ONGC Videsh celebrates International Yoga Day

The statuesque ashoka, arjuna and saptparni trees looked on with interest, as all roads and their tributaries led to India Gate this Sunday in Delhi, where thousands of yoga enthusiasts headed to celebrate the first International Yoga Day and be a part of a historical moment.

The ONGC Videsh team reached early at the atrium of Kailash building, on KG Marg. The morning was hot and humid but the energy did not dissipate. Gradually a gusty wind picked up speed, as if in appreciation of the early morning big turnout, and the champa trees in the courtyard did some amazing yoga postures. Lightening pierced the pallid sky and rain drops descended in a rhythm. The atrium by now was full and yoga experts Mr JK Sahni and Mr Shankar Thakur, who had kindly agreed to conduct the workshop, commenced the session.

The high ceiling of Kailash building resonated with the Om chant of the capacity crowd. The placid lake of ink blue, the vibrant colour representing ONGC Videsh, moved in unison. Leading from the front were Mr SP Garg, Director (Finance), Dr. Anil Bhandari, Director (Exploration), Mr PK Rao, Director (Operations), and senior officials of ONGC Videsh.

With many poses that aimed to relax body and mind, the session ended with shavasana.

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Outside the grey skies opened at seams. Delhi that was reeling under the heat wave got some respite as the rain seemed to bestow blessings from the heaven. A befitting finale to a lovely morning of the Summer Solstice.

World Environment Day observed at ONGC Videsh

Demonstrating the spirit and ethos of a responsible global corporate, ONGC Videsh observed World Environment Day 2015 on June 5 on the theme ‘Seven Billion Dreams, One Planet, Consume with Care’ by emphatically reiterating its commitment to environmental sustainability and sustainable development.

Mr. Narendra K. Verma, Managing Director, who was overseas, through his message called upon every employee to improvising further to meet society’s expectations for environmental and social performance from oil & gas sector.

Speaking on the occasion Mr. S.P. Garg, Director (Finance) & Officiating MD stressed upon the need of individual efforts by following the principle of ‘Reduce-Reuse-Recycle’ to arrest the rapid environmental decline. He stressed that the environmental drive should not be limited just for one day but should spread throughout the year in various areas like use of energy efficient equipment, use of LED in place of incandescent bulbs, using public transport, avoiding use of plastic bags, switching off equipment when not in use etc.

Mr. Anil Bhandari, Director (Exploration) explained the global climatic changes in terms of geological timeline and impact. He referred to 3D modeling of Himalayas to show the effect of global warming on the glaciers and its likely impact on the mankind. He implored all to contribute towards environment protection, whether it was through planting a sapling or reducing waste.

Mr. P.K Rao, Director (Operation) highlighted the imperatives of sound environmental practices in the E&P industry as environmental clearance norms are becoming stringent day by day. He referred to some of the best practices adopted by our projects like drilling cluster wells (even upto 20) from same well pad, using reed plantation for treating produced water etc.

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World Environment Day program in progress

 HSE group carried out week-long activities, which included awareness drive (mailing awareness presentations on daily basis), competitions for employees and their family members on the theme ‘Seven Billion Dreams, One Planet, Consume with Care’. An online quiz was also conducted. All these activities evoked great response, not only from those posted at HQ, but also from those posted overseas.

Informative short videos highlighting pressing environmental issues were also screened on this day. Through a brief presentation, Head HSE highlighted the theme and environmental issues being faced by oil and gas industry. Few case studies, where innovative techniques were deployed to mitigate environmental impacts in ONGC Videsh overseas operations, were shared with the jam-packed house.

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EC members releasing memorabilia and giving away the prizes to the winners

 

Oil Minister Dharmendra Pradhan leads the Indian delegation at the 6th OPEC international seminar

Dharmendra Pradhan, Minister of State (Independent Charge) of Petroleum and Natural Gas visited Vienna, Austria to address the 6th OPEC international seminar. During his visit from June 2 – 4, the minister met top world leaders and held bilateral consultations with Secretary General of the OPEC. The minister was accompanied by CMD, ONGC Group of companies and MD, OVL during this high profile meet.

The meeting of the minister with Mr. Abdalla Salem El-Badri, Secretary General, OPEC on the sidelines of the 6th OPEC International Seminar and also with the Oil and Gas Ministers of various countries like Russia, Iran, Iraq, Kuwait, Bahrain, Angola and UAE is an indication of India’s emergence as one of the world’s biggest energy consumers. This comes at a time when India, which features among top-five oil refiners, is looking to diversify its crude sourcing to Latin America.

 

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ONGC Videsh Declares FY’15 Financial Results

ONGC Videsh Declares FY’15 Financial Results

New Delhi 25th May, 2015

Oil and Natural Gas Corporation Ltd.

Financial results of ONGC Videsh Ltd., the wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC), for the year ended 31st March 2015 were considered and approved by the Board in its meeting held on 25th May 2015. The performance highlights are as under:

Particulars
Unit
FY’15
FY’14
% Variation
Production
Crude Oil
MMT
5.533
5.486
0.86
Natural Gas
BCM
3.341
2.871
16.37
Total Oil and Oil Equivalent Gas
MMTOE
8.874
8.357
6.19
Financial
Gross Revenue
/ Crore
18,491
21,659
(14.63)
Profit After Tax
/ Crore
1,904
4,445
(57.16)

During FY’15, there is an increase in oil and gas production by 6.19% (Oil 0.86% and Gas 16.37%) as compared to previous fiscal year FY’14. The incremental production is primarily due to better management and addition in the portfolio.

