List of Indian Companies in Venezuela
ONGC Videsh Ltd. (OVL)
Torre KPMG,
Piso 3, Oficina # 3-2B,
Av. Francisco de Miranda,
Chacao, Caracas
Tel: (+58) 212 2667318
Fax: (+58) 212 2638925
ONGC Videsh Ltd. (OVL), a Miniratna Schedule “A” Central Public Sector Enterprise (CPSE) of the Government of India under the administrative control of the Ministry of Petroleum & Natural Gas is the wholly owned subsidiary and overseas arm of Oil and Natural Gas Corporation Limited (ONGC), the flagship national oil company (NOC) of India. The primary business of OVL is to prospect for oil and gas acreages outside India, including exploration, development and production of oil and gas. OVL owns Participating Interests (PI) in 32 oil and gas assets in 16 countries and contributes to about 12% and 7 % of oil and natural gas production of India respectively. During FY’13, OVL produced 7.26 MMToe of equity oil & gas which was 11.5% of India’s crude production. As per ONGC Group’s Perspective Plan 2030, OVL’s oil and gas production should increase from the existing level of 7.26 MMToe to 20 MMToe by 2017-18 and 60 MMToe by 2029-30.
OVL has stake in 32 oil and gas projects in 16 Countries, viz. Vietnam (2 projects), Russia (2 projects), Sudan (2 projects), South Sudan (2 projects), Iran (1 project), Iraq (1 project), Libya (1 project), Myanmar (2 projects), Syria (2 projects), Cuba (1 project), Brazil (2 projects), Nigeria (1 project), Colombia (8 projects), Venezuela (2 projects), Kazakhstan (1 project) and Azerbaijan (2 projects). OVL had ventured into midstream and had successfully completed 741 Km product pipeline project in Sudan in 2005. In March 2013, it acquired 2.36% stake in the BTC pipeline as part of its acquisition of stake in Azerbaijan.
OVL has equity participation in 2 projects in Venezuela. OVL signed an agreement with Corporación Venezolana del Petróleo S.A. (CVP), a subsidiary of PDVSA on 8th April, 2008 and acquired 40% PI in San Cristobal Project, Venezuela. San Cristobal project covers an area of 160.18 Sq. Km in the Zuata Subdivision of proliferous Orinoco Heavy Oil belt in Venezuela. The JV Company is named “Petrolera Indovenezolana SA”. OVL along with Indian Oil Corporation Limited (IOC), Oil India Limited (OIL), Repsol YPF (Repsol) and Petroliam Nasional Berhad (PETRONAS) (collectively, the “Consortium”), was awarded by the Government of the Bolivarian Republic of Venezuela 40% ownership interest in an “Empresa Mixta” (or “Mixed Company") which will develop the Carabobo 1 North (203 sq.km.) and Carabobo 1 Central (180 sq.km.) blocks located in the Orinoco Heavy Oil Belt in eastern Venezuela. OVL holds 11% PI in Carabobo-1 project. The Mixed Company was incorporated as “Petro Carabobo S.A.” in 2010.
OVL has emerged as India’s most internationalized company based on the Transnationality Index (TNI) as per survey conducted jointly by Indian school of Business (ISB), Hyderabad and Fundacao Dom Cabral (FDC), Brazil. Fulfilling social responsibility as a corporate citizen is part of the foundational ethos of Indian Public Sector Enterprises. OVL is committed to create a positive and lasting social impact by developing successful partnerships built on mutual trust and respect, ultimately raising the standard of living and the stability of the communities of the countries in which the Company operates. OVL makes valuable contribution in many ways e.g. through payment of tax revenues to governments; by investing in education and training and improving employment opportunities for nationals; providing medical/ sports/ agricultural facilities to the local community, etc.
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