ONGBV has celebrated India’s 71st  Independence Day in Khartoum, Sudan on 15.8.2017 with full zeal and enthusiasm. ONGBV Country Manager, Sudan hoisted the Indian National Flag at 7.15 am amid National Anthem sung by all expats. The Independence Day celebration was attended by National Employees too.

Mr. V. Vidyasagar, Country Manager, ONGBV  hoisting National Flag in Khartoum, Sudan

Mr. V. Vidyasagar, Country Manager, ONGBV hoisting National Flag in Khartoum, Sudan

 

ONGBV Expats showing Patriotism

ONGBV Expats showing Patriotism

 

Country Manager addressed the gathering and highlighted the sacrifices of freedom fighters for Independence of India. He also emphasized that all ONGBV employees should discharge their duties diligently and efficiently. In the end, he distributed the sweets to all employees.

Participation of National Employees of Sudan in Indian Independence Day celebration

Participation of National Employees of Sudan in Indian Independence Day celebration

 

Country Manager, Sudan distributing sweets to National Employees

Country Manager, Sudan distributing sweets to National Employees

 

 

CMD, ONGC’s trophy and Commendation Runner-up Certificate for Best performing Asset of ONGC Videsh was conferred on Block Sakhalin 1 of Russia and A1 & A3 of Myanmar respectively on the Independence Day ceremony at Dehradun. The Certificate is being presented to Mr Sudhir Sharma, Director Exploration, ONGC Videsh by Mr Ajeet Deshwal, ED, Regional President, Asia Pacific Region along with his team.

2017-A1-A3 Award

ONGC Videsh to acquire 30% participating interest in Petroleum Exploration License 0037 Offshore Namibia

New Delhi : ONGC Videsh has signed definitive binding agreements with Tullow Namibia Limited (Tullow), a wholly owned subsidiary of Tullow Oil plc, on 28th June 2017 for acquiring 30% participating interest in Namibia Petroleum Exploration License 0037 for Blocks 2112A, 2012B and 2113B and related agreements (License) out of Tullow’s existing participating interest of 65% in the License. Pancontinental Namibia (Pty) Limited with 30% Participating interest and Paragon Oil and Gas (Pty) Limited with 5% participating interest are other partners in the License. Tullow is the operator of the License and shall continue to remain operator after acquisition by ONGC Videsh. The acquisition is subject to satisfaction of customary conditions precedents including approvals of Namibian regulatory authorities and joint venture partners.

The completion of the present transaction would mark ONGC Videsh entry in Namibian offshore and is consistent with its strategic objective of adding high impact exploration and production assets to its existing E&P portfolio.

About ONGC Videsh

ONGC Videsh is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India’s largest international oil and gas E&P Company. At present, ONGC Videsh has 38 projects in 17 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Kazakhstan, Mozambique, Myanmar, Russia, South Sudan, Sudan, Venezuela, Vietnam and New Zealand. ONGC Videsh is currently producing about 285,000 barrels of oil and oil equivalent gas per day and has total oil and gas reserves (2P) of about 704 MMTOE as on 1st April, 2017. For more information visit: http://www.ongcvidesh.com

About ONGC

ONGC’s market capitalization as on 30th June 2017 was INR 2,019 billion (US$ 31.25 billion). During the financial year ended 31st March, 2017, ONGC Group had produced 61.60 MMT of oil and oil equivalent gas (MMTOE) (approx. 1.23 MMboe per day); the Consolidated Gross Turnover was INR 1,421 billion (US$ 21 billion) during FY’17 and total consolidated oil and gas reserves were 1,818 MMTOE as on 31st March 2017. For more information visit: http://www.ongcindia.com

World Environment Day at ONGC Videsh

World Environment Day was celebrated at ONGC Videsh under the aegis of United Nations Environment Programme on the theme ‘Connecting people to nature’, which implores to get outdoor into nature, to appreciate its beauty and its significance and to take forward the call to protect the Earth.

Employees and families of ONGC Videsh participated with enthusiasm in various competitions. Awareness drive was carried out by HSE Group for one week on various topics related with Environment, which was well appreciated.

