ONGC Videsh added another feather in its cap by receiving 8th edition of The India Risk Management Awards constituted by ICICI Lombard & CNBC-TV18 in the two categories: Best Risk Management Framework and Systems – PSU Category and Masters of Risk in Risk Technology in the Large Cap category. The awards were received by Mr. Sanjeev Tokhi, Director (Exploration)accompanied by Mr. Rajiv Nayar, Head-Risk on behalf of ONGC Videsh on 4th April 2022 in a function held at Mumbai. This is the first time, ONGC Videsh has won two awards in a single edition of Indian Risk management Awards.
Professor Nirmalya Kumar, renowned Professor of Marketing of the Lee Kong Chian School of Business at Singapore Management University and a distinguished fellow at INSEAD Emerging Markets Institute presided over the function and presented his views on impact of fast changing Global events on international businesses and importance of Risk Management strategies by the Companies to meet their effects.ONGC Videsh was among the top organizations of the country like TCS, TATA Power, TATA Capital, GSK Pharmaceuticals and others, who were conferred these prestigious awards in different sectors.
ONGC Videsh receives “Best Risk Management Framework and Systems-PSU”
ERM system was established in ONGC Videsh in April 2012 with in-house efforts and is now aligned with ISO 31000:2018, the international standard on Risk Management. The system has matured over the years and well integrated into business processes of the company. It is underpinned by a set of principles and includes the exercise of identification, assessment and prioritization of risks followed by coordinated application of resources to monitor, control and minimize the probability and impact of unexpected events.
Implementation of SAP GRC-Risk module has further strengthened ERM System monitoring through capturing Monthly reporting of risk events and Quarterly compliance on Risk Register. Risk dashboard further helps Management for informed decisions through screens showing on world map Projects with their risk scores, significant risks, risk heat maps and status of quarterly compliances.
ONGC Videsh receives “Masters of Risk in Risk Technology-Large Cap”
ONGC Videsh IT Security policy is ISO 27001 certified and has ensured more than 99.5% system and service availability even during the COVID-19 pandemicimposed lockdown. This has ensured business continuity and mitigated key risks posed by the COVID-19 pandemic. The risks are being managed on an increasingly integrated basis to support effective risk-based decision making. The interconnected risk management framework of ONGC Videsh enables us to derive maximum value from the ERM system and enhances the adaptability, and ability of the organization to thrive in ever changing risk environment.
Team HSE & Risk with MD-ONGC Videsh
While complimenting on receiving this award, the Managing Director, ONGC Videsh, Mr. A. K. Gupta exhorted to keep the momentum going in achieving greater heights and improved organizational performance.
Dear Colleagues,
Earlier today, the 19 th of July 2022, the order from our administrative ministry, MoPNG was
received entrusting me with the responsibility of Managing Director, ONGC Videsh Limited,
based on which I have joined in this position. I would sincerely like to thank MoPNG as well
as the Government of India for reposing their faith in me for this appointment. It is truly
humbling and a real honor to head an organization which has such a rich legacy left by its
inspirational leaders, yet in the real sense is also fairly young. ONGC Videsh has been truly
blessed to have had such selfless and visionary leadership in the past, which enabled its
rapid and sustained growth. It would be my endeavor to live up to these high standards for
the future, as the best way of paying tribute to our founding and past leadership.
Today as I assume the charge of Managing Director there is a distinct feeling of
homecoming. Having spent 13 years in ONGC Videsh during its golden growth period, I
sincerely believe that this company has proven itself in the international arena by growing
rapidly from a fledgling company to one of repute and with material presence in various
geographies.
However, the success did not come cheap or easily – it involved diligence, effort, sweat, and
sacrifices from everyone in the company. ONGC Videsh was always meant to be run as a
lean organization; nimble footed and adept to change. We cannot and should not be
unwieldy in our process and systems as we need to compete and succeed in the fiercely
competitive global arena.
Today to say that ONGC Videsh is facing challenging times would be an understatement.
Both at the macro-industry and company level, we are impacted by challenges hitherto
unprecedented in our history. Even as the world is recovering from the black swan
pandemic event and the economic upheaval that it brought in its wake, the geopolitical
turmoil in recent months has again thrown the global economy into uncharted waters.
These changes in the world order are being manifested even more in the oil and gas
industry. The climate-change and ESG headwinds being faced for some time now, coupled
with the geopolitical disruptions have brought to fore the primacy of fossil fuels in the
energy mix, as also the urgent need to find sustainable solutions that do not deprive the
needy populations of access to cheap energy. From an Indian standpoint, as an economy on
the fast track to becoming a global economic superpower, energy access and affordability
will be key parameters to ensure the growth story, as energy consumption per capita
continues to be less than half of the developed world. ONGC Videsh, as per its mandate and
its vision, has a key role to play in this growth story.
