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Facing an oil import bill of $140 billion in 2011-12, parallel exploration and production in both domestic and international arenas is a critical component of India’s energy policy. ONGC, India’s public sector E&P company, conducts its international operations through ONGC Videsh Ltd. At this time, OVL operates 33 projects in 15 countries. Ten of OVL’s properties are in the production stage, yielding 65 million boe during 2011-12.
To date, OVL has made a cumulative investment amounting to $14 billion in its foreign assets and, with a war chest of $8.8 billion at its disposal, is poised for a quantum jump over the next five years. Today, OVL contributes 15% to India’s oil and gas supply. OVL’s objective is to raise that contribution 45% to 259 million boe by 2030.
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