ONGC Videsh Wins Two Exploration Blocks In Brazil

Oil & Natural Gas Corporation has announced that OVL bagged two exploration blocks in Brazil, viz. deepwater block 470 in the highly prospective espirito santo basin and shallow water block 1413 in another highly prospective Santos basin, amid stiff competition from International companies on 27 November 2007.

The first development well for coal bed methane (CBM) has been spudded on December 2007 at the drill-site Pad-B in Parbatpur, near Bokaro Steel City of Jharkhand.

ONGC achieved the unique distinction of becoming the first-ever Indian company in the Fortune Magazine's annual (2007) list of the world's most admired companies. This is based on a survey of Fortune Companies across the globe, conducted by the Fortune magazine, in association with Hay Group.

The board has approved the 2nd pipeline replacement project along with necessary modifications, at a cost of Rs 2553.25 crore, to be implemented over a period of 3 years.

The ONGC board approved the phase-III development of PY-3 field at a Capex of US$ 35.9 million (Rs 147.19 crore), which is 40% of the total investment of US$ 89.75 million. ONGC holds 40% stake in the field; other stakeholders are HOEC (21%), Tata Petrodyne (21%) and Hardy Exploration & Production (18%). This phase-III development of the field will enhance the recovery by 10.52 MMSTB.

The company made this announcement during the trading hours today, 24 December 2007.