Ongc Videsh

OVL seeks legal advice after US sanctions oilfield with Indian stake

ONGC Videsh Ltd has sought legal opinion after the United States imposed sanctions on a Russian oilfield in which a consortium of Indian companies holds a 49.9 per cent stake, sources said. US President Donald Trump on October 22 announced new sanctions against two of Russia's largest oil companies, Rosneft and Lukoil, in a bid to pressure Moscow into ending its war with Ukraine. As part of these, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) designated a number of Russia-based Rosneft and Lukoil subsidiaries in which they, directly or indirectly, held a 50 per cent or more stake. The list of subsidiaries thus blocked includes CJSC Vankorneft, in which OVL has a 26 per cent stake, and an Indian consortium comprising Oil India Ltd (OIL), Indian Oil Corporation (IOC) and Bharat PetroResources Ltd, which holds 23.9 per cent. The remaining 50.1 per cent is with Rosneft. While a plain reading of the OFAC sanctions indicates that the restrictions do not appl

ONGC Videsh eyes banking channel to recover $350 mn stuck in Russia

India's flagship overseas firm ONGC Videsh is hopeful that the opening of banking channels with Russia and a sanctions waiver on Venezuelan oil will allow it to recover pending dues in both countries, a senior official said on Friday. OVL, the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has about USD 350 million in dividend income stuck in Russian banks that it can't repatriate because of western embargo. The firm has another USD 600 million stuck in Venezuela due to sanctions. OVL managing director Rajarshi Gupta said about USD 350 million in dividend income from the company's interest in oil and gas assets in Russia is lying in the company's bank account in Russia. "We believe resolution will happen soon and we should be able to get the money soon," he said. Indian state oil firms have invested USD 5.46 billion in buying stakes in four different assets in Russia. These include a 49.9 per cent stake in the Vankorneft oil and gas field and anothe

ONGC plans to set up trading unit for crude, refined fuels for group firms

ONGC Videsh is the overseas investment arm of ONGC and annually produces about 10 million tonnes of oil through its assets

ECB filings hit 72-month high of $11.04 bn in March, shows RBI data

External commercial borrowing proposals reached a 72-month high of $11.04 billion in March 2025, with full-year filings touching $61.18 billion, RBI data showed

Coal India, ONGC Videsh among firms seeking stake in SQM's lithium projects

KABIL has partnered with Coal India, Oil India, and ONGC Videsh to seek the 20 per cent stake in SQM's Mount Holland and Andover lithium projects in Western Australia

ONGC share price up after Q2 profit jumps 17% YoY; Rs 6 dividend announced

The Board of Directors of ONGC has declared the first interim dividend of Rs 6 per equity share of face value of Rs 5 each for FY25

ONGC Videsh's focus on stakes in oil, gas assets amid energy transition

ONGC Videsh, the overseas investment arm of the country's top exploration company Oil and Natural Gas Corp has stake in 32 oil and gas projects in 15 countries

ONGC Videsh in talks with Russia, US to regain control of projects

Sought special licence from US for Venezuela operations, rouble payments to Russia for Sakhalin

ONGC Videsh incorporates wholly-owned subsidiary in Gujarat's GIFT City

ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corporation, has incorporated a wholly-owned subsidiary OVL Overseas IFSC Ltd in GIFT City, Gujarat. "This GIFT city entity will function as the global treasury centre to cater to the treasury activities of OVL and its 25 subsidiaries (including step-down subsidiaries) spread across 15 countries. "Given the business-friendly regulatory environment in GIFT City, OOIL (OVL Overseas IFSC Ltd) expects to efficiently consolidate funds available with the group in various countries and raise additional funds needed to achieve the ambitious target of producing 40 million tonnes of oil and oil equivalent (MMToe) by 2040 from overseas assets," the company said in a statement. India's first International Financial Services Centre at GIFT City gives options to Indian and overseas multinationals to shift their overseas investments onshore. "OOIL will, thus, act as ONGC Group's gateway to the world for its overseas .

