ONGC Videsh Limited (OVL), the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd. (ONGC), the National Oil Company of India, has made an oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia. Well, Urraca-1X was spudded on 20th April 2022 and drilled to target depth (TD) of 10956 ft., encountering 17 ft thick oil-bearing sands at a depth from 10201ft -10218 ft. During initial testing with Electrical Submersible Pump (ESP), fluid flowed @ approx. 600 bbl./day with around 40-50% W/C and oil of 16oAPI. Oil discovery in the Lower Mirador play in this well opens up new areas for further exploration in the northern part of the block.

ONGC Videsh has earlier discovered commercial oil in the Lower Sand pay in Mariposa and Indico fields in the block in 2017 and 2018 respectively, which are currently commercially producing @ 20,000 bbl oil per day.

Block CPO-5 was awarded to ONGC Videsh Limited in the 2008 bid round of Colombia. ONGC Videsh holds 70% participating interest (PI) in the block along with operatorship, remaining 30% is held by partner Geopark. ONGC Videsh has a significant presence in oil & gas sector in Colombia, with three other exploratory blocks in the country and joint ownership of the oil producing company Mansarovar Energy Colombia Ltd (MECL). Oil discovery in a new play in the block with the well Urraca-1X, reiterates the technical and operational prowess of ONGC Videsh and adds one more feather in its cap towards the extensive Exploration and Drilling campaign in Colombia.

Anupam Agarwal has taken over as Director (Finance) of ONGC Videsh Limited on  18th June 2022, Schedule ‘A’ CPSE and subsidiary of ONGC. Mr Agarwal was recommended to the position by Public Enterprise Selection Board (PESB) on 28th February 2022 and has been appointed to the post by the President of India. 

Prior to this, Mr Agarwal served as Executive Director (Finance) in ONGC since January 2020. Mr Agarwal is a fellow member of the Institute of Cost Accountants of India and an associate member of The Institute of Company Secretaries of India. He is an alumnus of Lucknow University, where he obtained his Bachelor’s degree in Commerce and Master’s degree in Business Administration (Finance). He is also a Chartered Financial Analyst from the ICFAI Hyderabad. 

Mr Agarwal joined ONGC in 1990 as Finance & Accounts Officer and rose to the position of Executive Director, Chief Corporate Finance where he handled varied assignments, such as Direct tax, Indirect tax, Policy matters, Investor relations, Corporate Budget & Project Appraisal, Bidding for NELP and DSF Blocks, etc. During his tenure in ONGC, he handled responsibilities in diversified roles at Corporate Office, Dehradun, Mumbai, Assam and Baroda. 

O N Gyani has taken over charge as the Director (Operations) in the Board of ONGC Videsh Limited (OVL) – the international petroleum company of India. Mr Gyanihas rich experience of more than three decades in diverse aspects of reservoir and production management of onshore and offshore fields in ONGC, JV and OVL.

Prior to joining in OVL, he was Asset Manager of the largest Onshore Asset – Mehsana. He steered the Asset to reverse the declining trend of production from matured fields and prepared a roadmap for unlocking the true potential of the Asset.

Prior to leading Mehsana Asset, he headed the prestigious Institute of Reservoir Studies (IRS) and managed reservoir health along with development planning by formulating IOR / EOR schemes of all major Assets. During the same period, ER policy was implemented by the government and he played pivotal role in screening and expansion of EOR projects within and outside ONGC.He has diverse experience in screening, designing and implementing thermal, chemical and gas-based EOR in different fields. He was also involved in evaluation of Carbon Capture, utilization and storage (CCUS) project for implementation in western India.

Mr Gyani started his career in 1987as Petroleum Engineer from Indian School of Mines. He has diverse professional experience in majority of ONGC Assets viz. Cauvery, Rajahmundry, Assam, Ankleshwar, Cambay and B&S. He raised oil production to peak level during his tenure in several Assets. He also contributed significantly in field growth through meticulous performance evaluation. He was a key contributor in the growth story of B&S Asset of Western offshore by improving oil production three fold from 20000 bopd to 60000+ bopd by formulating and implementing high-value development schemes.

MrGyani is well known for his vast experience in reservoir management, field development and EOR domain,both as Head of Institute and Asset Manager. He has to his credit the value addition in several IOR/EOR schemes leading to reserves accretion, improvement in productivity and recovery from several fields.

