Message From Managing Director

I thank you all for the kind wishes you have expressed on my appointment as the Managing Director Of ONGC Videsh. I have assumed the charge Of MD in the middle of the black swan event which has challenged the global
hydrocarbon industry in an unimaginable manner and continues to exert pressure on its very existence. The Company has been through a transitionary phase in the last few years, in terms Of pressures Of returns on its portfolio, depletion of experience due to superannuation and transfers, and more importantly ageing of its production assets as they are past their peak/plateau production. We are therefore faced With a very challenging scenario.

The Oil industry has survived several cycles Of adversity through collective efforts of all its stake holders— be it CRINE initiative or CORAL alliances, but the current crisis has huge enormity owing to supply side pressures, cross-industry competitiveness, cleaner energy concerns, technological innovations in extracting energy from alternate resources, etc. and ONGC Videsh also has to reinvent itself to keep pace and come good in these dynamic and tough times.

I assume this office in the back drop of very high expectations from the Government, from our parent company and all our stakeholders and we need to quickly regroup ourselves to deliver against the expectations and strive to
exceed the deliverables. It calls for greater application Of mind, innovative measures, close monitoring of our assets along with partners and stakeholders, and much higher level of personal and collective efforts.

I beseech your best foot forward under the situation, in terms of carrying out proper due diligence, making concise and reasoned proposals with clarity on the analysis outcome and recommendations. Proposals must be setting clear
timelines for actions on each proposition received in your respective offices, working backwards from the scheduled date of decision, with time against each level in the approval process. I must advice, that while sincerity, hard work and timely deliverables will be suitably rewarded, any delays and fait accompli situations will invite appropriate action. The second suggestion, I want to make to all the ONGC Videsh employees is to work as a team in a cooperative mode rather than competing against each Other with a confrontational approach. Thirdly, it is extremely important in ONGC Videsh to carefully read the subject proposals, all the contract documents — PSC, JoA, Incorporation agreements, SPAs, and examine proposals in the backdrop of relevant provisions in the JV
and other contractual agreements. 4 D’s are my expectations from OVL team — discipline, diligence, dedication, and delivery.

On my part, I assure complete transparency and unbiased approach in the decisions taken. Rest assured of my unstinted support and encouragement. So, let us group together and try to take ONGC Videsh to newer levels of
excellence for its benefit and ONGC’s benefit. I am sure that with the support Of all team members and with mutual faith and respect, we shall be able to overcome all challenges and take ONGC Videsh to new heights. I must also emphasize that while discharging our responsibilities, we must observe all Covid 19 precautions and adhere to the protocols and guidelines Of the Government and ONGC.

I extend my good wishes you and your family on the ongoing festive seasons.

With warm regards,
Alok K Gupta
ONGC Videsh Limited