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New Delhi , Nov 12

ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), will be the country's flagship company for acquisition of oil and gas fields abroad.

OVL will continue to enjoy fast track project approval and special empowerment, according to an official release.

Recently, the heads of Indian Oil Corporation, GAIL (India) Ltd, Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd and Oil India Ltd met the Petroleum Secretary, Mr B.K. Chaturvedi, and sought equity stake in OVL.

Overruling the proposal of IOC and GAIL (India), the meeting decided not to split OVL and continue it as country's flagship oil and gas project acquisition firm overseas.

OVL currently owns participating equity in 10 projects in eight countries. ``There is no change in the status and empowerment of OVL, nor is any change intended. Further, there is no plan for ONGC to form another subsidiary or joint venture for overseas exploration and production (E&P) investments,'' the release has said.

ONGC-OVL will continue to consider participation of other public sector undertakings in E&P investments on a case-to-case basis.

According to sources, the meeting considered forming a company similar to OVL with ONGC, IOC, BPCL, HPCL, GAIL and OIL as promoters to acquire acreage abroad

"There is no plan for ONGC to form another subsidiary or joint venture for overseas E&P Investments," the release adds.

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