ONGC signs MOU with ConocoPhillips
Oil and Natural Gas Corporation and ConocoPhillips, USA, two E&P majors have signed a Memorandum of Understanding (MoU) for cooperation in exploration and development of shale resources in India, North America and elsewhere besides deepwater opportunities in Eastern offshore India.
At a time when the world is witnessing nearly static reserve growth from conventional resources, the unprecedented growth of shale gas in the US has generated new hopes for all the energy deficient countries with shale resources emergence as a major supplement to conventional fuels.
ConocoPhillips has extensive experience in the field of shale gas exploration and exploitation in the US and holds large acreage position, while ONGC’s endeavour in shale gas is at a nascent stage. The cooperation between the two majors is expected to accelerate the learnings in shale gas for the mutual benefit of both the companies. The companies intend to initiate the cooperation in shale gas exploration through joint studies of opportunities in India, North America, and elsewhere.
In addition, both companies also aim to explore possible cooperation in Deepwater areas in Eastern Offshore of India.
The Memorandum of Understanding signed between ONGC and ConocoPhillips in Mumbai will promote stronger technical and business cooperation. This cooperation heralds an exciting new chapter in ONGC’s continuing saga of hydrocarbon exploration in India and abroad towards achieving energy security for sustaining India’s booming economy.
CMD conferred with CEPM-PMA Honorary Fellowship
CMD Sudhir Vasudeva has been conferred with CEPM - PMA (Centre for Excellence in Project Management - Project Management Associates) Fellowship on the occasion of the opening ceremony of the 12th branch of PMA (Project Management Associates) - The National Project Management professional society for India.
The CEPM-PMA Honorary Fellowship Award is the most prestigious Award given annually, recognizing those few distinguished professionals who have contributed immensely in bringing about the change by strengthening Project Management and thereby the growth of the Indian Economy.
CMD prescribes 'Partner in Progress' approach
ONGC CMD Sudhir Vasudeva was the lead speaker at 'NOC-IOC Cooperation: Guidelines for Successful Partnership', a key panel discussion in the 13th edition of International Energy Forum (IEF). This is the world's most significant and largest biennial conference of energy ministers along with the 5th International Energy Business Forum (IEBF), the largest conference of CEOs of NOCs and IOCs, and was held in Kuwait City, Kuwait from March 12-14, 2012.
The panel comprised of CEOs of TOTAL, VOPAK and TPAO. The session was chaired by HE Deputy Minster of Norway and co-chaired by CEO of GasTerra. K S Jamestin, Director-HR, ONGC, G K Satish, Head ITD, IOCL and Sudhir Sharma, Head Business Development, OVL also participated in this conference.
Second Interim Dividend of 30% declared
ONGC has approved second interim dividend of Rs1.5 per equity share for 2011-12. "The total payout on this account will be Rs 1,283.32 crore, out of which the government will receive Rs 888.38 crore," company said in a statement.
The record date for the same has already been fixed for March 20 and payment of the interim dividend to the shareholders would start from Wednesday onwards, it said. Earlier on January 4, ONGC board had approved an interim dividend of Rs 6.25 per equity share for 2011-12.
The total payout on that account had been Rs 5,347.20 crore, out of that the government received Rs 3,964.36 crore, it said. "Total payout on account of interim dividend stands at Rs 6,630.52 crore plus the dividend tax of Rs 1075.52 crore," it said.
Company said that its had approved advancement of development of C-26 cluster (consisting of C-23, C-26,&B-12-1) fields of phase-III of approved development projects scheme of C-series. "This envisages estimated capital cost of Rs 2,592.17 crore.
The project involves three well head platforms, associated facilities and pipeline, drilling and completion of eight wells and conversion of old drilling rig Sagar Pragati (of 1981 vintage) to mobile offshore production unit (MOPU)," it said.
This advancement will help realizing production starting pre monsoon 2014 instead of 2018 envisaged earlier, it added. "The cumulative gas and condensate production from this project will be 16.67 billion cubic meter and 2.81 million cubic meter, respectively by 2014-25," it said.
Sivasagar Hospital conducts maiden Total Knee Replacement Surgery
In what appears to be a unique achievement, ONGC Hospital at Sivasagar has successfully carried out its first Total Knee Replacement (TKR) surgery recently. This is the first of this kind of complicated surgery conducted at the ONGC Hospital.
A team of ONGC doctors conducted the surgery on one Lalita Saikia, who had been suffering from chronic knee joint pain for couple of years.
TKR is an expensive Orthopaedic surgery in which the diseased knee joint is replaced by an artificial knee joint.