Mr. Narendra K. Verma, MD & CEO through his message to employees asked their individual commitment to do their best to restore the harmony between nature and man. He said “At individual level, each of us needs to understand the importance of nature, not only for us, but also for future generations to come. We must not only change ourselves, but also encourage and inspire others to change their habits and behavior by practicing 5 R (Refuse, Reduce, Reuse, Recycle and Recover), using energy efficient equipment like LED bulbs and BEE five star rating equipment, avoiding plastic bags and planting trees”.

World environment day was celebrated on 5th June at ONGC Videsh office chaired by Mr. P.K. Rao, Director (Operations) and attended by Regional Presidents, Heads of the Groups and employees.

Head HSE made a presentation covering environmental impacts of E&P industry. A video on impact of industrial activities on nature aroused the need to take corrective actions. On the spot quiz generated good response.

As a memorabilia to employees, energy saving manually operated multi utility dicer was unveiled during the occasion. The winners of various competitions were given attractive energy saving products as prizes.

Speaking on the occasion, Mr. A.K. Deshwal, ED and Regional President (Asia Pacific BU) narrated his experiences on the importance of environment given overseas and said that ONGC Videsh is embracing the best HSE standards while operating overseas. He appreciated the efforts of HSE team towards inculcating HSE culture in the organisation.

Mr. P K Rao Director (Operations) touched upon various measures being taken in the overseas operations for environment protection like zero waste discharge during drilling of well at Colombia, remediation of produced water by Reed plants at Sudan, good housekeeping at Installations etc. He emphasized that best practices of the projects should be shared and followed.

The celebrations concluded with the commitment of protecting the nature and the environment.

World_Environment_Day_pics

Greater Nile Petroleum Operating Co. Ltd. celebrates World Environment Day

GNPOC, being prudent operator, always remain in pursuit to take care of nature and do all possible efforts to protect the Earth. On occasion of World Environment Day 2017 tree plantation was carried out in Khartoum office and in field connecting with the theme ‘Connecting People to nature – in the city and on the land, from the poles to the equator’.  Management Committee led by Mr. Chen Huanlong, President carried plantation at GNPOC Tower, Khartoum. Mr. Shibaji Mukhopadhyay, Manager (F) and MC Member and Mr. Ashok Deshpande, HSE Manager participated in the plantation ceremony. Mr.S.N.Gupta, DGM(D) participated in field plantation ceremony.

wed17story

ONGC Videsh Declares FY’17 Financial Results
New Delhi: May 24, 2017

Financial results of ONGC Videsh Ltd, the wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), for the year ended March 31, 2017 were considered and approved by the Board in its meeting held on May 22, 2017. The performance highlights are as under:

Financial Table

Consolidated production of Crude Oil and Oil Equivalent Gas during FY’17 was higher by 44% as compared to previous year. The incremental production is mainly due to acquisition of 26% stake in Vankorneft project in Russia during the year.

The Company recorded its standalone profit of Rs. 1,749 crore during the FY’17 against loss of Rs. 3,894 crore in the previous financial year and consolidated profit of Rs. 701 Crore during FY’17 as against consolidated loss of Rs. 3,633 Crore during FY’16. The financial statements of FY’16 have been restated in accordance with Indian Accounting Standards (Ind AS).

The financial statements have been prepared in accordance with Ind AS notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and Guidance Note on Accounting for Oil and Gas Producing Activities (Ind AS) issued by the Institute of Chartered Accountants of India. These are the Company’s first Ind AS financial statements. The date of transition to Ind AS is April 1, 2015. The mandatory exceptions and optional exemptions availed by the Company on first-time adoption have been detailed in the notes to the financial statements. The Company has determined its functional currency to be United States Dollar (USD) and accordingly prepared the financial results in USD and has translated the same in Rs. for submission to NSE & publication as per the reporting requirements.

The Board of Directors has proposed a final dividend of Rs. 1.40 per share (previous year: Nil) to be paid on fully paid equity share of par value of Rs. 100 each. This equity dividend is subject to approval by the shareholders at the forthcoming Annual General Meeting.

A. New Acquisitions and Agreements

• ONGC Videsh completed acquisition of 15% interest in Vankor Field located in East Siberia of the Russian Federation on May 31, 2016 from Rosneft Oil Company and subsequently acquired additional 11% interest on October 28, 2016. Vankor is Russia’s second largest field by production and accounts for 4% of Russian production. The daily production from the field is around 400,000 barrels per day of crude oil (bopd) on an average and ONGC Videsh’s share of daily oil production from Vankor (considering both the acquisitions) is about 104,000 bopd.

