

OVL acquired PI in exploration blocks BM-SEAL-4 and BM-BAR-1 in Brazil in August 2008 through ONGC Campos Limitada, a wholly owned subsidiary of ONGC Nile Ganga B.V. OVL holds 25% PI in Block BM-SEAL 4 and Block BM-BAR-1 with Petrobras (Operator) holding remaining 75% PI. The projects are currently under exploration Phase. OVL’s share of investment was approx USD 1 million and USD 49 million for Block BM-SEAL-4 and BM-BAR-1 respectively till 31st March 2010.

Block BM-ES-42 :

Participating Companies and their Shares :OVL- 100%

OVL has signed a contract for 100% stake in the deep water block ES-42 which is located in Espirito Santo basin offshore, Brazil on March 12, 2008. The project is operated by OVL. Seismic data acquisition and PSTM processing and G&G studies of PSTM data have been completed and PSDM is in progress in BM-ES-42 block. OVL has invested about USD 25 million for BM-ES-42 till 31st March 2011.

Block BM-S-73

Participating Companies and their Shares :OVL- 43.5% ,Petrobras – 43.5% ,Ecopetrol – 13%

OVL has signed a contract for 100% stake in offshore block BM-S-73, which is located in Santos basin offshore, Brazil on March 12, 2008. The project is operated by OVL. The project is currently under exploration phase. OVL had farmed out 43.5% and 13% of its PI to Petrobras and Ecopetrol respectively retaining the rest 43.5% and the Operatorship during 2009-10. 3D Seismic data acquisition, processing and G&G study completed and drilling is in progress in BM-S-73 Block. OVL’s share of investment in the Block was about USD 42 million till 31st March 2011.

Block BM-SEAL-4

Participating Companies and their Shares :OVL-25% ,Petrobras -75% ,(Operator – Petrobras)

In August, 2008, OVL acquired 25% PI from Petrobras of Brazil, in offshore exploration Block BM-SEAL-4 in Brazil. The project is operated by Petrobras. OVL’s share of investment was about USD 3 million till 31st March, 2011.

Block BM-BAR-1

Participating Companies and their Shares :OVL-25% ,Petrobras -75% ,(Operator – Petrobras)

In August, 2008, OVL acquired 25% PI from Petrobras of Brazil, in offshore exploration Block BM-BAR-1 in Brazil. The project is operated by Petrobras. The project is currently under exploration Phase. OVL’s share of investment was about USD 53 million till 31st March, 2011.

Block S-74

Participating Companies and their Shares :OVL- 43.5% ,Petrobras – 43.5% (Operator) ,Ecopetrol – 13%

The project is operated by Petrobras. The project is currently under exploration phase. Seismic data acquisition, processing and G&G studies have been completed and one exploratory well is planned to be drilled in 2011.

