32nd Board Meet and 9th Shareholder Meet of MECL

Mansarovar Energy Colombia Limited (MECL) which is a joint venture of India’s ONGC Videsh Limited and China’s SIPC (SINOPEC International Exploration and Production Corporation) conducted its 32^nd Board and 9^th Shareholder meet in Delhi recently. During the meeting crucial issues including company’s performance, strategic plans and growth were discussed and deliberated.

The four-day meet started with MECL Board meeting from 26^th to 28^th July which was attended by Mr. Sudhir Sharma, Director (Exploration), Mr. Sanjiv Nath, Regional President, Latin American Countries and project team from ONGC Videsh and Mr. Zhang Jianqiang, Mr XouLunfrom SIPC side. The meet was successfully concluded with vital deliberations by active participation of representatives from ONGC Videsh, SIPC and MECL, Colombia.

Mr Sudhir Sharma complimented MECL on good financial performance. He emphasized that the Mansarovar team should be focused on planningand implementation of key strategic initiatives on which future growth of Mansarovar is dependent. He encouraged Mansarovar to keep looking for upsides and possibilities to increase production from existing asset.

Mr Zhang, Director (Business Strategy)-SIPC congratulated the MECL team for achieving good performance in terms of OPEX reduction & satisfactory financial results. He also advised that Mansarovar should build good relationship with stakeholders for smooth running of the project. He stressed Mansarovar to focus on building technical capabilities while operating in the existing asset.

On 29^thJuly, MD, ONGC Videsh, Dir (Expl), Regional President-LAC, Project team from ONGC Videsh and President – SIPC, Director from SIPC along with MECL team participated in the MECL Shareholder meet. The one-day long Shareholder meet concluded with detailed discussion concerning MECL present performance and future growth.

Mr Feng, President-SIPC expressed his satisfaction with the progress of the Company and also co-operation between India& China. He advised Mansarovar to find a balance between profitable and sustainable development. He also suggested that MECL should pursue opportunities for its growth, but each opportunity should add value to the shareholder.

Mr N.K Verma, MD, ONGC Videsh emphasized that MECL has become a role model for cooperation and collaboration between Indian and Chinese companies. The Joint Venture has been performing nicely and has a good reputation. He suggested Mansarovar team for optimization of expenditure and going for cost control in current market condition. He supported SIPC view on inorganic growth with value creation for the shareholder. He opined that this is a good time for both shareholders to look forward for more collaboration inside and outside Colombia.

Mansarovar was acquired in 2006 and this year marks 10 years of its operations in E&P business in Colombia. The occasion was commemorated through a book release ceremony organized on evening of 29^th July. MECL Coffee table book was released by MD, ONGC Videsh and President, SIPC in the presence of Directors on MECL Board and team from MECL. Mr N.K Verma and Mr Feng complimented MECL on its decade long potent presence in the E&P business and wished them good fortune in the times to come.

ONGC Videsh signs MoU with ONGC for the year 2016-17

ONGC Videsh has signed MoU with ONGC recently in which targets for 2016-17 are set higher than the 2015-16 performance of the company. Oil and gas production excellent target for 2016-17 is 7.939 MMT and 4.056 BCM respectively and includes production from recently acquired 15% stake in Vankorneft, Russia. For 2015-16, the excellent target was 5.550 MMT and 3.325 BCM and actual production was 5.510 MMT and 3.406 BCM respectively. Revenue excellent target for 2016-17 is Rs. 15,375 Crores against the actual sales turnover of Rs. 12,543 crores in 2015-16. CAPEX (including new acquisitions) excellent target for 2016-17 is Rs. 14,843 crore against the provisional CAPEX of Rs. 6,783 crore in 2015-16.

Mr. D K Sarraf, CMD, ONGC and Mr. N K Verma, MD & CEO, ONGC Videsh exchanging MoU document.