• ONGC Videsh and Petroleos De Venezuela S.A. (PDVSA) through their relevant subsidiaries signed two definitive agreements for facilitating redevelopment of the San Cristobal joint venture project in Venezuela on November 4, 2016. The remediation plan aims to increase the current level of production by about 40%. The agreement also provides for mechanism to liquidate ONGC Videsh’s outstanding dividends from the project and ONGC Videsh to obtain long term finance for the capital investment for implementing the redevelopment plan. As per provisions of the agreement, ONGC Videsh has already received USD 88.4 Million and extended a loan of USD 17.1 Million for remediation plan of the project.

B. Financing

• ONGC Videsh Vankorneft Pte. Ltd., a step down wholly owned subsidiary of ONGC Videsh, July 2016, raised USD 1 billion comprising of USD 400 million Senior Unsecured Notes due 2022 and USD 600 million Senior Unsecured Notes due 2026 in the international capital markets for refinancing the bridge loan for acquisition of 15 shares in JSC Vankorneft. The bond issuance was made at competitive rates and well received by the investors. The deal has been awarded the “Best Corporate Bond” deal from India at The Asset Triple A Country Awards 2016.

• ONGC Videsh Vankorneft Pte. Ltd also raised finances by way of bridge loan to acquire 11% shares in JSC Vankorneft in October 2016. The bridge loans have been replaced in April 2017 for which the company tied up USD 500 million and JPY 38 billion syndicated longer tenor facilities at competitive prices from International commercial banks.

C. Operations

Sakhalin-1 Project, Russia

New Built Drilling Rig “Krechet” for Sakhalin-1 Project
The stage 2 development of the Odoptu field will be carried out with a new high technology Rig, for drilling nearly 32 wells and will capture nearly 400 Million Barrels of Oil during the rest of the project life.

 World’s longest ERD well (O5-RD) was spud in Chayvo Field with measured length of 15,000 m on February 6, 2017. Drilling of this well will break its own earlier record of 13,500 m in the same field.

Satpayev project, Kazakhstan

Govt. of Republic of Kazakhstan granted extension of exploration period for two years w.e.f June 6, 2017 and the Company plans to drill the second commitment well in July 2017.

D. ONGC Videsh’s current portfolio

ONGC Videsh has participation in 38 projects in 17 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Kazakhstan, Iran, Mozambique, Myanmar, Russia, South Sudan, Sudan, Venezuela, Vietnam and New Zealand. ONGC Videsh maintains a balanced portfolio of 38 projects, 14 producing, 4 discovered/under development, 16 exploratory and 4 pipeline projects. The Company currently operates/ jointly operates 20 projects.

PdVSA executives from Venezuela, who have now successfully completed their M.Tech Program at Indian Institute of Technology (Indian School of Mines) Dhanbad were recently felicitated by Mr PK Rao, Director (Operations) in the presence of Venezuelan Ambassador, His Excellency Sr. Augosto Montiel, Regional President of Venezuela Business Unit, Mr Sukant Tiwari, Head of the Petroleum Engineering Department of IIT(ISM), Dhanbad, Prof. V.P. Sharma and visiting PdVSA officials amongst others recently. The students were awarded provisional certificates by Mr PK Rao, Director(O) during the ceremony.

ONGC Videsh has two Joint Ventures in Venezuela with the National Oil Company PdVSA. As a goodwill gesture, ONGC Videsh had sponsored PdVSA executives to undergo two years Masters programs at Indian School of Mines, Dhanbad in 2015, in order to upgrade their technical skills and add value to its Venezuelan operations.

Of the nine students, seven of them have done M.Tech in Petroleum Engineering and two in Petroleum Exploration. They also have varied work experience of 3 to 10 years in different fields of PdVSA. Speaking on the occasion, Mr PK Rao appreciated the IIT(ISM) faculty and lauded the executive-students for completing the dissertations/projects in the premier institute of India which could be useful in their respective areas of work. As per the agreement with PDVSA, these students will be serving the Indian Joint Ventures in Venezuela for some period of time after returning from India.

Apart from the regular classroom learning and practical exposure, they also underwent extensive field trainings in Mehsana and Ahmedabad Assets of ONGC during their summer vacation in addition to training in Institute of Reservoir Studies of ONGC at Ahmedabad, which is one of the premier institutes in Reservoir Studies.

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