OVL to continue as flagship overseas oil company

Nov 12, 2003 01:00 AM

The Indian government plans to retain ONGC Videsh, the overseas arm of Oil and Natural Gas Corp (ONGC), as the country's flagship company for acquisition of oil and gas fields abroad. OVL will continue to enjoy fast track project approval and special empowerment for this purpose. The company said there is no plan for ONGC to form another subsidiary or joint venture for overseas exploration and production investments.
"There is no change in the status and empowerment of OVL nor is any change intended," it says.

The decision to retain OVL in its present form has been taken after a meeting held by the Union Petroleum Ministry with CEOs of OVL and downstream oil companies such as the Indian Oil Corporation, the Gas Authority of India, the Bharat Petroleum Corporation, Hindustan Petroleum Corporation and the Oil India Limited which are keen to have an equity stake in OVL.
For the time being, it has been decided to continue with OVL in its present form for overseas oil exploration projects.

The release says there is no plan for ONGC to form another subsidiary or joint venture for overseas exploration and production investments.
Subir Raha, Chairman and Managing Director of ONGC and Chairman of OVL, said ONGC-OVL would continue to consider participation of other public sector oil and gas companies in exploration and production projects in India and overseas, on case-to-case basis.

Source: The Hindu
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