Colombia Mansarovar Energy Colombia Limited (MECL) : Participating Companies and their Shares :OVL - 50%,Sinopec-50% (Joint Operatorship) ONGC Amazon Alaknanda Limited (OAAL) a wholly owned subsidiary of OVL incorporated on 8th August, 2006 in Bermuda holds stake in E&P project in Colombia through holding 50% shares in Mansarover Energy Colombia Limited (MECL), a 50:50 Joint Venture company with Sinopec of China on 20th September, 2006. The transaction was effective from 1st April, 2006. OVL had invested USD 437.50 million towards cost of acquisition out of which MECL has repaid USD 25 Million during the year. OVL’s share of oil production was 0.468 MMT during 2010-11 as compared to 0.409 MMT during 2009-10.
Blocks RC-8 : Participating Companies and their Shares :OVL – 40% ,Ecopetrol - 40% ,Petrobras – 20% ,(Operator – OVL) OVL has been awarded offshore exploration Block RC-8 in Colombia with 40% PI along with Ecopetrol and Petrobras. The acquisition, processing & interpretation of 2568 LKM of 2D seismic data have been completed for RC-8 block. The project is currently under second phase of exploration. Block RC-9 : Participating Companies and their Shares :OVL – 50% ,Ecopetrol - 50% ,(Operator – Ecopetrol) OVL has been awarded offshore exploration Block RC-9 in Colombia with 50% PI along with Ecopetrol. The acquisition, processing & interpretation of 3750 LKM of 2D seismic data have been completed for RC-10 block The project is currently under second phase of exploration. Block RC-10 : Participating Companies and their Shares :OVL – 50% ,Ecopetrol - 50% ,(Operator – OVL) OVL has been awarded offshore exploration Block RC-10 in Colombia with 50% PI along with Ecopetrol. The project is currently under second phase of exploration., Block CPO-5 : Participating Companies and their Shares :OVL -70% (Operator), Petrodorado – 30% In the Colombia bidding Round 2008, OVL has been awarded offshore exploration Block CPO-5. The concession contract for the Block was signed on 26th December, 2008. The Block is currently under exploration phase and Interpretation of seismic data is being carried out to identify the drillable location. OVL’s share of investment was about USD 19 Million till 31st March, 2011. Block SSJN -7 : Participating Companies and their Shares :OVL-50%, Pacific Stratus Energy Colombia(Operator)- 50% In the Colombia bidding Round 2008, the consortium of OVL and Pacific Stratus (affiliate of Pacific Rubiales) has been awarded offshore exploration Block SSJN-7. The concession contract for the Block was signed on 24th December, 2008. The Block is currently under exploration phase and Interpretation of seismic data is being carried out to identify the drillable location. OVL’s share of investment was about USD 1 Million till 31st March, 2011.

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Cuba Block N-25, 26, 27, 28, 29 & N-36 : Participating Companies and their Shares :OVL – 30% ,Repsol YPF–40% ,Stat Oil -30% (Operator – Repsol YPF) In May, 2006, OVL acquired 30% PI from Repsol YPF of Spain, in deep water exploration Blocks N-25, 26, 27, 28, 29 and 36 located in Cuba. The project is operated by Repsol YPF. The consortium is in fourth exploration period having commitment of drilling of two wells. OVL’s share of investment in these blocks was about USD 27 million till 31st March, 2011. Block N-34 & N-35 : Participating Companies and their Shares :OVL- 100%
OVL signed a Production Sharing Contract on 10th September, 2006 for two offshore exploration Blocks 34 and 35 with 100% PI located in Exclusive Economic Zone of Cuba. The blocks are operated by OVL. Acquisition, processing and interpretation of 2D and 3D seismic data have been completed. OVL has invested about USD 43 Million till 31st March, 2011.
Venezuela San Cristobal Project : Participating Companies and their Shares :OVL-40% ,CVP-60% ,(Operated Jointly) OVL acquired 40% stake in San Cristobal Project in Venezuela w.e.f. 10th April, 2008. The project is operated jointly by OVL and PDVSA. OVL’s share in the production was 0.757 MMT of oil during 2010-1109 as compared to 0.704 MMT during 2009-10. OVL’s share of investment was about USD 191 Million till 31st March, 2011.
Carabobo-1 Project Participating Companies and their Shares :OVL – 11% ,IOC – 3.5% ,OIL – 3.5% ,Repsol YPF – 11% ,Petronas – 11% ,CVP – 60% (Jointly Operated) OVL acquired 11% stake in Carabobo 1 Project in Venezuela with effect from 12th May 2010. The company was incorporated on 25th June, 2010 and the Mixed Company was christened as Petro Carabobo S.A. The Transfer Decree allowing Petro Carabobo S.A to carry out primary activities in the designated areas was published in the Official Gazette of the Government of Venezuela on 29th July, 2010. The project has estimated Oil in Place of about 27 Billion barrels. The Mixed Company will build heavy oil production facilities, upgrading facilities and associated infrastructure. The upstream production facilities may be targeted to have capacity to produce around 400,000 barrels per day of extra heavy oil of which approximately 200,000 barrels per day may be upgraded into light crude oil in a facility to be located in the Soledad area, Anzoátegui State. The license term is for 25 years with a potential of further 15 year extension. One Service Company for executing the Jobs under Development plan has been incorporated on 21st January 2011. Presently, Conceptual Engineering & Tendering Processes for different activities related to Development of the Field are in progress.