Till date, ONGC used to refer all similar kind of patients to various hospitals outside Assam which not only would cause the company a huge expenditure but also inconvenience to the patients.
With the completion of this successful surgery, ONGC Hospital, Sivasagar is now well equipped with the required know-how about such critical surgeries. This is certainly going to give a great relief to the ailing patients, who lose mobility to a large extent because of knee failure.
The team of doctors and paramedical staff comprising Dr BK Shaw, DCMO (Ortho), Dr AB Gogoi, SMO (Ortho) , Dr M. Kaushal, MS (Anaesth), Dr A. Gogoi, SMO (Anaesth), Mrs S. Changmai, Head Matron and Mrs C. Borgohain, Matron conducted the surgery.
ED-Asset Manager of Assam Asset and ED-Chief Medical Services has congratulated the Asset Medical Services headed by Dr. J. Das, DGM-HMS for this unique success.
Project Amulya Dharohar to restore Ahom monuments at Sivasagar
Ajit Kumar Hazarika, Director-Onshore, has formally inaugurated project “Amulya Dharohar”, which envisages conservation and beautification of the heritage sites of Ahom era located in Sivasagar District, during functions held at three heritage sites in Joysagar and Gargaon on March 10, 2012.
ONGC in association with ASI is undertaking this monumental project with a holistic view of conservation and beautification as well as to share benefits with the local people through exploitation of the vast tourism potentials of those architectural marvels of Ahom kingdom that lasted for 600 years.
Marks of ever ravaging Time are easily visible in these heritage sites, and ONGC as a responsible corporate citizen has taken the initiative of salvaging the priceless testimonies of bygone era by investing its valuable resources in them. Implementation of the project “Amulya Dharohar” will cost Rs. 3.96 crores within a time frame of 36 months.
Regulatory framework for Sustainable Development
The 7th National Convention of Global Compact India (GCNI) which was held at Scope Complex, New Delhi, brought together a veritable roster of dignitaries starting from Jayanthi Natarajan, Minister of State (Independent Charge) for Environment and Forests, CMD Sudhir Vasudeva, Patrice Coeur Bizot, Resident Coordinator, UNDP India, CS Verma, Chairman, SAIL to a host of senior delegates from across the corporate sector.
The theme for the convention was "Corporate Perspective towards Sustainable Development: Rio+20 and Beyond".
CMD Sudhir Vasudeva said that continued devolution of the world into smaller and smaller groups that are constantly in pursuit of common goals actually hinders the massive mobilization and collaboration that is needed for actions that can bring in all-pervasive benefits to the society.
ONGC CMD commended Global Compact's highly evolved role as a key facilitator in bringing the agenda of sustainable development centrestage for analysis and discussion so that global consensus for committed action is achieved.
Assam Asset posts remarkable turnaround in 2011-12
Assam Asset of ONGC has surpassed all its MoU production targets set for the financial years 2011-12, which ended on 31st March, 2012.
The Asset has registered a 180 degree turn around to surpass its MoU crude oil production target of 1.150 MMT by producing 1.190 MMT, which is 104.5 per cent of the set target. Equally dazzling is its performance on the front of gas production. The MoU target of 448.0 MMSCM has been overachieved by 107.7 per cent with the production 474.1 MMSCM of natural gas.
The same trend is repeated in gas sales also. The Asset has surpassed its MoU target of 240.2 MMSCM by registering sales of 250.0 MMSCM, which 103.9 per cent of the target. Worthnoting that Assam Asset’s gas sales have been significantly improved due to several pro-active steps during the year.
This splendid feat bears testimony to the synergy among various wings of Assam Asset. In order to achieve the targets, the Asset has made certain strategic efforts since beginning of the year. The Drilling Services, which has achieved 100% target of 34 nos. of wells (Development-24, Exploratory-10) against the MoU target of 33 nos. of wells. This success is attributed to continuous monitoring and pro-active measures taken during the year. Out of the 34 wells completed 7 of them are above 4000 m depth, 12 wells are ranging in the depth of 3500-4000 m.
The Asset also took a quantum leap in the progress of Assam Renewal Project (ARP) during current year with a focus on the pipeline network of Lakwa Oil-Field – one of the main producing fields of Assam Asset. Asset has been able to complete 71 pipeline segments against an annual target of 10 pipeline segments within the fair weather window and that too in the challenging tea garden terrain.
While congratulating the team members of Assam Asset, Bimal Kumar Baruah, ED-Asset Manager, said, “The journey towards success has only begun. We have to be always very proactive and efficient to carry forward this success in the future also.” Baruah has also commented that the Asset is grateful to the local organizations and people in general for providing their wholehearted support to the Assam Asset.