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ONGC Videsh Ltd.

Company Detail

Description

ONGC Videsh Ltd. (OVL) is India's second largest oil company whose primary business is the exploration, development and production of oil and gas assets overseas. OVL is only exceeded in size by its parent company India's state Oil and Natural Gas Corporation Ltd (ONGC). OVL owns stakes in 37 oil and gas assets in 17 countries and contributes 14.9% and 12.9% of India's oil and natural gas production, respectively. In Latin America, OVL has stakes in Brazil, Colombia and Venezuela. In Brazil, it has a 27% stake in Block BC-10 in the Campos basin and a 25% interest in BM-Seal-4 Block in the Sergipe Alagoas basin. In Colombia, OVL holds stakes in the CPO-5 block and the LLA-69 block in the onshore Llanos basin, the RC-8, RC-9 and RC-10 blocks in Guajira basin; 100% of the Gua Off-2 block also in the Guajira basin; and 50% of the SSJN-7 block in the offshore Sinu San Jacinto basin. Through its subsidiary MECL, OVL also has 100% of the Velasquez field and the Velasquez-Galan pipeline both located in central Colombia. In Venezuela, OVL has a 40% interest in the San Cristóbal Project through its subsidiary ONGC Nile Ganga (San Cristobal) BV; and a 11% interest in the Carabobo-1 Project comprising two blocks: Carabobo-1 Norte and Carabobo-1 Central, located near Caracas.

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