ONGC Videsh

What ONGC Videsh does

ONGC Videsh Limited (OVL) is the wholly-owned overseas arm of parent Oil and Natural Gas Corporation Limited (ONGC), operating as India's dedicated state-owned vehicle for international upstream oil and gas investment. Incorporated in 1965 and headquartered in New Delhi, OVL is a Schedule A Central Public Sector Enterprise (CPSE) under the Ministry of Petroleum & Natural Gas that was upgraded to Navratna CPSE status in 2025. The company owns participating interests in 41 oil and gas projects across 20 countries spanning Azerbaijan, Bangladesh, Brazil, Colombia, Iran, Iraq, Israel, Kazakhstan, Libya, Mozambique, Myanmar, Namibia, New Zealand, Russia, Venezuela, and others, with FY25 production of 7.265 MMT oil and 10.278 MMTOE oil and gas representing 25.3% and 15.9% of India's domestic production respectively.

OVL's core technology is upstream oil and gas exploration and production, including deepwater drilling and field development across diverse international basins. Its products consist of equity crude oil and natural gas lifted from these assets rather than modular commercial offerings. The business model is asset-based: OVL acquires equity stakes in producing, discovered, and exploration blocks through joint ventures with host-country national oil companies (PDVSA, Rosneft, Petrobras) and international oil companies (TotalEnergies, BP), generates revenue from its share of hydrocarbon production sold at international commodity benchmarks (Brent crude and Henry Hub gas), and channels output back into India's domestic supply chain through ONGC's downstream infrastructure and strategic petroleum reserves.

OVL operates a B2G (business-to-government) model, with its primary 'customer' being India's energy security mission under the Ministry of Petroleum & Natural Gas. The company manages overseas investments through wholly-owned subsidiaries including OOIL (GIFT City treasury hub), ONGC Videsh Rovuma Limited (Mozambique LNG), ONGC Nile Ganga B.V. (Netherlands holding company), OVSL (Singapore), and OVAI (United States). It raised a $500 million foreign currency term loan via OOIL in December 2025 with Bank of Baroda as sole mandated lead arranger, and is pursuing active expansion in Mozambique LNG, Brazil's BM-SEAL-4 block, and Venezuelan heavy oil assets.

Name

ONGC Videsh

Legal name

ONGC Videsh Limited

Website

https://ongcvidesh.com

Company type

Private

Founded year

1965

Operating status

Operating

Headcount range

101–250 employees

Short description

ONGC Videsh is India's dedicated state-owned overseas upstream oil and gas company, a wholly-owned Navratna CPSE subsidiary of ONGC that holds equity stakes in 41 projects across 20 countries, supplying 25.3% of India's domestic crude oil and 15.9% of its natural gas production.

Ownership category

akta.pro rank

Product category

International Upstream Oil and Gas

NAICS

Oil and Gas Extraction (211), Crude Petroleum Extraction (21112), Natural Gas Extraction (21113), Oil and Gas Extraction (2111)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro industry

PRIMARYEUAAAAAG

Onshore Natural Gas E&P (Conventional Fields)

Energy, Utilities & Environment/Bioenergy, Natural Gas & Biomass/Natural Gas Exploration & Production (Upstream)

Keywords

• International oil exploration
• Upstream oil and gas
• Hydrocarbon production
• Petroleum asset acquisition
• Crude oil exploration

Headquarters

HQ city

New Delhi

HQ country

India

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Hydrocarbon Production Revenue: ONGC Videsh generates revenue through its equity stakes in producing oil and gas assets across 14–20 countries, selling its share of crude oil and natural gas produced from these assets.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

ONGC Videsh is the overseas arm of ONGC that prospectively acquires, develops, and produces international upstream oil and gas assets. It holds participating interests in 41 projects across 20 countries, producing equity crude oil and natural gas that flows into India's domestic energy supply chain. The company's FY'25 production was 7.265 MMT of oil and 10.278 MMTOE of oil and gas, contributing 25.3% and 15.9% of India's domestic production respectively.

Product overview

ONGC Videsh operates as a single unified business offering — international oil and gas exploration and production services. The company identifies, develops, and produces oil and gas assets across 20 countries through wholly-owned subsidiaries including ONGC Videsh Rovuma Limited (OVRL) for Mozambique LNG, OVL Overseas IFSC Limited (OOIL) for global treasury operations in GIFT City, ONGC Nile Ganga B.V. (ONGBV) for assets in Brazil, Venezuela, Syria, South Sudan, Myanmar, and Abu Dhabi, and other regional holding companies. There are no modular add-on products — the portfolio consists of producing assets, discovered fields, and exploration blocks managed through country-specific subsidiaries.

Differentiator

Problem solved

Functional benefit

Products and services

• International Oil and Gas Exploration and Production

Quantifiable outcome

• Contributed 25.3% of India's domestic crude oil production and 15.9% of natural gas production in FY25
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and emerging.