As the recent events are playing out, several of our projects across geographies are faced
with tough geopolitical challenges and as a result have brought our company to a difficult
situation. While we have witnessed a drop in production year-on-year for the past three
years, with recent developments we are now witnessing one of our substantial production
and revenue generating projects going offline, with lack of visibility in its resumption. The
assets not affected by turmoil are battling diverse situations ranging from local challenges
Earlier today, the 19 th of July 2022, the order from our administrative ministry, MoPNG was
received entrusting me with the responsibility of Managing Director, ONGC Videsh Limited,
based on which I have joined in this position. I would sincerely like to thank MoPNG as well
as the Government of India for reposing their faith in me for this appointment. It is truly
humbling and a real honor to head an organization which has such a rich legacy left by its
inspirational leaders, yet in the real sense is also fairly young. ONGC Videsh has been truly
blessed to have had such selfless and visionary leadership in the past, which enabled its
rapid and sustained growth. It would be my endeavor to live up to these high standards for
the future, as the best way of paying tribute to our founding and past leadership.
Today as I assume the charge of Managing Director there is a distinct feeling of
homecoming. Having spent 13 years in ONGC Videsh during its golden growth period, I
sincerely believe that this company has proven itself in the international arena by growing
rapidly from a fledgling company to one of repute and with material presence in various
geographies.
However, the success did not come cheap or easily – it involved diligence, effort, sweat, and
sacrifices from everyone in the company. ONGC Videsh was always meant to be run as a
lean organization; nimble footed and adept to change. We cannot and should not be
unwieldy in our process and systems as we need to compete and succeed in the fiercely
competitive global arena.
Today to say that ONGC Videsh is facing challenging times would be an understatement.
Both at the macro-industry and company level, we are impacted by challenges hitherto
unprecedented in our history. Even as the world is recovering from the black swan
pandemic event and the economic upheaval that it brought in its wake, the geopolitical
turmoil in recent months has again thrown the global economy into uncharted waters.
These changes in the world order are being manifested even more in the oil and gas
industry. The climate-change and ESG headwinds being faced for some time now, coupled
with the geopolitical disruptions have brought to fore the primacy of fossil fuels in the
energy mix, as also the urgent need to find sustainable solutions that do not deprive the
needy populations of access to cheap energy. From an Indian standpoint, as an economy on
the fast track to becoming a global economic superpower, energy access and affordability
will be key parameters to ensure the growth story, as energy consumption per capita
continues to be less than half of the developed world. ONGC Videsh, as per its mandate and
its vision, has a key role to play in this growth story.
As the recent events are playing out, several of our projects across geographies are faced
with tough geopolitical challenges and as a result have brought our company to a difficult
situation. While we have witnessed a drop in production year-on-year for the past three
years, with recent developments we are now witnessing one of our substantial production
and revenue generating projects going offline, with lack of visibility in its resumption. The
assets not affected by turmoil are battling diverse situations ranging from local challenges
to floods to license expiry and OPEC restrictions. Without mincing words, I would say that
we are faced with one of the most challenging times in the company’s history, since the
turn-of-the-millennium situation where we had nil production and the company struggled
to meet its obligations.
There has been a dearth of inorganic growth through M&A in the past few years, which has
been a tool deployed successfully by the company in the past to ensure sustained growth.
This has compounded the problem of declining production from ageing and depleting fields
and with few quality projects available for acquisition to fill the gap. Moments of flux and
deep uncertainties as we are presently faced with, do also throw up unexpected
opportunities and we need to be exceedingly alert to them and very efficient to convert the
opportunity into an acquisition.
Suffice to say, the time for complacency and business-as-usual is gone. Each and every
employee of ONGC Videsh has to now contribute over and above the call of duty to ensure
that we tide over these difficult times. The two years of the pandemic has perhaps brought
about a certain degree of lassitude in commitment, and it is manifest in the work culture
where adherence to punctuality and work timelines has at times been affected. The
immediate challenges we are facing does not provide management the headroom to
overlook such actions, and I would request you to treat the above statement with the
seriousness it deserves.
While the above picture though true may seem daunting , I am convinced that if each one of
us gears up to put their best foot forward every day in every job, then we shall not only be
able to overcome these hurdles but also be able to rediscover our winning mojo and
embark on the next period of disruptive growth.
Everyone is welcome to provide their ideas on any aspect of the business that can add
value, and my doors will always remain open.
We have a new and very competent Executive Committee and let us work collectively to
take our company to greater heights.
My wife Gitanjali and daughter Aaradhana join me in wishing the very best to you and your
near and dear ones.