Oil an option to recoup $600 million from Venezuela dividend: ONGC Videsh

Indian refiners have resumed purchase of Venezuelan oil following the easing of US sanctions on the South American country last year

Willing to wait to regain oil from Russian project, says ONGC Videsh

Putin last year removed an Exxon Mobil subsidiary as operator of the Sakhalin-1 oil and gas project in Russia's Far East and transferred it to a new operator

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ONGC Videsh secures 3-yr extension for Vietnam oil block in South China Sea

India's flagship overseas firm ONGC Videsh Ltd (OVL) has secured another three-year extension to explore oil and gas in a Vietnamese block in the contested waters of the South China Sea, the firm's parent ONGC said. This is the eighth extension for OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC). The seventh extension to explore oil and gas was till June 15, 2023 and PTI on August 13 reported that the company was in talks with Vietnamese authorities for another three-year extension. OVL "secures extension of 3 more years to explore in South China Sea's Block 128! India's strategic commitment stays strong as ONGC Videsh continues its exploration journey with its 8th extension till 15 June 2026," ONGC said in a post on social messaging platform X, formerly known as Twitter. The firm had in a proposal to regulator PVN sought a three-year extension of the exploration phase-1. "We are embracing challenges, safeguarding interests & fostering partnerships," ..

ONGC Videsh secures three-year extension to explore South China Sea

India has sparred diplomatically with China in the past over its gas and oil exploration block off the coast of Vietnam.

ONGC Videsh seeks 3-yr extension for Vietnamese oil block in S China Sea

India's flagship overseas firm ONGC Videsh Ltd has sought another three-year extension to explore for oil and gas in a Vietnamese block in the contested waters of the South China Sea, officials said. If granted, this will be the eighth extension for OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC). Officials said the seventh extension to explore for oil and gas was till June 15, 2023 and the company is in talks with Vietnamese authorities for another three-year extension. OVL, they said, has submitted a proposal for a three-year extension of the exploration phase-1 to the regulator PVN and the approval is awaited. The company has so far not found any commercially recoverable oil and gas reserves in the block in the 17 years it has been exploring there but has continued presence there because of India's strategic interest in the South China Sea. Vietnam too wants the Indian firm to counter China's interventions in the contested waters. OVL had signed a .

ONGC Videsh reconsiders its plan to buy stake in Kenya oil project

The Indian oil company needs more clarity after TotalEnergies SE and Africa Oil Corp. quit the Kenya consortium several weeks ago, an ONGC executive, who asked not to be named

ONGC Videsh awaiting clarity on equity structure over Kenyan oil field bid

Other Indian companies that are likely to partner with OVL for the stake buy are also evaluating a stake purchase, said the executive, who was not authorised to speak to the media

ONGC Videsh has around $100 mn of dividend income stuck in Russia: Official

India's flagship overseas firm ONGC Videsh has less than USD 100 million of dividend income lying in Russia because of Ukraine conflict but the company is not in a hurry to bring it back, a senior official said on Monday. Indian state oil firms have invested USD 5.46 billion in buying stakes in four different assets in Russia. These include a 49.9 per cent stake in the Vankorneft oil and gas field and another 29.9 per cent in the TAAS-Yuryakh Neftegazodobycha fields. They get dividends on profits made by the operating consortium from selling oil and gas produced from the fields. Soon after invading Ukraine in February last year, Russia put restrictions on repatriation of dollars to check volatility in foreign exchange rates. OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), got its last dividend back in July 2022. One dividend payout that came after that is lying in the company's account in Russia. Its managing director Rajarshi Gupta said the dividend .

ONGC Videsh to increase spending by 65% in FY24 to push overseas operations

Latin America, Africa, and Russia are expected to play key roles in helping OVL achieve its long-term production targets

ONGC Videsh eyes oil, gas 'hot spots' in Africa, Latin America, says MD

It's better to invest in bigger hot spots where you can get larger discoveries... Africa and Latin America still hold a lot of potential. Ghana is there, Suriname is there