Some parameters in the MOU 2016-17 will be evaluated on the improvement made by the company in 2016-17 over 2015-16. These include Reduction in production decline rate over previous year, Reduction in Claims against the Company not acknowledged as debt, over the previous year, raised by others and Reduction in Direct Lifting cost over previous year and Reduction in Total expenses per MMTOE as per audited consolidated Balance Sheet over previous year.

Some project related parameters are also included in the MOU 2016-17 like projects undertaken for technology up-gradation and % projects CAPEX completed during the year without time and cost overrun to total value of projects CAPEX, for which the excellent target is set at 100%.

Other parameters include 1P reserves net addition, Trade Receivables as percentage of Revenue from Operations and PBT as percentage of revenue from operations.

ONGC Videsh raises US$ 1 billion from international markets

NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES

ONGC Videsh Vankorneft Pte. Ltd. (“OVVL” or the “Company”), an indirect wholly owned subsidiary of ONGC Videsh Limited, which itself is a direct wholly owned subsidiary of Oil and Natural Gas Corporation Limited (“ONGC”) announced that it has priced on 19 July 2016 US$ 1 billion Notes comprising of US$ 400 million Senior Unsecured Notes due 2022 and US$ 600 million Senior Unsecured Notes due 2026 in the international capital markets (the “Notes”). The Notes are guaranteed by ONGC. The Notes have been assigned a rating of Baa2 (Moody’s) and BBB- (S&P).

The transaction is the largest transaction size achieved by an Indian issuer in 2016 and the First Dual tranche issuance from India in 2016. The 5.5-yr and 10-yr Notes were c. 2.2 and 2.3 times over-subscribed respectively, across 185 accounts which participated in the landmark issuance.

ONGC and ONGC Videsh Limited conducted a series of investor meetings in key financial centres of Asia (Hong Kong & Singapore) and Europe (London) beginning 14th July 2016. The deal roadshows were successful with over 80 investor meetings across 3 days. 185 investors participated in the landmark issuance.

The 5.5-year Notes were priced at T+ 175 bps, bearing a fixed coupon of 2.875% per annum, equivalent to a price of 100.00 and a yield of 2.875% and the 10-year Notes were priced at T+220 bps, bearing a fixed coupon of 3.750% per annum, equivalent to a price of 99.81 and a yield of 3.773%. OVVL intends to use the Notes proceeds to refinance a part of the bridge loan availed for the acquisition of a 15% equity interest in JSC Vankorneft, Russia.

The Notes saw a large geographic spread with interested investors from Asia, Europe and Offshore USA accounts. The investors’ base are Fund Managers, Banks, Private Banks and Sovereign Wealth Funds / Insurance companies.

Citigroup and Standard Chartered Bank acted as Joint Global Coordinators and Citigroup, Standard Chartered Bank, DBS Bank Ltd, Mizuho Securities, MUFG and SMBC Nikko acted as Joint Bookrunners and Joint Lead Managers for this issuance.

About ONGC Videsh Limited

ONGC Videsh the premier oil and gas company focusing on overseas E&P assets, is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), the National Oil Company of India, and is India’s largest international oil and gas E&P Company. At present ONGC Videsh is present in 37 projects in 17 countries. ONGC Videsh produced 5.5 MMT Oil and 3.4 BCM Gas from its 14 producing assets in FY16.

About ONGC

ONGC’s market capitalisation as on 19^th July 2014 was about US$ 28 billion. ONGC is India’s Largest E&P company and most profitable state owned enterprise. In the financial year ended 31 March 2016, ONGC Group produced 31.4 MMT of crude oil and 26.0 BCM of natural gas with Turnover of about US$ 21.8 billion. ONGC Group had total 2P oil and gas reserves of 1,693 MMTOE as on 31^st March 2016.

