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Legal
- CIS & Far-East
- Africa
- Latin America
Brazil
Block BC-10 :
Block BC-10 is a deepwater offshore Block located in the Campos Basin approximately 120 km southwest from the city of Vitoria off the coast of Brazil with a water depth of around 1800 meters spread over 600 sq km. ONGBV acquired 15% PI in the project on 25th April, 2006 through its wholly owned subsidiary ONGC Campos Ltda. Other partners in the Block are Shell with 50% PI as operator and Petrobras with 35% PI. OVL’s net maximum cash sink for investment in this project was approved at USD 548 million. The Phase-1 of the Block has been developed using sub-sea wells which connects via sub-sea manifolds, flowlines, and risers to a Floating Production, Storage and Offloading Vessel (FPSO). Drilling of 11 wells planned for phase-1 has been completed & 9 producers and 1 gas injector wells are put on production. The oil production from the project commenced on 12th July 2009. OVL’s share of oil production was 0.192 MMT during 2009-10 as against a target of 0.103 MMT.
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.
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Blocks BM-S-73 and Block BM-ES-42 :
ONGBV holds 43.5% PI and 100% PI in the deepwater offshore Blocks BM-S-73 and BM-ES-42 respectively in Brazil through its wholly owned subsidiary ONGC Campos Ltda. The blocks BM-S-73 and BM-ES-42 are spread over an area of 160 sq km and 725 sq km respectively with water depths of around 200 meters and 1,500 meters respectively. During the year, OVL has divested some part of its PI in Block BM-S-73 to Petrobras and Ecopetrol to share the exploration risk and leverage experience in the region. Joint Operating Agreement was signed on 29th January 2010 with Petrobras and Ecopetrol holding 43.5% and 13% respectively. 3D Seismic Survey was completed in both the Blocks. Seismic data processing has been completed and G&G study is in progress in BM-S-73. Seismic data processing is in progress in BM-ES-42. The Company has invested USD 12 million and USD 24 million for Block BM-S-73 and BM-ES-42 respectively till 31st March 2010.
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Colombia:
Mansarovar Energy Project :
Mansarovar Energy Colombia Limited (MECL), Colombia is a 50:50 joint venture comprising a wholly owned subsidiary of OVL i.e. ONGC Amazon Alaknanda Limited (OAAL) and a subsidiary of Sinopec International Petroleum Exploration and Production Corporation (SIPC). MECL's assets constitute a 100% interest in Velasquez fee mineral property and a 50% interest in the Nare Association contracts where the Colombian national oil company, Ecopetrol S.A. holds the remaining 50%. MECL also owns 100% of the Velasquez-Galan pipeline, which runs 189 km from the Velasquez property to Ecopetrol's Barrancabermeja refinery. MECL had acquired Omimex de Colombia Ltd. ("Omimex”) from Texas based Omimex Resources, Inc. on 20th September, 2006 with effective date of 1st April, 2006. OVL had invested USD 437.50 million towards cost of acquisition. OVL’s share of oil production was 0.409 MMT during 2009-10 as compared to 0.371 MMT during 2008-09.
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Blocks RC-8, RC-9 and RC-10 :
OVL acquired exploration blocks RC–8, RC-9 and RC-10 in deepwater offshore Colombia on 18th September, 2007. In Block RC-8, your Company as operator holds 40% PI with Ecopetrol and Petrobras holding 40% and 20% PI respectively. In Blocks RC-9 and RC-10, OVL and Ecopetrol hold 50% PI each with OVL as Operator in RC-10 block and Ecopetrol as Operator in RC-9 block. The contracts for the Blocks were signed on 30th November, 2007. The blocks RC–8, RC-9 and RC-10 extend over an area of 2,770 sq km, 2,120 sq km and 2,680 sq km respectively with water depths of 70 to 1,500 meters in offshore Colombia. The acquisition of 2568 LKM and 3750 LKM of 2D seismic data has been completed for RC-8 and RC-10 blocks respectively. Seismic data Processing is in progress for both the blocks. Further the acquisition of 720 Sq.km of 3D seismic data has been completed and data processing is in progress in RC-9 block. OVL’s share of investment in these blocks was approx USD 7.50 million till 31st March, 2010.
