ONGC Videsh targets 20 mn tonnes output by 2020

August 18th, 2011 - 11:27 pm ICT by IANS  

New Delhi, August 18 (IANS) ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC) aims to exceed an annual crude oil production level of 20 million tonnes by 2020, parliament was informed Thursday.

OVL produced approximately 9 million tonnes of oil and oil equivalent in 2010-11 from its assets abroad, Minister of State for Petroleum and Natural Gas R.P.N. Singh said in a written reply in the Lok Sabha.

India’s oil companies are present in around 20 countries including Russia, Sudan, Vietnam, Venezuela, Syria and Columbia, he said.

The government is also encouraging national oil companies to pursue equity oil and gas opportunities abroad in order to ensure energy security, he said, adding the OVL has assets in 14 countries.

The total investment by oil PSUs overseas is approximately Rs.64,832 crore, the minister said. ONGC Videsh Ltd’s purchase of Imperial Energy is the largest acquisition of a foreign company by an oil PSU.

The minister also said that the government is pursuing oil diplomacy with hydrocarbon-rich countries through government to government contacts, joint working groups and inter-governmental commisions apart from encouraging industry to industry contacts to strengthen the energy security of the country.

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