These materials are not for distribution (directly or indirectly) in or to the United States, New Zealand, South Africa or Japan or India. They are not an offer for sale of securities, nor a solicitation to purchase or subscribe for securities, in the United States, New Zealand, South Africa or Japan or any other jurisdiction where such offer, sale or solicitation would be unlawful. Further, these materials do not constitute an offer to the public or by way of private placement of securities in India within the meaning of the Indian Companies Act, 2013, to the extent notified, and the Indian Companies Act, 1956, to the extent not repealed, or any other applicable statutes, rules and regulations of India. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any state of the United States or other jurisdiction, and may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements under the Securities Act. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.

Mozambique students appreciate study opportunity by ONGC Videsh

A delegation of five students from Mozambique arrived recently in Delhi under the CSR initiative of ONGC Videsh. They are here to pursue a 5 year B. E. program in Petroleum Engineering at Indian School of Mines, Dhanbad starting from the current session 2016-17. ONGC Videsh is sponsoring 15 students (five from Mozambique and 10 from South Sudan) for pursuing this prestigious course.

The 5 year Degree Course has been specially structured for these foreign students sponsored by ONGC Videsh. It has a one year foundation course to sharpen the skills of students in various subjects including English language followed by a four year regular degree course. These students have been selected by ONGC Videsh in consultation with the Indian Embassies at Mozambique and South Sudan.

The students visited the office of the High Commissioner of Mozambique at Delhi and also visited ONGC Videsh office for a brief interaction with Mr PK Rao, Director (Operations) and Team Mozambique. Two of them are employees of INP (the regulatory body) of Mozambique.

Mr PK Rao, Director (Operations) and the Mozambique team with students from Mozambique

Director (O) underscored to them the huge opportunity offered by ONGC Videsh. The prominence of Indian School of Mines, Dhanbad, the premier institute of petroleum engineering in India, was explained to them.

Team Mozambique headed by Mr Akhil Verma and consisting of Mr AK Ray, Mr S Shukla, Mr Sujay Sinha and Mr Abhitesh Ranjan had a detailed interaction with the students. The contribution of ONGC Videsh towards the development of Rovuma Area-1 Basin of Mozambique and the significant upside this project would have on the economy of Mozambique was explained. It was also highlighted that the students after their graduation can contribute significantly to the development of the project and their nation.

The Director (O) and Team Mozambique wished the students good luck before their departure to Dhanbad accompanied by Mr A K Ray for the formal admission.

ONGC Videsh receives Risk Management Award

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.

Release of HSE & Risk Process Manuals in Imperial Energy

Project Lakshya was envisaged for strengthening of systems and processes of ONGC Videsh as part of the PP 2030, so that systems and processes can support the planned growth. The Boston Consulting Group (BCG) was engaged for re-designing the identified processes. Project Lakshya is being steered by Mr Vivekanand, OSD, Finance and the project is currently under roll out phase.

In total, 14 business processes were identified for redesigning under ‘Project Lakshya’. These processes were Business Development, Corporate Strategic Planning, Exploration and Appraisal, Drilling, Operations, HSE, Development and Execution, Risk Management, Knowledge Management, Marketing, Finance, MM, HR and IT.

Release of re-designed HSE and Risk Process Manuals in English and Russian by Mr Durga Prasad, CEO, Imperial Energy, Tomsk Russia. (L to R) Aleksandr V. Karataev, General Director, Dr. Anish Madan, DGM (D) and Head PMO, Project Lakshya, OVL, CEO Imperial Energy and K.K. Arora, Chief Advisor, HSE.

The HSE and Risk processes have been implemented in the ONGC Videsh and in various project offices abroad. The HSE and Risk process manuals were translated in Russian.

The meeting was chaired by Mr Durga Prasad, CEO, Imperial Energy (IE) on the implementation of re-designed HSE and Risk processes in IE. A presentation was made by Dr. Anish Madan, DGM (D) & Head Project Management Office (PMO), Project Lakshya, ONGC Videsh on the roll-out of the HSE and Risk processes in ONGC Videsh, its offices and projects abroad including IE. During the meeting HSE and Risk process manuals in English and Russian were released by CEO Imperial Energy for their internal reference.