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Blocks SSJN-7 & CPO-5 :
OVL participated in the Bidding Round 2008 in Colombia during 2008-09 and was awarded two Blocks i.e. SSJN-7 with 50% PI and CPO-5 with 100% PI. The Block SSJN-7 is operated by Pacific Stratus Energy, Colombia with 50% PI. The Block CPO-5 is operated by OVL. The concession contracts for the Blocks SSJN-7 and CPO-5 were signed on 24th December, 2008 and 26th December, 2008 respectively. The Company farmed out 30% PI in Block CPO-5 to M/s Petrodorado South America S.A to share the exploration risk and leverage experience in the region. The Joint Operating Agreement was signed between OVL and M/s Petrodorado on 2nd June 2010. Both the blocks are currently under exploration Phase. OVL’s share of investment was USD 0.55 million and USD 1.19 million for Blocks SSJN-7 and CPO-5 respectively till 31st March, 2010.
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 View Colombia Project Map |
Cuba:
Blocks 25, 26, 27, 28, 29, 35A and 36 :
Blocks 25, 26, 27, 28, 29, 35A and 36 are deep water offshore exploration Blocks located in Cuba’s Exclusive Economic Zone (EEZ) with an area of approx 11,231 sq km. The agreement for acquisition of 30% PI in the Blocks from Repsol-YPF of Spain was signed on 23rd May, 2006. The other partners in the Blocks are Repsol-YPF with 40% PI as operator and Statoil Oil & Gas AS with 30% PI. The consortium is in fourth exploration period having commitment of drilling of one well. Your Company’s share of investment in these blocks was approx USD 23 million till 31st March, 2010.
Block 34 and 35 :
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Blocks 34 and 35 are deep water offshore exploration Blocks located in Cuba’s Exclusive Economic Zone (EEZ) with an area of approx 4,300 sq km. The PSC for the Blocks was signed on 10th September, 2006. OVL holds 100% PI in the Blocks with Operatorship. Acquisition, processing and interpretation of 2D seismic data have been completed. 3D Seismic data acquisition and processing has also been completed. Currently 3D Seismic data interpretation is in progress. The Company has invested approx USD 40 million till 31st March, 2010.
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Venezuela:
San Cristobal Project :
OVL signed an agreement with Corporación Venezolana del Petróleo S.A. (CVP) on 8th April, 2008 and acquired 40% Participating Interest (PI) in San Cristobal Project, Venezuela. San Cristobal project covers an area of 160.18 Sq. Km in the Zuata Subdivision of proliferous Orinoco Heavy Oil belt in Venezuela. The project is operated jointly by OVL and PDVSA. The JV Company has been named “Petrolera IndoVenezolana SA” (PIVSA). CVP, a subsidiary of PDVSA holds 60% equity in JVC and OVL holds 40% equity through ONGC Nile Ganga (San Cristobal) BV, a wholly owned subsidiary of ONGC Nile Ganga B.V. OVL’s share in the oil production was 0.704 MMT during 2009-10 as against 0.671 MMT during 2008-09. The Company has invested approx USD 191 million till 31st March, 2010 in the project. |
Carabobo Project
During the year on 10th February, 2010, OVL was selected as part of the consortium of ONGC Videsh Limited (11.0%), Indian Oil Corporation Limited (3.5%), Oil India Limited (3.5%), Repsol YPF (11.0%) and Petroliam Nasional Berhad (11.0%) by the Government of the Bolivarian Republic of Venezuela for awarding 40% ownership (equity) interest in a Mixed Company to develop the Carabobo 1 North (203 km2) and Carabobo 1 Central (180 km2) blocks located in the Orinoco Heavy Oil Belt in eastern Venezuela. The Corporación Venezolana del Petróleo (CVP), a subsidiary of Petróleos de Venezuela S.A. (PDVSA), Venezuela's state oil company, will hold the remaining 60% equity interest. The award of the Mixed Company contract followed an extensive international selection process conducted by Venezuela’s Ministry of Energy and Petroleum during late 2008 and throughout 2009. The Signing Ceremony of Incorporation Agreement was held on 12th May 2010 at Caracas; 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 plans are currently being studied further before firming up. The license term is for 25 years with a potential of further 15 year extension.
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