ONGC Videsh Limited (OVL) had registered a major gas discovery in 2019 in its deep offshore block BM-SEAL-4, Brazil, located in the Sergipe Alagoas Basin. Petrobras is the Operator of the block with 75% Participating Interest (PI) and in which partner ONGC Videsh holds 25% PI.

ONGC Videsh Limited, after detailed evaluation, now enters into the development stage with the submission of Declaration of Commerciality (DoC) for the block BM-SEAL-4.

The block development module of Petrobras envisages the installation of a shared FPSO and a gas pipeline. The name suggested to the Brazilian regulator for the field is Budião. The development module is presently in the contract planning phase and is expected to start production after 2026. The Consortium plans to continue all operational activities for submission of the Development Plan to the Regulator and meeting the target for the first oil.

ONGC Videsh Limited (OVL) is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd (ONGC), the National Oil Company of India.

Mr. Sanjeev Tokhi has taken over as the Director (Exploration) on 4 th October 2021 to join the Board of ONGC’s wholly-owned subsidiary, ONGC Videsh Limited (OVL).

In his 33 years of illustrious career, Mr. Tokhi commands a diversified exposure in all facets of exploration from Acquisition, Processing and Interpretation (API) to Petroleum Basin Modelling and Project Economics. Under his stewardship, acquisition of state-of-the-art broadband seismic in Mumbai Offshore and consequent analysis of the data led to a number of discoveries, accreting hydrocarbon resources of over a hundred million metric tons.
His leadership capabilities left indelible marks in a number of important projects like the efficient development of B12 & Daman fields, North Tapti ML, Revival of Ratna and R-Series fields, Pliocene Gas discoveries, and accelerated exploration campaign in recently reverted Panna & Mukta fields. His contribution towards
technology interventions in the deep-water Krishna Godavari basin, enabled robust reservoir characterization in Cluster-2 of northern discovery area of KG- DWN- 98/2 Block.

As the Director (Exploration) of ONGC Videsh, his focus would be towards astute acquisition of prospective acreages across the globe to OVL portfolio, contributing to national energy independence for an Atmanirbhar Bharat.

Issued by
Corporate Communications
ONGC Videsh limited

ONGC Videsh Limited, a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, has spudded its first well Kanchan#1 in Block SS04, Bangladesh, on 29 th September 2021 at Maheshkhali Island. This exploratory well is planned to be drilled to a depth of 4200 m and will be targeting two prospective formations. This well marks the beginning of exploratory drilling in Bangladesh by ONGC Videsh and will be followed by drilling at two more exploratory locations.

ONGC Videsh Ltd., in consortium with Oil India Ltd. (OIL), was awarded two shallow offshore Blocks SS-04 and SS-09 in Bangladesh during the Bid Round of 2012. The Production Sharing Contract (PSC) was signed between ONGC Videsh, OIL and Bangladesh Petroleum Exploration & Production Company Limited (BAPEX) in February, 2014. ONGC Videsh, with Participating Interest (PI) of 45%, is the Operator with OIL (45% PI) and BAPEX (10% PI) as the other partners. BAPEX is being carried equally by ONGC Videsh and OIL up to commercial discovery stage.

All pre-drilling activities were completed with the rig being on location in late 2019 and with spudding scheduled for March 2020. However, the drilling had to be deferred due to COVID-19 pandemic. After the easing of restrictions and resolving the issues owing to deferment of initial plans, in September 2021, the drilling of well has commenced on 29 th September 2021.

Terms of Reference – Junior Consultant/Associate Consultant (Project Finance)

Sl. No. Description Information
1 Roles And Responsibilities 1. Analysis and review of proposals related to Finance & Accounts issues of overseas projects.
2. Review and due diligence of proposals related to expenditure sanction for Contract & Procurement.
3. Analysis and advice on various issues related to compliances of Branch offices and Subsidiaries of ONGC-VL outside India.
4. Analysis and advice on various proposals or issues related to Joint Operating Agreement and E&P Contracts of ONGC-VL blocks. etc.
5. Analysis and validation of data under various Financial MIS for Qtrly. Accounts/ Budget/ Corporate Planning / Ministry information/Management /Annual Report etc.
6. Joint Venture Accounting, Cash Call Analysis, WP&B Preparation, Tax Computation etc. related to Operated & Non-Operated blocks of ONGC Videsh Ltd.
7. Any other job assigned by management from time to time.
2 Nature of Assignment (office / field) Office
3 Duration of Assignment One year
4 Position Junior Consultant/Associate Consultant (Project Finance)
5 Level E2 – E4
6 Age Limit 64 Years
7 Location ONGC Videsh, New Delhi
8 Qualification required Graduate in Commerce
9 Experience desired (Minimum) 10 Years in Finance & Accounts with working experience in JV accounting.
10 Performance evaluation process & periodicity thereof As per Policy
11 Reporting Authority (Name, Designation) Will be indicated in the Engagement Letter
12 Honorarium admissible as per policy Based on E-level of engagement

 

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Terms of Reference – Associate Consultant (Corporate Tax)

Sl. No. Description Information
1 Roles And Responsibilities 1.      Co-coordinating within the company w.r.t. tax compliance matters and collating and preparing the required information for tax compliances.