A visit was also made to Oil Treatment Facility (OTF), drillings Pads with new Technology wells, work over rig in Snezhnoye field to review the implementation of HSE and Risk policy at project site. Snezhnoye field is about eight hours journey by road from Tomsk. A visit was also made to the Imperial Energy warehouse in Tomsk to review the storage facility of tubulars, PPE and other items.

Presentation being made in the meeting by Dr. Anish Madan, DGM (D) and Head Project Management Office (PMO), Project Lakshya on re-designed HSE and Risk business process Manuals to the senior officers of Imperial Energy in Tomsk, Russia.

ओएनजीसी विदेश में हिन्दी कार्यशाला का आयोजन

ओएनजीसी विदेश लिमिटेड में 22 जून, 2016 को हिन्दी कार्यशाला का आयोजन किया गया जिसमें लगभग 50 प्रतिभागियों ने भाग लिया ।

सर्वप्रथम कार्यशाला संयोजक श्री मनीष चंचल ने मंचासीन अधिकारियों सहित सभी उपस्थित का स्वागत किया। उन्होने कहा कि कार्यशाला का उद्देश्य यह है कि हमें अपने दैनिक कार्यों को हिन्दी में करने के लिए प्रोत्साहित करने के साथ- साथ संवैधानिक दायित्त्व का निर्वाह करना भी है और इसके लिए आवश्यकता है स्वयं कुछ सीखने कि इच्छा, बिना इसके किसी को भी सिखाया नहीं जा सकता ।

हिन्दी कार्यशाला के अवसर पर विभिन्न गतिविधियों की झलकियाँ

हिन्दी कार्यशाला का उदघाटन श्री ए के देशवाल जी, अधिशासी निदेशक ने किया। उदघाटन भाषण में प्रतिभागियों को सम्बोधित करते हुए उन्होने सभी प्रतिभागियों को हिन्दी को अपने दैनिक कार्यो में अधिक से अधिक व्यवहार में लाने का अनुरोध किया । उन्होने कहा कि हिंदी बहुत ही आसान भाषा है । यदि हम हिंदी को अपने दैनिक कार्यो में प्रयोग करना शुरू कर दें तो निश्चित रूप से हमें मालूम हो जाएगा कि हिंदी से आसान भाषा दूसरी और कोई नहीं है । इस अवसर पर “कंप्यूटर पर हिंदी के प्रगामी प्रयोग व यूनिकोड” विषय पर इंजीनियरस इंडिया लिमिटेड के प्रबंधक (राजभाषा) श्री नगेन्द्र कुमार मिश्रा ने व्याख्यान दिया ।

उन्होने हिंदी भाषा कि व्याकरणिक जानकारी देते हुए कंप्यूटर पर हिंदी में कार्य करने, ईमेल में हिंदी प्रयोग की उपलब्ध सुविधाओं तथा हिंदी सॉफ्टवेयरों के बारे में महत्वपूर्ण जानकारी दी ।

अंत में सभी प्रतिभागियों का धन्यवाद करते हुए श्री मनीष चंचल ने सभी प्रतिभागियों तथा इंजीनियरस इंडिया लिमिटेड से आए वक्ता श्री नगेन्द्र कुमार मिश्रा का भी धन्यवाद किया।

ONGC Videsh reunites for International Yoga Day

Across the seas, across the continents, for India. ONGC Videsh employees reconnected through mass demonstrations of yoga around the world. A symphony of sorts, the celebration of International Yoga Day gave an opportunity to all to craft a balance between body and mind.

