ONGC Videsh Limited (OVL)

ONGC Videsh Limited (OVL)

ONGC Videsh Limited (OVL), a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), is India's flagship international oil and gas exploration company. Established in 1965, it focuses on acquiring oil and gas assets overseas to enhance India's energy security, currently participating in over 30 projects across 15+ countries. 

Key Historical Milestones

• 1965: Incorporated as Hydrocarbons India Private Limited on March 5, 1965, to participate in overseas exploration.
• 1989: Renamed as ONGC Videsh Limited (OVL).
• 2002-03: Commenced its first production of equity oil and gas with the launch of Block 06.1 in Vietnam.
• 2003: Acquired a 25% stake in the Greater Nile Oil project in Sudan, marking a significant early investment.
• 2010s Expansion: Expanded footprints significantly in Latin America and Russia, including acquiring stakes in the Vankor field in Russia (2016) and major Mozambique gas field acquisitions (2014).
• 2018-Present: Expanded into the UAE with a stake in the Lower Zakum Concession, maintaining its status as a premier Navratna CPSE. 

Operations and Strategic Focus

• Portfolio: As of 2026, OVL operates 32 projects in 15 countries, including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Libya, Mozambique, Myanmar, Russia, and Vietnam.
• Energy Security: OVL aims to bridge the energy supply gap in India by securing foreign equity oil and gas resources.
• Production & Revenue: OVL’s production grew significantly following the acquisition of the Vankor fields in Russia, with total oil and oil equivalent gas (O+OEG) peaking at over 14.89 million metric tons of oil equivalent (MMtoe). 

OVL is known for its strong partnerships with global players like ExxonMobil, Shell, Rosneft, and Total, operating in challenging terrains ranging from deep water in Brazil to tough environments in Colombia and Russia.