Press Releases

  • ONGC Videsh to acquire 30% participating interest in Petroleum Exploration License 0037 Offshore Namibia July 3, 2017 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 ...
  • ONGC Videsh Declares FY’17 Financial Results May 24, 2017 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: 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 ...
  • PRESS RELEASE May 4, 2017 ONGC Videsh has encountered exciting result in its well Mariposa-1 which is under drilling in CPO-5 block of Colombia. ONGC Videsh is the operator of the block and holds 70% P.I and Amerisur Resources holds the remaining 30%. The well Mariposa-1 commenced drilling on March 24, 2017 and was directionally drilled to a total depth of 11556 feet (MD). Electric Log analysis indicates the presence of approximately 120ft of oil saturated net pay in the Lower Sands Unit 3 of the Une Formation. Good hydrocarbon shows of oil and gas were also encountered while drilling this section. The well is currently ...
  • ONGC Videsh Bond Issuance Awarded the Best Corporate Bond Deal from India 2016 January 12, 2017 ONGC Videsh Vankorneft’s US$1 billion dual-tranche bond deal has been awarded the “Best Corporate Bond” deal from India at The Asset Triple A Country Awards 2016. This was the first dual-tranche issuance out of India in 2016 and executed swiftly to access a favourable market issuance window. The award on behalf of OVVL was received by Mr Vivekanand, Director (Finance), ONGC Videsh at a ceremony held at Hong Kong on January 11 2017(Wednesday). The ceremony was attended in large number by senior managements and representatives of corporates, banks and financial institutions.     About the Issue ONGC Videsh VankorneftPte Ltd (OVVL) is ONGC Videsh’s indirect ...
  • ONGC Videsh Declares H1 FY’17 Standalone Financial Results December 15, 2016 ONGC Videsh Declares H1 FY’17 Standalone Financial Results New Delhi: 15th December 2016 Financial results of ONGC Videsh Ltd, the wholly-owned subsidiary of ONGC, for the half year ended 30 September 2016 were considered and approved by the Board in its meeting held on 13 December 2016. The performance highlights are as under: Consolidated Crude Oil and Oil Equivalent of Gas production during H1FY’17 was higher by 22.99% at 5.473 MMTOE mainly due to acquisition of 15% stake in Vankorneft project in Russia during the half year. The Company recorded its standalone profit of ₹ 512 crore during the first half of the financial ...
  • ONGC Videsh and PDVSA sign agreement for payment of Dividend and Financing of San Cristobal Project November 10, 2016 ONGC Videsh Limited (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 4th November 2016. The agreements were signed by ONGC Videsh CEO Mr Narendra K Verma and the Hon’ble Minister of Petroleum of Venezuela and President PDVSA, Mr Eulogio Del Pino, in the august presence of Hon’ble President of Venezuela, Mr Nicolas Maduro. San Cristobal project (Project) is located in the Zuata Subdivision of proliferous Hugo Chavez Fria Orinoco Heavy Oil belt, in the Junin Norte Block in eastern Venezuela. ...