ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, is targeting doubling of crude oil production from its assets abroad to 20 million tonne by 2020.
OVL and other PSUs have properties in more than 20 countries including Russia, Sudan, Vietnam, Venezuela, Syria and Columbia, Minister of State for Petroleum and Natural Gas R P N Singh said in a written reply to Lok Sabha today.
"OVL has produced about 9.448 million tonne of oil and equivalent gas during the year 2010-11 from its assets abroad," he said.
In order to ensure energy security, the government is encouraging national oil companies to pursue equity oil and gas opportunities abroad. OVL has assets in 14 countries.
"The total investment by oil PSUs overseas is approximately Rs 64,832 crore," he said.
OVL's purchase of Imperial Energy is the largest acquisition of a foreign company by an oil PSU. "By 2020, OVL aims to exceed an annual production level of 20 million tonne of oil and equivalent gas," he said.
Its parent firm, ONGC has seen crude oil production drop from 25.4 million tonne in 2008-09 to 24.4 million tonnes in 2010-11.
OVL produces hydrocarbons from its 9 assets -- Russia (Sakhalin-I and Imperial), Syria (Al-Furat Project), Vietnam (Block 06.1), Colombia (Mansarover Energy Project), Sudan (Greater Nile Oil Project and Block 5A), Venezuela (San Cristobal Project) and Brazil (BC-10).
Besides, six of its projects are in development phase and 23 in the exploration phase.
OVL's international oil and gas operations produced 9.448 million tonne of oil plus oil equivalent gas in 2010-11 as against 0.252 million tonne of oil and oil equivalent gas in 2002-03.
Its overseas cumulative investment has crossed $10 billion.
"The government is pursuing oil diplomacy with hydrocarbon rich countries through government-to-government contacts, joint working groups and inter-governmental commissions apart from encouraging industry-to-industry contacts to strengthen the energy security of the country," Singh added.
