ONGC Videsh

Latin America, Africa, and Russia are expected to play key roles in helping OVL achieve its long-term production targets

It's better to invest in bigger hot spots where you can get larger discoveries... Africa and Latin America still hold a lot of potential. Ghana is there, Suriname is there

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has re-taken a 20 per cent stake in the Sakhalin-1 oil and gas fields in the far east region of Russia, an official said on Monday. Russian President Vladimir Putin in October last year disbanded Exxon Neftegaz - a regional subsidiary of US super major ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator. The other former foreign shareholders in the project - Japan's Sodeco consortium and ONGC Videsh - were asked to apply to the Russian government to regain their shareholdings in the project. OVL applied and has been given the same shareholding as it had previously, the official said. Production from Sakhalin-1 stopped in April 2022 after Exxon Neftegaz declared force majeure at the project in response to international sanctions imposed on Russia following its invasion of Ukraine. Moscow assigned the Sakhalin-1 project and

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), is making a proposal to retake 20 per cent stake in Russia's Sakhalin-1 oil and gas project in the far east, sources said. Russian President Vladimir Putin earlier this month disbanded Exxon Neftegaz - a regional subsidiary of US supermajor ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator. The other former foreign shareholders in the project - Japan's Sodeco consortium and ONGC Videsh - have to apply to the Russian government to regain their shareholdings in the project. OVL is in the process of applying to regain the 20 per cent stake it held in the project, three sources aware of the matter said. "We want to retain the shareholding and will do all that the local law requires us to do," a source said. Sakhalin-1 is OVL's cash cow and without the project, the company will be a loss-making entity, another source ...

Iran has offered ONGC Videsh Ltd and its partners a 30 per cent interest in development of the Farzad-B gas field in the Persian Gulf that was discovered by the Indian consortium, officials said. ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), in 2008 had discovered a giant gas field in the 3,500 square kilometer Farsi offshore block. In April 2011, it submitted a master development plan (MDP) to bring the discovery, which was named Farzad-B, for production but negotiations got stalled as international sanctions were slapped on Iran over its nuclear plans. Negotiations restarted in 2015, but in February 2020, National Iranian Oil Company (NIOC) informed that Iranian government has decided to award the contract to develop the field to a local firm. The exploration contract, under which OVL and its partners had discovered gas reserves in Farsi block, provided for the discoverer to be part of the field development, the officials said. Citing t

India's flagship overseas firm ONGC Videsh Ltd has got the seventh extension to explore for oil and gas in a Vietnamese block in the contested waters of the South China Sea, officials said. OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has secured extension of the exploration phase upto June 15, 2023, they said. The company has not found any commercially recoverable oil and gas reserves in the block in the 16 years it has been exploring there but has continued presence there because of India's strategic interest in the South China Sea. Vietnam too wants the Indian firm to counter China's interventions in the contested waters. OVL had signed a production sharing contract (PSC) with Vietnam's national oil firm PetroVietnam for deepwater exploratory Block- 128 having an area of 7,058 square kilometres in Offshore PhuKhanh Basin, Vietnam in May 2006. An investment licence was issued to it on June 16, 2006, thereby giving effect to the PSC. The firm has .

CEO of ONGC Videsh on Sunday confirmed talks between India and the US State Department are underway to allow the company to settle past debts by trading Venezuelan oil cargoes

The exploratory well is planned to be drilled to a depth of 4,200 metres and will be targeting two prospective formations; Kanchan #1 will be followed by drilling at two more locations

The company plans to retire old loans

Tie-ups in Arctic projects also being evaluated

In 2015, OVL started to set up this utilisation plant to extract the heavier components from Associated Gas and make value-added products

The company has written to the Iranian authority asking it to share the agreed technical proposal and contractual terms, and conditions for development

OVL is the operator in the block with a 70 per cent stake, along with its partner Geopark

OVL will acquire 13.6667 per cent participating interest for an upfront consideration of $45 million and contingent payments payable annually

ONGC Videsh (OVL), the overseas investment arm of the state-owned firm, as also its Chinese partner CNPC and Malaysia's Petronas have withdrawn from the block, a top company official said

Dhoot has been earlier booked by the CBI in the Videocon-ICICI bank loan case.

OVL said in Brazil, well Moita Bonita-2 encountered natural gas reserves at water depth of 2.6 kilometers

Officials said OVL has applied for a sixth extension to explore Block-128, the licence for which was valid till June 15, 2019

Indian firms have been in dialogue with Russia since 2017 for a possible stake in the oilfields that will consolidate their presence in the energy-rich Arctic region

Cumulative oil and gas gain from around 15 of these projects is expected to be over 180 Million Metric tons of Oil equivalents (MTOE) in their life cycle