ONGC Videsh Ltd (OVL) is a Central Public Sector Enterprise (CPSE) and the wholly-owned subsidiary and overseas arm of the Oil and Natural Gas Corporation Limited (ONGC), India's flagship national oil company. It is a Navratna Schedule "A" company under the administrative control of the Ministry of Petroleum & Natural Gas, Government of India.
OVL was incorporated on March 5, 1965, and was rechristened on June 15, 1989, to focus on the international upstream oil and gas sector. The primary purpose of its creation was to prospect for oil and gas acreages outside India, including exploration, development, and production, thereby strengthening India's energy security. This mechanism involves acquiring participating interests in oil and gas projects globally, with OVL currently holding stakes in 30 oil and gas assets across 14 countries. OVL adopts a balanced portfolio approach, maintaining a mix of producing, discovered, exploration, and pipeline assets.
As the second largest petroleum company in India in terms of reserves and production, next only to its parent ONGC, OVL's operations are directly connected to India's overall energy policy and the performance of the Maharatna-status ONGC. A recent significant development is the grant of the Navratna status to OVL, which enhances its autonomy to make crucial business decisions. Furthermore, OVL recently secured a license from the US Treasury's Office of Foreign Assets Control (OFAC), which removes sanctions-related risks and allows it to resume full operations in Venezuela, including the potential recovery of over $500 million in stuck dividends and seeking operatorship of the San Cristobal and Carabobo projects. This change allows OVL to move from restricting its operations due to sanctions to having "full freedom" to work on the Venezuelan projects.