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Financial results of ONGC Videsh Ltd, the wholly-owned subsidiary of ONGC, for the year ended 31st March 2014 were considered and approved by the Board in its meeting held today on 20th May 2014. The highlights of the results are as below:

Particulars Unit FY'14 FY'13 % Variation
Crude Oil MMT 5.486 4.343 26.3
Natural Gas BCM 2.871 2.917 (1.6)
Total Oil and Oil Equivalent Gas MMTOE 8.357 7.260  15.1
Gross Revenue ₹ / Crore 21,659 17,671 22.6
Net Profit ₹ / Crore 4,445 3,929 13.1

During FY’14, the company has earned the highest-ever profit of 4,445 Crore, an increase of 13.1% as compared to the previous year.

Crude Oil production during FY’14 was higher by 26.3% due to new production stream from ACG, Azerbaijan;acquisition of additional 12% PI in Block BC-10, Brazil; higher production from Sudan and resumption ofproduction from South Sudan.

Gross Revenue during FY’14 has increased mainly due to increase in production / sale quantity and positive exchange rate.


1. ONGC Videsh has participation in 33projects in 16 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela and Vietnam. Out of 33projects, 13 are producing, 4 are discovered/under development, 14are exploratory and remaining 2 are pipeline projects. ONGC Videsh is currently producing about 169 thousand barrels of oil and oil equivalent gas per day and has total oil and gas reserves of about 637MMtoe as on 31st March 2014.

2. New Acquisitions and Alliances during FY’14:

a) ONGC Videsh, through its subsidiaries,has acquired an additional 12% Participating Interest (PI) in Block BC-10, a deep-water offshore block in Campos Basin, Brazil at purchase consideration of USD 561 million, taking its total PI in the block to 27%. The Company had earlier acquired 15% PI in Block BC-10 in 2006.The transaction for 12% stake in the block was completed on 30thDecember, 2013.

b) ONGC Videsh together with Oil India Limited (OIL) has acquired 10% PI in the Rovuma Area 1 Offshore Block in Mozambique (Area 1)at purchase consideration of USD 2511 Million on 7th January, 2014 by acquiring 100% shares of Videocon Mozambique Rovuma 1 Limited.ONGC Videsh has 6% participating interest in the Block.

The Company has also directly acquired 10% PI in the same area from Anadarko Moçambique Area 1 Limitada at purchase consideration of USD 2640 Millionon 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 reserves of 50 to 70 trillion cubic feet.

c) ONGC Videsh has signed Production Sharing Contracts on 17thFebruary, 2014 for two exploratory Blocks SS09 & SS04 awarded in Bangladesh Offshore Bidding Round 2012.ONGC Videsh has 45% PI in each of the Blocks with operatorship, 45% PI is held by Oil India Ltd and remaining 10% PI is held by Bangladesh Petroleum and Exploration Company Limited.

d) On 10th October 2013, the Company was awarded two onshore exploratory blocks namely B2 (Zebyutaung-Nandaw) and EP-3 (Thegon-Shwegu) in the Myanmar Onshore Bidding Round 2013. Block B-2, having an area of 16995 sq kms is located in Northern Myanmar, bordering state of Manipur in India and Block EP-3 having an area of 1650 sq kms is located in Central Myanmar.

e) ONGC Videsh has signed Memorandum of Understanding with Venezuelan state giant PDVSA for strategic cooperation and participation in the exploration and production of hydrocarbon resources in the oil-rich Faja area of Venezuela; with Petrovietnam to promote the joint cooperation in hydrocarbon sector in Vietnam, India & other countries; and with Coordinating Ministry for Strategic Sectors of the Republic of Ecuador for participation in oil and gas projects in Ecuador.

3. Operations

a) First commercial production of gas from Block A3 and Block A1 in Offshore Myanmar commenced on 15th July 2013 and 10th January 2014 respectively. The combined production from these blocks is currently 8.7 MMSCMD and is expected to reach peak level of 14.20 MMSCMD in Q1 of 2015. ONGC Videsh has 17% PI in these blocks.

b) Onshore Pipeline Gas Transportation project in Myanmar has been commissioned in November 2013. The Contractual Transportation Date has been notified as 1stDecember, 2013. The onshore gas pipeline is currently under operation and is transporting gas to both the Export and Domestic buyers.

c) In Block BC-10, Brazil, the Phase II of the Project has also come on stream in October 2013 with an expected peak production of about 35,000 barrels of oil equivalent per day (boepd) in 2014. The current oil production from the block has reached to the level of about 58,000 boepd at JV level. Phase-III of the project has also started with drilling of wells and first oil is expected by April, 2016 with expected peak production of about 28000 boepd in 2017. The production from all the phases is expected to be about 75,000 boepd in 2017.

d) After acquisition of 2.72% stake ACG project in Azerbaijan, additional oil production has commenced from West Chirag field on 28th January, 2014. The current production from the project is 678,000 bopd.

e) The current geo-political situation in Syria including EU sanctions and the resulting restrictions on contractors continue which had adversely affected Syrian operations since December 2011.

f) The operations in South Sudan projects are temporarily under shutdown after internal conflicts and adverse security situation in the country since 22nd December, 2013. However, a Ceasefire Agreement has been signed on 9th May, 2014 by the warring parties and the negotiations are under progress under the mediation of African Union and Intergovernmental Authority on Development (IGAD). The operations in South Sudan shall resume once security situation improves.

B. Long Term Plans:

ONGC Videsh, as per the Perspective Plan 2030 (PP-2030) of the ONGC Group, needs to annually produce 20 MMToe of oil and gas equivalent of gas by FY’18 and 60 MMToe by FY’30.

Chairman Shri D K Sarraf complimented ONGC Videsh team for higher physical and financial performance, successful acquisitions of discovered/producing oil and gas Projects and exploratory blocks for energy security of the country and stated that the company would need to excel in terms of its performance on production and acquisitions, year after year to reach the ambitious targets set for ONGC Videsh in PP-2030.