Mr Jitin Prasada minister of state for petroleum & natural gas informed the Lok Sabha that the consolidated production of ONGC Videsh Ltd of Oil plus Oil-Equivalent Gas during the year 2009-10 was 8.870 million tonnes recording highest ever oil and gas production from its overseas assets.
He added that the primary purpose of acquiring oil and gas exploration/producing assets abroad is to gain access to equity oil and gas from the acquisition. India imports over 70% of its requirements of crude oil. Considering the widening energy demand-supply gap in the country, acquiring more oil and gas acreages abroad is necessary for energy security.
Mr Prasada also informed that OVL has made an investment of USD 191.3 million and USD 55.6 million in San Cristobal Project and Carabobo-1 Project respectively in Venezuela till July 31st 2010. OVL acquired 40% and 11% stake in San Cristobal Project and Carabobo Project 1 respectively in Venezuela. At their peak production, these projects are likely to yield per annum equity oil of 2.5 million tonnes of oil from Carabobo-1 project and 0.89 million tonnes of oil from San Cristobal project.
The Minister further said that OVL has currently presence in 15 countries, out of which 9 projects in 7 countries have oil and gas production. The Plan outlay made by OVL till March 31st 2010 for other producing projects are as follows:-
| Project | Amount |
| Sakhalin, Russia | 3865 |
| Block 6.1, Vietnam | 257 |
| GNOP, Sudan | 1731 |
| Block 5A, Sudan | 418 |
| Mansarovar Project, Colombia | 700 |
| AFPC, Syria | 265 |
| Imperial Energy, Russia | 2444 |
| Block BC-10, Brazil | 542 |
(In USD)
