About Ongc videsh ltd
ONGC Videsh Ltd: A Leading Player in the Global Oil and Gas Industry
ONGC Videsh Limited (OVL) is a leading player in the global oil and gas industry. It is a Miniratna Schedule A Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas. OVL is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), which is India's flagship national oil company (NOC).
OVL was incorporated on March 15, 1965, with an objective to explore, develop, produce, transport and market crude oil and natural gas outside India. Since then, it has been actively pursuing its mandate to acquire oil and gas assets abroad through exploration or acquisition.
Today, OVL has a diverse portfolio of assets spread across 17 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iran Iraq Kazakhstan Libya Mozambique Myanmar Namibia Russia South Sudan Sudan Syria UAE Venezuela Vietnam. The company has invested over $28 billion in these projects.
OVL's success can be attributed to its strong technical expertise coupled with its ability to forge strategic partnerships with international companies. The company has entered into joint ventures with some of the world's leading energy companies such as Rosneft (Russia), Petrobras (Brazil), Sinopec (China), Gazprom Neft (Russia) among others.
One of OVL's most significant achievements was its acquisition of Imperial Energy Corporation plc., a UK-based independent exploration and production company that had operations in Russia for $2.1 billion in 2008. This acquisition gave OVL access to significant reserves in Russia's Tomsk region.
Another notable achievement was OVL's participation in one of Vietnam’s largest offshore blocks - Block 06.1 - where it holds a stake along with PetroVietnam Exploration Production Corp., Mitsui Oil Exploration Co., Ltd., KNOC Overseas Ventures B.V., among others.
In addition to exploring new opportunities abroad through acquisitions or exploration activities; ONGC Videsh also focuses on enhancing production from existing fields by deploying advanced technologies like Enhanced Oil Recovery techniques such as Polymer Flooding Water Flooding etc..
The company also places great emphasis on sustainable development practices while carrying out its operations globally by adhering strictly to environmental regulations set by host countries as well as international standards like ISO14001 certification for Environmental Management System.
In conclusion; ONGC Videsh Limited stands out as one of India’s most successful global players within the energy sector due to their strong technical expertise coupled with their ability to forge strategic partnerships internationally while maintaining strict adherence towards sustainable development practices globally making them an ideal partner for any country looking towards developing their energy sector further