ONGC Videsh gets exploration period extension in 5 projects

23 May 2023 , 10:55 AM

ONGC Videsh, the overseas subsidiary of Oil and Natural Gas Corporation, has been granted an extension for five projects in Myanmar, Bangladesh, Vietnam, South Sudan, and Colombia. 

This extension will provide the company with additional time to conduct exploration activities and enhance its growth strategies, stated the insiders familiar with the situation.

Among the projects granted an extension to ONGC Videsh, certain ventures have already commenced production. With this extension, the company’s chances of making fresh discoveries in the exploration areas are further heightened, opening up new possibilities for growth.

ONGC Videsh is involved in 32 oil and gas projects across 15 countries, holding stakes in each of them. In several instances, the company assumes the role of the operator, taking charge of exploration and production activities on behalf of all stakeholders involved.

ONGC Videsh has maintained a longstanding presence in Myanmar, Bangladesh, Vietnam, South Sudan, and Colombia. In certain projects, the company has successfully made discoveries and initiated production, while in other ventures, it continues its search for economically viable findings.

Under the operation of ONGC Videsh, production in Colombia’s CPO-5 block has experienced a significant increase and is anticipated to reach a daily output of 25,000 barrels in the near future.

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