During FY’15, the company has earned profit after tax of 1,904 Crore, a decrease of 57% as compared to FY’14. Despite higher production during FY’15, the decrease in profit is mainly due to lower oil prices, higher financing cost including exchange loss, higher depletion charge, and impairment provision in one of the assets.

Other Highlights

ONGC Videsh has participation in 36 projects in 17 countries including Azerbaijan, Kazakhstan, Russia, Brazil, Colombia, Venezuela, Iraq, Syria, Libya, South Sudan, Sudan, Mozambique, Bangladesh, Myanmar, Vietnam and New Zealand. Out of these 36 projects, 13 are producing, 4 are discovered/under development, 17 are exploratory and remaining 2 are pipeline projects. ONGC Videsh is currently producing about 167 thousand barrels of oil and oil equivalent gas per day and has total oil and gas (2P) reserves of about 612 MMtoe as on 31st March 2015.
A. New Acquisitions and Alliances during FY’15
a.
With award of exploration permit PEP 57090 in the Taranaki offshore basin by Government of New Zealand on 9th December, 2014, ONGC Videsh has now started operations in Pacific Region.
b.
To pursue co-operation in the fields of technology, human resources, exploration, research & development in upstream sector, ONGC Videsh entered into MOU with reputed International E&P companies during the year namely:
i.
With TPAO on 18th June, 2014 during World Petroleum Congress at Moscow.
ii.
With Rosneft, Russia on 24th May, 2014 at the SPIEF-2014.
iii.
With PetroVietnam on 15th September, 2014.
iv.
With Pemex-Exploracion Y Produccion (PEP), the upstream subsidiary of Pemex, Mexico on 25th September 2014
v.
With Mubadala Petroleum, UAE on 29th September 2014
B.
Operations
a.
In Sakhalin-1 Project, the topside of “Berkut”-world’s biggest offshore platform in Arkutun-Dagi field, was successfully floated over from South Korea to Russia and installed on 20th June 2014 with production commencing from 5th January 2015.
b.
Gas Export Pipeline Remediation project in Block BC-10, Brazil was successfully commissioned on 1st November, 2014 leading to gas export about 0.27 MMSCMD.
c.
In A-1/A3 Project, Myanmar, plateau gas production rate of 14.2 MMSCMD was achieved on 2nd December, 2014.
d.
Oil production from Petro Carabobo, Venezuela, crossed 16,000 BOPD on 16th March, 2015 with average oil production of 9,775 BOPD during FY’15 compared to 3,293 BOPD during FY’14.
e.
First crude Cargo of 1.2 million barrel of Petro Carabobo was lifted by RIL on 25th May, 2014 from Venezuela.
f.
The current geo-political situation in Syria including EU sanctions and the resulting restrictions on contractors continue adversely affecting Syrian operations since December 2011.
g.
The operations in South Sudan projects are temporarily under shutdown after internal conflicts and adverse security situation in the country since 22nd December, 2013. The operations in South Sudan shall resume once security situation improves.

Issued By

Corporate Communications, New Delhi,
Phone: +91-11-23320032
Tele-Fax: 011-23357860
Mail: ongcdelhicc@ongc.co.in

JS(IC & GP), MoP&NG visits ONGC Videsh

JS(IC & GP), MoP&NG visits ONGC Videsh Mr Ashutosh Jindal, IAS, Joint Secretary (IC & GP), MoP&NG and Government Nominee Director, ONGC Videsh recently visited the company’s office on April 4, 2015. The visit was aimed to provide Mr Jindal with the overview and in-depth insights on governance practices, business processes, operations and future plans of ONGC Videsh. At the outset, Mr Narendra K Verma, MD, ONGC Videsh welcomed Mr Ashutosh Jindal with a floral bouquet in presence of the Executive Committee and senior officers of the company.

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Mr Ashutosh Jindal, JS (IC&GP) at the centre, flanked (on the left) by Mr Narendra K Verma, MD, ONGC Videsh, Mr S P Garg, Director (Finance) and (on the right) Dr Anil Bhandari, Director (Exploration).

A brief presentation was made covering ONGC Videsh’s history, empowerment, composition of Board & Board Committees, global foot-print, growth in terms of production, reserves, financials, process of acquisitions of overseas assets etc.

The interactions were quite elaborate, where business requirements and challenges of ONGC Videsh were acknowledged and appreciated. Mr Jindal suggested the way forward to address challenges of ONGC Videsh with respect to empowerment, filling vacancy of Independent Director(s), approach towards acquisitions of E&P assets and concentrated efforts on certain focus countries. Mr Ashutosh Jindal, IAS, Joint Secretary (IC & GP), MoP&NG has joined the ONGC Videsh Board as a Government Nominee on 24th February, 2015. He is also a Member of the Project Appraisal, HSE & Risk Management Committee of the Company. The interactions concluded with an expression of gratitude to Mr Jindal for his insights and appreciation of issues related to ONGC Videsh.

 

CC, ONGC Videsh