ONGC overseas energy portfolio spans Russia, Latin America, MEA and Asia

New Delhi [India], August 30 (ANI): ONGC's overseas energy portfolio spans key regions including Russia, Latin America, the Middle East & Africa (MEA), and Asia, reflecting the company's broad international presence in oil and gas exploration and production, according to the corporate presentation of the Navaratna Central Public Sector Enterprise.

ONGC Videsh currently has 32 oil and gas projects spread across 15 countries, marking its business presence in 19 countries across five continents.

The document shows that of the total projects, 14 are in the production phase, four are discovered or under development, 11 are under exploration, and three are in the pipeline.

In Russia, the company operates three projects. In Latin America, it holds four projects in Colombia, two in Venezuela, and three in Brazil. The MENA-CIS region includes one project each in Azerbaijan and the UAE, and two in South Sudan. Mozambique hosts one project under development.

In the Asia-Pacific region, ONGC Videsh has two projects in Vietnam, four in Myanmar, and two in Bangladesh.

The company also lists five dormant projects in its global portfolio.

According to the company, the ONGC reported a reversal in the trend of standalone crude oil production, marking a one per cent increase, while the decline in natural gas production slowed.

The document shows that the company made nine discoveries during the year, including seven prospects and two pool discoveries, with four located in OALP blocks.

ONGC also entered an international collaboration with BP Exploration (Alpha) Ltd. as a Technical Service Provider for production enhancement in the MH field.

A record 578 wells were drilled during the year. ONGC Petro additions Ltd. (OPaL) became the sixth subsidiary of ONGC following an equity infusion of Rs 18,365 crore.

In its green energy push, ONGC Green Ltd. acquired PTC Energy Ltd. (288 MW of wind assets) and Ayana Renewables (4.1 GW of renewable energy assets, operational and under construction) through a joint venture with NTPC Green Ltd.

In FY'25, ONGC added 38.19 MMToE of 1P oil and gas reserves, with a higher focus on PEL drilling--33 wells compared to 22 in FY'24.

It successfully drilled the Chola-1 exploratory well in an OALP ultra-deepwater block, launching ultra-deepwater exploration in the Andaman Basin, alongside maiden wildcat drilling in the Ganga Basin. The Oilfields (Regulation & Development) Amendment Act, 2025 came into effect on 15 April 2025, renaming "mining lease" to "petroleum lease" and expanding "mineral oils" to include shale, CBM, and gas hydrates.

It legally reinforces the HELP regime and introduces a fiscal stability clause, while promoting data and infrastructure sharing. Under the newly launched "Samudra Manthan" mission, announced by PM Modi on 15 August 2025, the government aims to double reserves by 2032 and triple output by 2047, targeting a reduction of 88 per cent in import dependence.

The mission spans over 1 million sq km in the Andaman-Nicobar region and the ultra-deep KG and Cauvery basins. It is anchored on the 2025 Act's unified licensing regime. The government had promoted ONGC with equity of Rs 342.85 crore between 1959 and 1981.

The government has infused equity of Rs 342.85 crore between 1959 and 1981, and in return, ONGC has contributed a cumulative amount of Rs 13,35,847 crore to the government as of 31 March 2025.

During the period 2024-25, ONGC contributed Rs 55,598 crore to the Central government and Rs 13,665 crore to state governments, totalling Rs 69,263 crore.

On August 29, ONGC reported at its AGM that its standalone gross revenue for the recently concluded financial year 2024-25 stood at Rs 1.37 lakh crore, a decline from Rs 1.38 lakh crore.

In 2022-23, it was Rs 1.55 lakh crore, the company said in its presentation after the Annual General Meeting.

The consolidated revenue, however, increased year-on-year to Rs 6.75 lakh crore from Rs 6.65 lakh crore.

The state-owned firm's standalone profit after tax was reported at Rs 35,610 crore, compared to Rs 40,526 crore in 2023-24 and Rs 40,097 crore in 2022-23. The consolidated profits also declined year-on-year to Rs 38,329 crore from Rs 55,273 crore.

The PSU company has a robust credit rating; domestic rating agencies ICRA, India Ratings, and CareEdge have assigned an AAA rating to its long-term debt.

The international rating agencies, Moody's, S&P Global Ratings, and Fitch Ratings, have affirmed Baa3, BBB, and BBB-, respectively. (ANI)

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