Millennium Post

OVL eyes bigger global presence

OVL eyes bigger global presence
Public sector gas behemoth ONGC has formulated a ‘Perspective Plan 2030’ for increasing the annual production of its overseas arm - ONGC Videsh’s (OVL) to 20 Million Metric Tonne of Oil Equivalent (MMTOE) by 2018 and 60 MMTOE by 2030, Minister of State for Petroleum & Natural Gas Dharmendra Pradhan informed the Lok Sabha on Monday.

The OVL has 13 producing assets and 4 developing assets.The producing assets are located in Vietnam, Sudan, South Sudan, Russia, Columbia, Syria, Venezuela, Brazil and Azerbaijan. All producing assets are under production except Syria and South Sudan.

Pradhan also informed the Lok Sabha that the prices of natural gas in the international market have fluctuated over the years.  The monthly average prices of natural gas at Henry Hub (HH) and National Balancing Point (NBP) for the last three years is annexed.  

The minister said that the finalisation of the tender for construction of Multi-purpose Support Vessel got delayed as one of the rejected bidders approached Independent External Monitor (IEM) on two occasions.  This bidder also submitted various representations to ONGC and the Ministry.  All these were deliberated in ONGC.  This entire exercise delayed the tendering process.  

The revised estimated cost of the project is $185 million.  

Pradhan in a written reply said that the 1,814 km long Turkmenistan-Afghanistan- Pakistan- India (TAPI) pipeline project is envisaged to supply 38 MMSCMD of natural gas to India.  

According to a preliminary feasibility study the cost of project is estimated to be around $7.6 billion. In addition, Siddho Mal & Sons through a Project Development Vehicle, South Asia Gas Enterprise (SAGE), has proposed a Deep Sea Natural Gas Pipeline from Middle East (Oman) to India.  The project is not under the consideration of the government at present.

The 20th Steering Committee Meeting of TAPI was held at Islamabad on 11.2.2015. The Committee inter alia discussed timelines for identification and selection of Consortium Leader.

Speaking on the issue of multiple LPG connections, the minister said that State/UT/OMC-wise number of multiple domestic LPG connections of Public Sector Oil Marketing Companies (OMCs), blocked & surrendered/cancelled as on March 1 has already been provided.

Agencies

Agencies

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