Press Releases

  • 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. ...
  • ONGC Videsh completes acquisition of 11% additional interest in Vankor Field located in East Siberia of the Russian Federation October 31, 2016 Press release ONGC Videsh completes acquisition of 11% additional interest in Vankor Field located in East Siberia of the Russian Federation ONGC Videsh Limited (ONGC Videsh), a wholly owned subsidiary of Oil and Natural Gas Corporation Ltd. completed on 28th October, 2016, the acquisition of additional 11% equity from Rosneft Oil Company, in JSC Vankorneft (Vankorneft), a company organized under the law of Russian Federation which is the owner of Vankor Field and North Vankor license for a consideration of US$ 930 million, thus increasing its equity to 26%. Rosneft, the national oil company of Russia continues to hold the majority (50.1%) ...
  • ONGC Videsh to acquire 11% additional interest in Vankor Field located in East Siberia of the Russian Federation September 14, 2016 ONGC Videsh (and its wholly owned subsidiary ONGC Videsh Vankorneft Pte. Ltd., Singapore – OVVL)  jointly signed definitive agreements with Rosneft, the national oil company of Russia for acquiring additional 11% shares in JSC Vankorneft, a company organized under the law of Russian Federation which is the owner of Vankor Field and North Vankor license. Earlier, ONGC Videsh had successfully closed the acquisition of 15% shareholding interest on 31st May, 2016. After the closing of the present transaction, ONGC Videsh will raise its participation share in Vankorneft to 26%. The acquisition is subject to relevant Board, Government and Indian and ...
  • Vivekanand takes over as Director (Finance), ONGC Videsh September 1, 2016 Vivekanand has taken over as the Director (Finance) in the Board of ONGC Videsh, the international petroleum company of India on 1st September, 2016. He brings over three decades of experience as Finance and Accounting professional in the upstream oil and gas industry both in domestic and international operations. He has handled the whole gamut of finance functions such as Treasury, Taxation, Budgeting, Accounting, Internal Audit, Marketing, Risk Management, Business Process Re-engineering, etc. He has played key roles in financing campaigns of ONGC Videsh raising financing of nearly USD 6 billion in the last three years. Issued By ONGC Videsh Ltd. Corporate Communications, New ...
  • ONGC Videsh raises US$ 1 billion from international markets July 22, 2016 NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES ONGC Videsh Vankorneft Pte. Ltd. (“OVVL” or the “Company”), an indirect wholly owned subsidiary of ONGC Videsh Limited, which itself is a direct wholly owned subsidiary of Oil and Natural Gas Corporation Limited (“ONGC”) announced that it has priced on 19 July 2016 US$ 1 billion Notes comprising of US$ 400 million Senior Unsecured Notes due 2022 and US$ 600 million Senior Unsecured Notes due 2026 in the international capital markets (the “Notes”). The Notes are guaranteed by ONGC. The Notes have been assigned a rating of ...
  • ONGC Videsh signs MOU with SOCAR Trading May 31, 2016 ONGC Videsh Limited and SOCAR Trading SA signed an MoU on 27th of May 2016 at Geneva. The Objective of MoU is to explore possibilities of Joint Marketing of ONGC Videsh’s crude oil portfolio by leveraging SOCAR Trading’s experience in oil trading. The MoU was signed by S P Garg, Director (Finance) ONGC Videsh Limited and Arzu Azimov, CEO, SOCAR Trading SA. Initially, both parties agreed to initiate discussion on Joint Marketing Agreement in respect of ONGC Videsh’s equity crude from ACG, Azerbaijan and based on the performance of this agreement both parties will mutually agree to optimise price realisation of ...