ONGC Videsh received the ICICI Lombard & CNBC-TV18 ‘India Risk Management awards’ in Public Sector Unit of the year category, at the third edition of The India Risk Management Awards recognising the understanding and practice of risk management at ONGC Videsh.
There were more than 1000 applications, which went through a rigorous process of initial screening done by the knowledge partner KPMG, followed by a Jury round.
Vice Chairman of Niti Aayog Mr. Arvind Panagariya presided over the function which was well represented by the top industrial houses in the country ranging from telecom sector to IT to Healthcare.
ONGC Videsh with its projects spread over 17 Countries has its own set of complexities in terms of geopolitical, geological, fiscal, environmental, language, climatic issues etc. It is operating in a highly competitive international oil and gas sector by contending with the best in the industry.
Enterprise Risk management System was rolled out in ONGC Videsh in April 2012, which was further aligned with ISO 31000:2009, an international standard on Risk Management. ERM system was audited by internationally reputed agency, which issued ‘Statement of Compliance as per ISO 31000:2009’.
Replying to a question at the award function, Mr. Narendra K. Verma, MD & CEO said that in present scenario of low oil prices, it is difficult to match the expectations of buyers and sellers. Inspite of that, ONGC Videsh recently acquired 15% equity from Rosneft Oil Company, in JSC Vankorneft. The daily peak production from the field is around 442,000 barrels of oil per day (bopd). With 15% shareholding, ONGC Videsh’s share of daily oil production would be about 66,000 bopd. MD ONGC Videsh also replied to the questions related to the future of the crude oil price with his usual elan.
The award function was also attended by Mr SP Garg, Director (Finance), Mr PK Rao, Director (Operations), Mr Sudhir Sharma, Director (Exploration) along with other senior executive of ONGC Videsh.
ONGC Videsh is also in the process of implementing SAP system, which includes module on GRC-Risk Management, EHS apart from other modules.