OVL's foreign assets achieve record production in 2009-10

Indian oil and gas behemoth ONGC's wholly-owned subsidiary ONGC Videsh Limited (OVL) recorded highest ever oil and gas production from its overseas assets in the year 2009-10, according to a government statement released Thursday.

OVL's consolidated production of oil plus oil-equivalent gas during FY2010 was 8.87 million tonnes, the minister of state for petroleum and natural gas Jitin Prasada said in a written reply to parliament yesterday.

OVL's primary business is to prospect for oil and gas acreages abroad including acquisition of oil and gas fields, exploration, development, production, transportation and export of oil and gas.

As of 31 March 2010, OVL has a presence in 39 projects in 15 countries, out of which 9 projects in 7 countries have oil and gas production.

The company has set a 2025 target of 60 million tonnes per annum of equity oil and gas from its investments abroad.

India imports over 70 per cent of its requirement of crude oil, and considering the widening energy demand-supply gap in the country, acquisition of assets abroad is necessary for the country's energy security, Prasada said.