C. Overseas operations

OVL signs definitive agreements with Anadarko to acquire a 10% Interest in the Rovuma Area 1 Offshore Block in Mozambique

ONGC Videsh Limited has signed definitive agreements on 24th August 2013 with Anadarko to acquire a direct 10% participating interest in the Rovuma Area 1 Offshore Block in Mozambique for US$ 2,640 million.

The acquisition is subject to the approvals of the Governments of Mozambique and India, relevant regulatory approvals, pre-emption rights and other customary conditions. The transaction is subject to usual closing conditions and has long stop date of 28th February 2014.Area 1 covers approximately 2.6 million acres in the deep-water Rovuma Basin offshore Mozambique and represents the largest gas discovery in offshore East Africa with estimated recoverable resources of 35 to 65 trillion cubic feet.

OVL and OIL sign definitive agreements to acquire interest in Rovuma Offshore Block in Mozambique

ONGC Videsh Limited (OVL) and Oil India Limited (OIL) have jointly signed definitive agreements in Singapore on June 25, 2013 with Videocon Mauritius Energy Limited to acquire Videocon's 100% of shares in Videocon Mozambique Rovuma 1 Limited, the company holding a 10% participating interest in the Rovuma Offshore Block in Mozambique (Area 1) for US$ 2,475 million. The Area 1 covers approximately 2.6 million acres in the deep-water Rovuma Basin.

The acquisition is expected to be implemented via a newly incorporated entity; in which OVL and OIL are expected to hold equal stakes. The acquisition is subject to the approvals of the Governments of Mozambique and India, relevant regulatory approvals, pre-emption rights and other customary conditions. The transaction is expected to close in the fourth quarter of 2013. Area 1 represents the largest gas discovery in offshore East Africa with estimated recoverable reserves of 35 to 65 trillion cubic feet (tcf) and it has the potential to become one of the world's largest LNG producing hubs with first LNG expected by 2018.

OVL signs definitive agreements to acquire 12% PI in Block BC-10, Brazil

ONGC Videsh, through its affiliates, signed definitive agreements on October 11, 2013 to acquire 12% Participating Interest (PI) in Block BC-10, Campos Basin at Deep-water Offshore Brazil as part of the sale of 35% share made by Petrobras. ONGC Videsh had earlier acquired 15% PI in the block in 2006. The other partners in the block are Shell (Operator) with 50% PI and Petrobras with 35% PI.

ONGC Videsh acquires two blocks in Myanmar Onshore Blocks Bidding Round-2013

ONGC Videsh has been awarded two onshore blocks namely B2 (Zebyutaung-Nandaw) and EP-3 (Thegon-Shwegu) in the Myanmar Onshore Bidding Round 2013. This was announced by the Ministry of Energy, Republic of the Union of Myanmar recently in Sept'13. Block B-2, having an area of 16995 sq. kms., is located in Northern Myanmar, bordering the state of Manipur in India and Block EP-3, having an area of 1650 sq. kms., is located in Central Myanmar.

Earlier, Government of Myanmar had announced the 2nd Onshore Bid Round -2013 for 18 blocks on 17th January, 2013. ONGC Videsh was one of the 7 Indian companies which were shortlisted as Pre-qualified bidders. ONGC Videsh has a decade old presence in the E&P sector of Myanmar with 17% non-operating stakes in the fields Shwe & Shwe Phyu (Block –A1) and Mya North & Mya South (Block A3) with a total investment of USD 565 million as on 30th Sept. 2013. Myanmar is one of the focus countries for ONGC Videsh.

D. Refining

MRPL upgraded to Schedule-A company by DPE

Mangalore Refinery & Petrochemicals Ltd (MRPL), a subsidiary of ONGC and a Mini Ratna category 1 PSU, has been upgraded from Schedule B to A with effect from July 2013 by the Department of Public Enterprises. In the Oil & Gas sector, MRPL would be the 8th company to be in this category. Having entered the 'A' list, MRPL will now be entitled to more benefits and can now aspire for Navratna status.

E. Operations

ONGC sets another record of drilling the deepest well in India

ONGC Deepwater Drilling team has set record for drilling deepest ultra deepwater well in India by successfully drilling well KG-DWN-2005/1-D-1 by Rig DDKG1. The well was drilled to target depth of 7,725 m in 67 days with maximum mud weight of 11.7 ppg without any complication.

F. Agreements/ MOUs

ONGC signs MoU with RIL on Eastern Offshore facility sharing arrangement

ONGC signed an MOU with Reliance Industries Ltd (RIL) to explore the possibility of sharing RIL's infrastructural facilities in the East Coast on July 27, 2013. The MoU aims at working out the modalities for sharing of infrastructure, identifying additional requirements as well as firming up the commercial terms. This shall not only minimize ONGC's initial Capex but also expedite its field development resulting in early monetization of its deep-water fields adjacent to the fields of RIL.