Rajarshi Gupta has taken over as Managing Director of ONGC Videsh Limited (OVL) Schedule ‘A’ CPSE and subsidiary of ONGC, on 19th July 2022. Mr Gupta was recommended for the position by Public Enterprise Selection Board (PESB).
Rajarshi Gupta has more than 33 years of wide-ranging experience in supervisory, managerial & strategic planning capacities in domestic and international operations of ONGC and ONGC Videsh. He has a keen business sense of the oil & gas industry, commercial and financial acumen, with mergers & acquisitions, strategic planning, and man management as his core strengths. During his professional career, he has worked in the domains of Supply Chain Management, Business Development, Project Management, Planning & Strategy, Corporate Communications, Human Resources Management and General Administration.
He has an excellent track record in Educational and Professional domains. A mechanical engineer from NIT Rourkela, he is also a Gold Medallist in MBA (International Business) from the Indian Institute of Foreign Trade, with the highest-ever CGPA scored in the history of the institute.
He has spent 13 years in ONGC Videsh during its golden growth period from 2006-2019, working across the globe in diverse geographical and fiscal regimes, in Business Development, Merger & Acquisitions, and Project Management of Exploration & Development projects. As Country Manager and President of ONGC Videsh’s US subsidiary, he set up the Geological & Geophysical Centre of Excellence in Houston. On return, he was Head of Corporate Planning & Strategy in ONGC Videsh and also headed Strategic HR and Corporate Communications. He was instrumental in framing the international business vision in ONGC’s long-term vision document, the Perspective Plan 2030.
As Executive Director- Chief of Corporate Strategy & Planning in ONGC, where he was responsible for formulating short, medium, and long-term strategies of the Company and provide a framework to the top management on developing scenarios in the sector. He was also responsible for management and networking with key stakeholders like MoPNG, DGH, DPE, Niti Aayog, PPAC, Investors and Credit Agencies. He spearheaded the rollout and implementation of the fifteen transformational initiatives formulated under the ONGC Energy Strategy 2040.
Awarded multiple times at the highest level for significant contribution to the Company, including the prestigious Manager of the Year Award from CMD, ONGC in 2014.
ONGC Videsh Limited (OVL), the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Ltd. (ONGC), the National Oil Company of India, has made an oil discovery in the recently drilled well, Urraca-IX, in CPO-5 block, Llanos Basin, Colombia. Well, Urraca-1X was spudded on 20th April 2022 and drilled to target depth (TD) of 10956 ft., encountering 17 ft thick oil-bearing sands at a depth from 10201ft -10218 ft. During initial testing with Electrical Submersible Pump (ESP), fluid flowed @ approx. 600 bbl./day with around 40-50% W/C and oil of 16oAPI. Oil discovery in the Lower Mirador play in this well opens up new areas for further exploration in the northern part of the block.
ONGC Videsh has earlier discovered commercial oil in the Lower Sand pay in Mariposa and Indico fields in the block in 2017 and 2018 respectively, which are currently commercially producing @ 20,000 bbl oil per day.
Block CPO-5 was awarded to ONGC Videsh Limited in the 2008 bid round of Colombia. ONGC Videsh holds 70% participating interest (PI) in the block along with operatorship, remaining 30% is held by partner Geopark. ONGC Videsh has a significant presence in oil & gas sector in Colombia, with three other exploratory blocks in the country and joint ownership of the oil producing company Mansarovar Energy Colombia Ltd (MECL). Oil discovery in a new play in the block with the well Urraca-1X, reiterates the technical and operational prowess of ONGC Videsh and adds one more feather in its cap towards the extensive Exploration and Drilling campaign in Colombia.
Anupam Agarwal has taken over as Director (Finance) of ONGC Videsh Limited on 18th June 2022, Schedule ‘A’ CPSE and subsidiary of ONGC. Mr Agarwal was recommended to the position by Public Enterprise Selection Board (PESB) on 28th February 2022 and has been appointed to the post by the President of India.
Prior to this, Mr Agarwal served as Executive Director (Finance) in ONGC since January 2020. Mr Agarwal is a fellow member of the Institute of Cost Accountants of India and an associate member of The Institute of Company Secretaries of India. He is an alumnus of Lucknow University, where he obtained his Bachelor’s degree in Commerce and Master’s degree in Business Administration (Finance). He is also a Chartered Financial Analyst from the ICFAI Hyderabad.
Mr Agarwal joined ONGC in 1990 as Finance & Accounts Officer and rose to the position of Executive Director, Chief Corporate Finance where he handled varied assignments, such as Direct tax, Indirect tax, Policy matters, Investor relations, Corporate Budget & Project Appraisal, Bidding for NELP and DSF Blocks, etc. During his tenure in ONGC, he handled responsibilities in diversified roles at Corporate Office, Dehradun, Mumbai, Assam and Baroda.