Stories from Delhi and world over:

Delhi

Mr NK Verma, MD, with Mr PK Rao, Director (Operations) and Mr Sudhir Sharma, Director (Exploration) along with other enthusiasts participated in a small yoga event organised at the atrium of Kailash building where the head office of ONGC Videsh is located. Mr Shankar Thakur, DGM (Geophy.) and Mr JK Sahni, Manager-HR (retired), conducted the one-hour yoga program with expertise.

Astana, Kazakhstan

International Yoga Day at Astana celebrated along with Indian Embassy at the iconic ‘Baiterek’.

Atyrau, Kazakhstan

Satpayev Operating LLP team, Operator for Satpayev Project at Atyrau, Kazakhstan- building synergy …the Yoga way!

Dhaka, Bangladesh

The ONGC Videsh team at Bangladesh

Houston, USA

All employees of ONGC Videsh Atlantic, Inc. (the US subsidiary of ONGC Videsh) celebrated the 2nd International Yoga Day at OVAI office, Houston with enthusiasm and fervor. Employees came with their yoga mats and yoga attire to participate in the Yoga Day celebrations.

A one hour yoga session was organized under the guidance of an experienced Yoga Instructor. The yoga session created team-bonding, camaraderie, and a break from the regular office work. The team had a lot of fun and enjoyed to their heart’s content. There were demands for more such sessions.

Caracas, Venezuela

The 2nd International Day of Yoga was celebrated in PdVSA La Estancia, Caracas. The celebration, organised in association with the Foundation ‘La Augusta Asamblea’, began with messages of Prime Minister Mr. Narendra Modi and External Affairs Minister Ms. Sushma Swaraj on the occasion. Yoga demonstration as per the Common Yoga Protocol was conducted. Master yoga classes, demonstrations and lectures were conducted by local organisations.

El Tigre, Venezuela – San Cristobal Project

The longest day of the year is always special for Team El Tigre and all employees were invited for commemorating the International Yoga Day in the PIVSA office. Two guest speakers, Ms Zomalia and Ms Eira, renowned persons for promotion of Yoga at El Tigre, were invited. The 2nd International Yoga day was thus celebrated at Petrolera Indovenezolana with lot of enthusiasm at El Tigre Venezuela.

The event was chaired by Mr Heran Diaz, General Manager PIVSA. Mr A.K.Chakravarty, GM (P) – Head El Tigre invited the participants for the event and in his opening remarks elaborated on the importance of yoga bringing harmony between mind and body. Mr Hernan Diaz in his address stated that yoga is an invaluable gift of India. Yoga, a physical, mental and spiritual practice having its origin over 6000 years ago in India, aims to integrate the body and the mind.

Puerto LA Cruz, Venezuela

Consequent to the huge success of the maiden International Yoga Day last year, this year’s event was eagerly awaited by all the Yoga enthusiasts in Puerto LA Cruz, Venezuela. To commemorate the day an event was organized by Team ONGC Videsh in the premises of CICSA. For the celebration of this ancient Indian discipline, ONGC Videsh secondees from PLC were joined by the secondees from other Indian companies viz OIL & IOC, Repsol, and all the CICSA local employees.

The event witnessed tremendous enthusiasm and curiosity, particularly from the local employees.

Khartoum, Sudan

2^nd International Yoga Day was organized in Khartoum, Sudan by the Embassy of India wherein all ONGBV expats actively participated. Over 200 people from different parts of Khartoum including Sudanese nationals and school children attended the Yoga Program. H.E. Mr. Amrit Lugun welcomed the gathering and spoke about the benefits of Yoga at physical, mind and spiritual level. The first lady of Brazil in Sudan also participated in the Yoga Program and she discussed the contribution of Yoga in bringing peace and harmony to mankind.

Bogota, Colombia

Enthusiastic participation in Bogota

ONGBV provides Solar Street Lights in Sudan

ONGBV, Country Office, Khartoum organized a Community Development Program in Village Alhala Algedida in Ombadda Area recently and provided Solar Street Light systems to the village with an objective to improve the quality of life of local public. Earlier ONGBV had conducted free Medical Camp in this village last year which was inaugurated by Mr PK Rao, Director(Ops) who noticed lack of electricity power in the area and suggested to take new initiative for providing solar lights to this village.

