ONGC Videsh Limited Amsterdam (Netherlands)

Business overview

OVL is a wholly owned subsidiary of the Oil and Natural Gas Corporation (ONGC) Limited, India's largest corporate by market capitalisation: US$ 11, 039 million for 2002 - 03 (Economic Times 500) as well as its first integrated oil and gas major. ONGC is ranked 133 on the Forbes Global "Best Big Companies" list for 2002 - 2003. In 1996, ONGC decided to focus exclusively on managing its giant oil and gas assets in India, and to that effect created ONGC Videsh Limited (OVL) and assigned it the task of managing the International E&P Business to accrete overseas reserves and bring the reserve replacement ratio close to 1. OVL TODAY OVL today is the second largest E&P company in India by reserves, second only to ONGC. It has eight overseas assets and is actively seeking more opportunities across the world. With a long-term target of acquiring 60 MMTPA of equity oil and gas overseas by 2025, OVL is currently working towards a goal of 20 MMTPA by 2010. OVL's efforts have been supported wholeheartedly by the Government of India, which has allowed OVL exclusive empowerment vide Office Order No. DPE ii (32)/96-Fin. Dated January 17, 2000, which provides OVL single window clearance for overseas upstream projects irrespective of investments involved. OVL has been designated as the Indian Nodal Agency for overseas petroleum business and is maintained as a permanent participant in all concerned bilateral interactions and Joint Working Groups of the Government of India. The subject of external policy and oil security has been discussed in the India Hydrocarbon Vision 2025 (IHV-2025), which states that the assurance of energy security by achieving self-reliance through increased indigenous production and investment in equity oil abroad, should be one of the key policy objectives. Regarding External Policy for oil security, the Report lays further emphasis on having a focused approach for E&P projects and building strong relations in focus countries with high attractiveness and high entry possibility for Indian participation. External Policy on Oil Security (India Hydrocarbon Vision-2025) Focused Approach Strong Relations Leverage "Buyers' Power" Total Deregulation Of Overseas Business Provision Of Fiscal And Tax Benefits OUR VISION “To be a world class E&P company providing security oil to the country.” OUR MISSION “By 2025, contribute 60 MMTPA of equity oil and gas.” STRATEGIC OBJECTIVES The strategic objectives of parent company ONGC and the Government of India provide the basis for the strategic direction of OVL. Taking into account the industry environment and other influencing factors, both internal and external, a strategic direction has been formulated, which is reevaluated on a continuous basis given the rapidly changing nature of the global petroleum industry to better adapt to the scenario. THE MANAGEMENT OVL's Management Team is led by its Managing Director and Director (Finance), both full-time Directors of the Board. ED, OVL heads the office of OVL and has an efficient line up of managers and executives. The existing organisational structure is illustrated here. OVL has purposely been maintained as a lean and fast organisation so that functions and operations which are not of permanent nature can be outsourced to suitable agencies both within ONGC, as well as the industry. The functional Directors of ONGC serve as the Directors on the OVL Board as well, thus inducing cohesion of the corporate objectives and goal congruence in both organisations. OVL follows meritocracy and draws its human resource from the parent company, where the functional directors are consulted for selection. The finances for the operations of OVL are provided by ONGC in form of loans, interest free advance and equity. ACHIEVEMENTS Among OVL's outstanding achievements, two stand out at the first glance itself: a whopping US$ 1.7 billion investment in the Sakhalin oil fields of Russia, the largest of its kind by an Indian corporate, and the securing of a 25% share in the renowned GNOP fields of Sudan via a one-time investment of US$ 690 million, yet another record for any Indian corporate. OVL also achieved a recent milestone when its Vietnam Project, involving the Lan Tay and Lan Do fields, started production in late 2002. The project has been declared amongst the top three projects of national importance in Vietnam.

Industry Services
Business Type Service Provider
Establishment Year 1996
Firm Type Pvt Ltd.
Expand Level International

Products & Services

We provided Petrolium services.

Our services:
- Exploration
- Drilling
- Installation
- Production
- Maintenance of gas & oil

Contact Details

ONGC Videsh Limited

Regus Teleport Towers,13.03/13.04
Amsterdam, 1511043 () - (Netherlands)


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