• BP (British Petroleum)coreTechnology or Integration · 29 June 2026BP signed new agreements to access upstream gas resources in Abu Dhabi and agreed to provide technical services to ONGC in India as part of its expanded international upstream footprint, indicating a deepening of BP's India presence.
• Indian Government / Ministry of Petroleum & Natural GascoreStrategic or Co-development Partner · 29 June 2026India instructed ONGC to add 13 million barrels to its strategic petroleum reserves amid global SPR replenishment following the IEA's release of 400 million barrels during the Middle East crisis. ONGC also approved a 1.75 MMT strategic petroleum reserve in Mangaluru at an estimated cost of Rs 15,000 crore.
• BP (British Petroleum)coreTechnology or Integration · 25 June 2026ONGC signed a technical services contract with BP for the Western Offshore Basin (43 blocks), extending the existing Mumbai High TSP arrangement. BP will deploy advanced technologies and operating practices to improve hydrocarbon recovery, receiving a fixed fee for two years followed by performance-based fees tied to incremental production. Production targets: +10.8% crude oil, +31.5% gas, +24.1% total hydrocarbons over 10 years.
• BP (British Petroleum)coreTechnology or Integration · 25 June 2026BP finalized a Technical Services Contract with ONGC as Technical Services Provider for Western Offshore Basin fields, extending the companies' existing collaborative efforts from the Mumbai High field to additional offshore operations. BP engages with ONGC teams on well, reservoir, and production facility interventions.
• Rosneft / Sakhalin-1 ConsortiumcoreStrategic or Co-development Partner · 19 June 2026ONGC Videsh holds a 20% stake in the Sakhalin-1 consortium (covering Chayvo, Odoptu, and Arkutun-Dagi fields in the Okhotsk Sea, Russia). Rosneft resumed active drilling operations in June 2026 with production at ~140,000–150,000 bpd targeting 220,000 bpd. Estimated reserves: 2.3 billion barrels oil and 17.1 Tcf gas.
• Petrobras (Brazil)emergingStrategic or Co-development Partner · 13 June 2026India (via BPCL) signed a one-year agreement with Brazil's state-owned Petrobras to purchase 12 million barrels of crude oil in FY27. ONGC Videsh is also exploring a $1.17 billion investment in Brazil's offshore BM-SEAL-4 block. Brazil doubled oil exports to India to 275,000 bpd.
• PDVSA / VenezuelacoreStrategic or Co-development Partner · 5 June 2026India and Venezuela held high-level talks in New Delhi to explore expanding bilateral energy cooperation. ONGC Videsh has been present in Venezuela since 2008 with ~$1 billion cumulative investment in the Orinoco Belt. OVL holds 40% in San Cristobal and 11% in Carabobo-1. Talks addressed over $500 million in stuck dividends and potential new block allocations.
• TotalEnergies / Mozambique LNG (Area-1)coreStrategic or Co-development Partner · 7 May 2026Mozambique LNG project (Area-1), operated by TotalEnergies, has reached 42% completion following lifting of force majeure in November 2025. ONGC Videsh Rovuma Limited (OVRL) holds 10% participating interest. Project involves ~$20 billion investment for a two-train LNG facility of 13.12 MMTPA capacity at the Golfinho-Atum field.

Scale indicators11 records

Recent moves9 records

Expansion highlights7 records

Direct peers

• Petrobras: Brazil's state-owned international E&P company. Petrobras operates deepwater assets globally (including BC-10 alongside OVL in Brazil) and is a major international oil producer with a comparable mix of offshore and onshore assets, similar capital intensity, and analogous sovereign ownership structure.
• ONGC (Oil and Natural Gas Corporation): ONGC is the parent company of ONGC Videsh and India's flagship national oil company. While focused on domestic upstream, it shares the same NOC mandate, Indian government ownership, and integrated downstream linkages as OVL, with OVL serving as its overseas arm.
• KNOC (Korea National Oil Corporation): South Korea's state-owned international upstream operator. KNOC secures overseas E&P assets to support Korea's energy security, with a portfolio spanning the Americas, Africa, and the Middle East—directly comparable to OVL's mandate and asset mix.
• Petronas: Malaysia's state-owned national oil company with extensive international E&P portfolio. Petronas operates across 20+ countries with a similar mix of LNG (Petronas LNG), deepwater production, and downstream integration, paralleling OVL's diversified hydrocarbon strategy.
• PTTEP: Thailand's international E&P arm of PTT Public Company Limited. PTTEP operates international upstream assets and LNG projects in Southeast Asia, the Middle East, and Africa—a structurally similar role to OVL as the overseas exploration vehicle for a national energy security mandate.
• PDVSA (Petróleos de Venezuela): Venezuela's state-owned national oil company and OVL's JV partner in the San Cristobal and Carabobo-1 blocks. PDVSA is a direct comparator as a state-owned upstream operator with significant sanctions exposure and capital recovery challenges—closely mirroring OVL's Venezuela position.
• Rosneft: Russia's state-controlled international oil company and operator of the Sakhalin-1 consortium in which OVL holds a 20% stake. Rosneft is both a JV partner and structural comparator as a state-aligned international upstream operator with sanctioned-jurisdiction exposure.
• CNOOC: China's international upstream oil and gas company with deepwater and overseas E&P assets. CNOOC's mandate to secure energy supply for China closely mirrors OVL's mandate for India's energy security, with overlapping operating geographies (Africa, Americas, Asia).

Broad incumbents

• CNPC (China National Petroleum Corporation): China's largest state-owned oil company and parent of PetroChina. CNPC operates the full upstream-midstream-downstream value chain with massive international E&P assets, offering a broader incumbent comparison to OVL's narrower upstream-focused mandate.
• TotalEnergies: France-headquartered international oil major and operator of the Mozambique LNG project in which OVL holds a 10% interest. TotalEnergies serves as both a major JV partner and a broader-incumbent comparison given its deepwater and LNG portfolio overlap.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ongcvideshltd
• Xx.com/ongcvideshltd
• LinkedInlinkedin.com/company/ongc-videsh-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries11 records

Funding overview

Funding rounds2 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ONGC Videsh