Accordingly, the Country Manager, Head HR and CD Coordinator surveyed the entire village and provided five solar street lights with the purpose to cover two schools, one Women’s Hall, one playground and one meeting area of the village. The huge crowd of local public and their representatives extended warm welcome to ONGBV team, Indian Ambassador(Acting) and local authorities.

Mr. V. Vidyasagar, Country Manager, Mr. Sanjay K. Muluka, Indian Ambassador(Acting) and ONGBV team being welcomed in village Alahal Algedida

The national employees of ONGBV also attended this event for the first time. The Country Manager Mr V. Vidyasagar inaugurated the program and addressed the large gathering wherein he brought out the importance and objective of solar street lights for children for their studies. He said that women play a vital role in the growth of society and it is essential to empower women for their active participation in all activities of life. Solar light provided in Women’s Hall will benefit the women to assemble in the late evening for their meetings and other handicraft activities. Country Manager also highlighted the importance of solar lights in the playground for encouraging young boys and girls in their studies and sports activities and the public at large for their social functions, local governance and prayer in the night.

Mr. V. Vidyasagar, Country Manager inaugurating the Community Development Program

Country Manager addressing the gathering

Solar Street Light for school -1

Solar Street Light for school -2

Solar Street Light for Women Hall

Inside view of Women Hall

Solar Street Light for social meetings and prayer in the village

Solar Street Light in Playground

Mr. Sanjay K. Muluka, Indian Ambassador(Acting) said that the bilateral relations between India and Sudan are historically very old and ONGC is augmenting mutual relations of both countries through its Community development programs. The Country Manager visited the exhibition organized by local women and appreciated the handicrafts items prepared by them.

Mr. Sanjay K. Muluka, Indian Ambassador(Acting) addressing the public

Exhibition of handicrafts

This ONGBV function was conducted in the presence of various state authorities viz. Mr. Alfatih Abbas, Member of Parliament, Mr. Ahmed Osman, Dy Commissioner of Ombadda, Mr. Atif Ali Yousif, Manager of Education, Mr. Sosal Mohamed Zain, Dy. Sultan of the village, Mr. Alam Alla, Executive Secretary of the village and hundreds of locals. The Member of Parliament, Dy. Commissioner and other authorities thanked Country Manager, ONGBV for extending such welfare services to local communities in Sudan.

“Let’s honour the Swacchta Pledge”

On 2nd October 2014, PM Mr Narendra Modi launched the Swachh Bharat Mission at Rajpath in New Delhi. “A clean India would be the best tribute India could pay to Mahatma Gandhi on his 150^th birth anniversary in 2019,” he proclaimed. Just a kilometer away, at ONGC Videsh, employees and members of the Board took the Swacchta Pledge on June 16, 2016 and reiterated their commitment to create the India of Gandhi’s dreams.

ONGC Videsh takes the Swachhta Pledge

Swachh Bharat Mission was launched across the country as a national movement two years ago. “While the Swachh Bharat Abhiyan has taken the shape of a mass movement across the nation, a behavioral change is needed,” speaking on the occasion of launch of the Swachhta Pakhwada, Mr PK Road, Director (Operations) exhorted the employees of ONGC Videsh to join the mission and honour the pledge in letter and spirit.

Planning of activities for the campaign with Mr PK Rao, Director (O) and Mr Sudhir Sharma, Director (E)

A roadmap has been chalked out for the fortnight where a concerted effort will be made to make everyone an active participant in the swachhta campaign. Plantation drive, slogan and poster making competition, cleanliness drive in identified schools and in office premises and nearby areas are some of activities planned.

An emotive and thought-provoking film on Swachh Bharat Abhiyan was also screened on the occasion.