OVL signs MOU with PDVSA for cooperation in oil field exploration and development

ONGC Videsh Limited (OVL) and Venezuelan state giant PDVSA signed an MOU in presence of Mr. D.K. Sarraf, MD, OVL and Mr. Ruben Figuera, Director of New Development, PDVSA on 9th October 2013 in Caracas. The MOU was signed on the conclusion ceremony of 1st Indo-Venezuela Hydrocarbon Business Roundtable in Caracas held during 7-9 October 2013. The MOU encompasses strategic cooperation and participation in the exploration and production of hydrocarbon resources in the oil-rich Faja area of Venezuela.

IEOT signs agreement with IIT-Bombay for Gas Hydrate related studies

ONGC's Institute of Engineering & Ocean Technology (IEOT), Panvel has signed an agreement for two collaborative research projects with IIT- Bombay on evaluation of sea floor stability and reservoir parameters of the hydrate bearing sediments from deep KG offshore areas. The objective of the first collaborative research project between IEOT and IIT Bombay is to model sea floor stability during gas production from gas hydrates using the data from KG basin. The objective of the second project with IIT Bombay is to study how gas and water migration takes place through the hydrate bearing sediments in KG basin.

G. Environment/ Sustainability

ONGC partners in ‘Clean India’ campaign

ONGC has associated with the ‘Clean India Campaign’ initiated by the Ministry of Tourism for restoration and preservation of historical monuments of the country. The campaign was inaugurated on July 24, 2013 by the Union Minister of State for Tourism Dr K Chiranjeevi with ONGC taking over the responsibility of preserving the ‘Taj Mahal’. The project is part of CSR initiative of ONGC. Besides the Taj, ONGC will also take up 5 other monuments - Red fort in Delhi, Ellora caves and Eliphanta caves, Golkonda Fort & and Shore temple at Mahabalipuram for restoration and preservation.

The Clean India campaign is an initiative of the Ministry of Tourism in collaboration with the Archaeological Society of India (ASI) is aimed at upgradation/ restoration, preservation, beautification and general cleanliness in and around monuments in India with an objective to increase tourist arrivals to the country and to improve the quality of services and provide a hygienic environment in and around the tourist destinations across the country.

H. Corporate Social Responsibility

ONGC announces Rs. 2 Crore aid for flood relief operations in Uttarakhand

ONGC has announced a contribution of Rs. 2 Crore to the Chief Minister's Relief Fund to provide immediate relief to the disaster struck Uttarakhand where unprecedented monsoon caused large scale destruction and huge loss of life. At the same time, ONGC rushed a medical team comprising of three doctors and para-medical staff from ONGC Dehradun to the Guptkashi area of Uttarakhand for rendering medical assistance to the calamity hit areas.

I. Rankings:

OVL is the most internationalized Indian Company: ISB Survey

ONGC Videsh Ltd (OVL) has been ranked as the top Indian company with the most global exposure, as per a survey conducted by the Indian School of Business (ISB) in collaboration with Brazil's Fundacao Dom Cabral.

J. Awards & Recognitions

ONGC shines amongst Best Indian Brands 2013

Economic Times-Brand Equity, a premier publication on brands and advertising, has listed ONGC as 14th most valued brand in its exclusive study done together with Inter-brand. The study places ONGC as the most valued brand amongst non-banking PSU and has ranked above several popular brands like Maruti, ITC, Axis Bank etc. SBI, a bank, is the only Govt. owned entity finding its place above ONGC.

ONGC Group secures PSU Champions Awards

ONGC secured 4 awards in the categories of Asset Utilization, and runners-up in Strategic Performance, Human Resource Utilization and Strategic Turnaround in the PSU Champions Awards 2013, organized by leading magazine Governance Now. Minister of Heavy Industries and Public Enterprises Mr. Praful Patel gave away the awards on July 24, 2013 at New Delhi.

ONGC bags prestigious OISD Awards

ONGC's Rajahmundry Asset bagged the Oil Industry Safety Directorate (OISD)'s "Best Overall Safety Performance of Oil and Gas Onshore Assets" and "Most Consistent Safety Performer Award" for the year 2011-12. In addition, JV operation at Panna gas field between ONGC, BG and Reliance, operated by BG India won the OISD award for "Best Production Platform – Pvt/JV Companies" for the year 2011-12.

K. Sports

National Accolades for ONGCians - Four 'Arjuna Awards'

Four ONGCians, Rupesh Shah (Billiards), Virat Kohli (Cricket), Amit Kumar Saroha (Athletics) and Rajkumari Rathore (Shooting), were conferred with the 'Arjuna Award' for the year 2013, in a traditional ceremony held at the Rashtrapathi Bhavan on August 31, 2013. ONGC bagged 4 of the 15 awards on offer. Ronjan Sodhi, another ONGCian, was conferred the Rajiv Gandhi Khel Ratna award for his outstanding achievements in sports.

Tenth Successive Petroleum Minister's Sports Award for ONGC

ONGC has retained the "Petroleum Minister's Trophy" for a record tenth consecutive year. CMD, Mr Sudhir Vasudeva and Director (HR) Mr K.S. Jamestin received the award along with the "Trophy for Excellence" from Hon'ble Union Minister for Petroleum & Natural Gas Dr M. Veerappa Moily in presence of Smt. Panabaka Lakshmi, Hon'ble Minister of State for Petroleum & Natural Gas.