ONGC Videsh Limited (OVL) is a wholly owned subsidiary of the Oil and Natural Gas Corporation Limited (ONGC). ONGC ranks as the Numero Uno Oil & Gas Exploration & Production (E&P) Company in Asia, as per Platts 250 Global Energy Companies List for the year 2007. ONGC is the only Company from India in the Fortune Magazine’s list of the World’s Most Admired Companies 2007.

OVL was incorporated as Hydrocarbons India Private Limited on March 5, 1965 for the business of international exploration and production. Its name was changed to ONGC Videsh Limited on June 15, 1989. The primary business of the company is to prospect for oil and gas acreages abroad. This includes acquisition of oil and gas fields in foreign countries as well as exploration, production, transportation and sale of oil and gas.

OUR VISION

“To be a world class E&P company providing security oil to the country.”

OUR MISSION

“By 2025, contribute 60 MMTPA of equity oil and gas.”

OVL TODAY

OVL today is the second largest E&P Company in India by reserves, second only to ONGC. It has participation in 35 projects with 50 blocks in 17 countries and is actively seeking more opportunities across the world. OVL has a long-term target of acquiring 60 MMTPA of equity oil and gas overseas by 2025.

Out of 35 projects, OVL is operator in 15 projects and joint operator in 2 projects in 10 countries. OVL is currently producing oil and gas from Greater Nile Oil Project and Block 5A in Sudan, Block 06.1 in Vietnam, Al Furat project in Syria, Sakhalin-I project in Russia and Mansarovar Energy Project in Colombia. Block BC-10 in Brazil is currently under development with production expected to begin in 2009-10. Block A-1 and A-3 in Myanmar, North Ramadan Block and NEMED in Egypt, Najwat Najem Structure in Qatar and Farsi Offshore Block in Iran have discoveries and appraisal work is being carried out. The remaining projects are in exploration phase.

OVL started production of oil and gas in the year 2003 and achieved production of oil and oil equivalent gas (O+OEG) of 7.952 MMT in 2006-07. The consolidated gross revenue of OVL during the financial year 2006-07 stood at Rs. 11,901 Crore. During 2006-07, the consolidated profits (PAT) were at Rs. 1,663 Crore.

Government of India has provided OVL with a single window clearance for overses upstream projects irrespective of investments involved. OVL has been designated as the Indian Nodal Agency for overseas petroleum business and is maintained as a permanent participant in all concerned bilateral interactions and Joint Working Groups of the Government of India.


STRATEGIC OBJECTIVES

The strategic objectives of parent company ONGC and the Government of India provide the basis for the strategic direction of OVL. Taking into account the industry environment and other influencing factors, both internal and external, a strategic direction has been formulated, which is reevaluated on a continuous basis given the rapidly changing nature of the global petroleum industry to better adapt to the scenario.


THE MANAGEMENT

OVL's Management Team is led by its Managing Director and it has three full time Directors, Director (Finance), Director (Exploration) and Director (Commercial). ED, OVL heads the office of OVL and has an efficient line up of managers and executives.

OVL has purposely been maintained as a lean and fast organisation so that functions and operations which are not of permanent nature can be outsourced to suitable agencies both within ONGC, as well as the industry. The functional Directors of ONGC serve as the Directors on the OVL Board as well, thus inducing cohesion of the corporate objectives and goal congruence in both organisations.

OVL follows meritocracy and draws its human resource from the parent company, where the functional directors are consulted for selection. The finances for the operations of OVL are provided by ONGC in form of loans and equity.