2.      Dealing all direct tax related compliances of the company in India as per the Income Tax Act and litigation thereof.

3.      Analysis of various transactions undertaken by the Company or its subsidiaries, JVs etc from an income tax perspective and recommend the most optimal structure of transaction from a tax point of view.

4.      Co-coordinating with tax consultant(s) for arranging review of the tax compliance including tax opinions, where required.

5.      Any other job assigned by management from time to time.

2 Nature of Assignment (office / field) Office
3 Duration of Assignment One year
4 Position Associate Consultant (Corporate Tax)
5 Level E4 – E5
6 Age Limit 64 Years
7 Location ONGC Videsh, New Delhi
8 Qualification required CA / ICWA
9 Experience desired (Minimum) 15 years in Finance & Accounts with atleast 3 years experience in dealing corporate tax matters
10 Performance evaluation process & periodicity thereof As per Policy
11 Reporting Authority (Name, Designation) Will be indicated in the Engagement Letter
12 Honorarium admissible as per policy Based on E-level of engagement

 

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Terms of Reference – Associate Consultant/Consultant (Internal Audit)

Sl. No. Description Information
1 Roles And Responsibilities 1. The company is a non-operating / jointly operating partner in several projects outside India and conducts Partner’s audit of these projects. The partner’s audit report are presented at various levels of management. The incumbent is required to review/prepare Agenda on Partner’s Audit for various meetings and prepare draft minutes.
2. To co-ordinate with Internal Audit team and with Business Units (BUs) and Country offices for internal audit requirements.
3. Support and co-ordinate with various Business Units/Sections for data requirement by CAG on various audits conducted by CAG and consolidate audit paras and other issues related to Internal Audit.
4. Review/prepare Agenda on Internal Audit reports for submission to Executive Committee and Audit Committee.
5. Any other job that requires co-ordination by Internal Audit.
6. On need basis, carry out Internal Audit of assigned area.
7. Any other job assigned by management from time to time.
2 Nature of Assignment (office / field) Office
3 Duration of Assignment One year
4 Position Associate Consultant/Consultant (Internal Audit)
5 Level E5 – E6
6 Age Limit 64 Years
7 Location ONGC Videsh, New Delhi
8 Qualification required CA / ICWA / Engineer Graduate / P.G. in Geo Sciences
9 Experience desired (Minimum) 15 years in Oil & Gas Company with working experience in Internal Audit
10 Performance evaluation process & periodicity thereof As per Policy
11 Reporting Authority (Name, Designation) Will be indicated in the Engagement Letter
12 Honorarium admissible as per policy Based on E-level of engagement

 

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Terms of Reference – Senior Consultant/Associate Advisor/Advisor (Corporate Accounts)

Sl. No. Description Information
1 Roles And Responsibilities 1. Providing support in preparing financial statements/reports from time to time.
2. Facilitating with auditors in formulating an appropriate view about the compliances and reporting requirements of the company.
3. Mentoring and Developing existing finance & accounts manpower.
4. Strengthening internal financial controls and MIS.
5. Facilitating Internal and partners audit from time to time and timely compliances.
6. Assisting in preparing replies to Govt. Audit.
7. Providing support in the area of budgeting, monitoring and review from time to time.
8. Any other job assigned by management from time to time.
2 Nature of Assignment (office / field) Office
3 Duration of Assignment One year
4 Position Senior Consultant/Associate Advisor/Advisor – Corporate Accounts
5 Level E7 – E9
6 Age Limit 64 Years
7 Location ONGC Videsh, New Delhi
8 Qualification required CA / ICWA
9 Experience desired (Minimum) 15 years in Finance & Accounts with atleast 3 years in Corporate Accounts
10 Performance evaluation process & periodicity thereof As per policy
11 Reporting Authority (Name, Designation) Will be indicated in the Engagement Letter
12 Honorarium admissible as per policy Based on E-level of engagement

 

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