NEW DELHI: Prime Minister Narendra Modi on Friday will inaugurate a mega energy conclave, Urja Sangam, to mark Golden Jubilee of India's flagship overseas oil firm ONGC Videsh Ltd that has amassed assets worth USD 45 billion since its inception.
Started as Hydrocarbons India Pvt Ltd on March 5, 1965 to carry out exploration and development of the Rostam and Raksh oil fields in Iran and undertaking a service contract in Iraq, OVL today has 36 projects in 17 countries.
Rechristened as ONGC Videsh Limited on June 15, 1989 with the objective of marketing the expertise of its parent Oil and Natural Gas Corp (ONGC) abroad, it owns reserves in excess of 600 million tonnes of oil and oil equivalent gas.
"To celebrate 50 years of success, Urja Sangam 2015 conference with the theme 'Shaping India's Energy Security' is being held on March 27," an official said.
While Modi will inaugurate the conference, Finance Minister Arun Jaitley will address the valedictory session.
Oil Minister Dharmendra Pradhan, Telecom Minister Ravi Shankar Prasad, Power and Coal Minister Piyush Goyal and Commerce and Industry Minister Nirmala Sitharaman besides hosts of CEOs, industry leaders, academia, technology innovators, policy makers and leaders will deliberate contemporary challenges and opportunities of shaping India's energy security.
Besides OVL, the conclave will also celebrate 50 years of Engineers India Ltd and Indian Oil Corp's (IOC) Barauni refinery in Bihar.
The official said OVL acquired its first big oilfield abroad when it won Block 6.01 in Vietnam in 1988 but forex constraints forced it to sell a part of the stake to UK's BP and Statoil of Norway.
Its big breakthrough came when it snapped a 20 per cent stake in Russia's giant Sakhalin-1 oil and gas field for USD 1.7 billion in 2001. Since then there has been no looking back with its portfolio spreading Columbia to New Zealand.
"Today OVL produces 14.5 per cent of India's oil production and 11.4 per cent of gas output," he said, adding that the company has till date invested USD 23.6 billion in acquisition of oil and gas properties abroad.
It produced 8.36 million tonnes of oil and oil equivalent gas in 2013-14.
"To support and accomplish the objective of the energy security of the country, OVL has adopted a long-term target to increase its production by more than two and half times to 20 million tonnes oil equivalent by 2018 and by more than seven times to 60 million tonnes by 2030," the official added.