ONGC Videsh (OVL)

"Formally lost bid to develop Iran’s Farzad-B gas field, first discovered by ONGC in 2008, to the Iranian company Petropars Group. The National Iranian Oil Company (NIOC) had informed ONGC in October 2020 that it intended to award the contract to an Iranian company. Negotiations with NIOC on the development of Farzad-B from 2011 to 2012 and from 2015 to 2019 ultimately failed due to sanctions on Iran." (The Economic Times, "India Loses ONGC Videsh-Discovered Farzad-B Gas Field in Iran," 5/18/2021). 

--

On March 18, 2014, ONGC Videsh was added to the Florida State Board of Administration List of Prohibited Investments (Scrutinized Companies) due to its involvement in Iran. As of March 9, 2021, ONGC Videsh remains on the SBA list of prohibited investments. 

--

As of December 2020, Rhode Island continues to list ONGC Videsh as having active investment in Iran's energy sector of at least greater than $50 million. 

--

"Will not participate in a project to develop Iran’s Farzad-B gas field after repeatedly delaying negotiations because of concerns over U.S. sanctions. Had previously submitted proposals to Iran to develop the gas field in 2010 and 2015." (Andalou Agency, "India Loses Giant Gas Field in Iran," 10/21/2020). 

--

ONGC Videsh is listed on the August 5, 2020 California Department of General Services, "Entities Prohibited from Contracting with Public Entities in California per the Iranian Contracting Act, 2010" list.

--

In 2020, the U.S. state of Mississippi listed ONGC Videsh on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering it ineligible for investment and/or state contracting.

--

On June 1, 2020, the Ohio Police & Fire Pension Fund (“OP&F”) listed ONGC Videsh on its scrutinized companies Iran/Sudan list.

--

As of May 28, 2020, the Florida State Board of Administration (“SBA”) continues to list ONGC Videsh on its list of “Scrutinized companies with Activities in the Iran Petroleum Energy Sector.” 

--

On January 13, 2020, the South Dakota Investment Council submitted a report to the Executive Board of the Legislative Research Council regarding compliance with SDCL 4-5-48 to 4-5-60, Iran Divestiture. Included in this report is an Iran Scrutinized Companies list of all prohibited investments for which the internal managers and direct external managers are instructed not to purchase any company on the list. ONGC Videsh is included on this list.

--

As of December 31, 2019, the Alaska Retirement Management Board lists ONGC Videsh as a company doing material business with Iran.

--

"Iran had agreed to buy the gas produced from ONGC NSE -0.13 % Videsh Ltd-discovered Farzad-B field in the Persian Gulf, but talks got stalled after the US reimposed sanctions against Tehran.

ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), had in 2008 made a significant natural gas discovery in the Farsi offshore exploration block in the Persian Gulf, the company said in its latest annual report.

The discovery was named Farzad-B." (Economic Times, "Iran agreed to buy OVL gas but US sanctions stalled talks," 9/5/2019). 

--

ONGC Videsh is listed on the June 4, 2019 and July 12, 2019 Florida State Board of Administration list of prohibited investments (Scrutinized companies) for Iran related business.

--

ONGC Videsh is listed on the June 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

--

ONGC Videsh is listed on the March 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

--

On March 13, 2019, the Mississippi Department of Finance & Administration identified ONGC Videsh as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran.”  

--

ONGC Videsh is listed on the January 2019 Entities prohibited from Contracting with Public Entities in California list.

--

"ONGC Videsh, the overseas arm of government-owned ONGC, has signed a cooperation agreement with Iran’s IDRO Oil to jointly bid for a $900 million development plan of Susangerd oilfield in southwest Iran, Islamic Republic News Agency (IRNA) reported on Tuesday." (March 7, 2018)

--

"ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has signed a pact with Iran’s IDRO Oil to jointly bid for a USD 1 billion contract for development of Susangerd oilfield in southern Iran." (March 2018). Subsidiary of ONGC. 

--

In 2017 the U.S. states of Alaska, Florida, Rhode Island, South Carolina, Tennessee, Texas listed ONGCon its list of companies doing material business with Iran rendering ONGC ineligible for investment and/or state contracting.

--

In 2018 the U.S. state of Ohio listed ONGC as an Iran restricted company rendering ONGC ineligible for investment and/or state contracting. 

--

In 2014, 2015, 2016 and 2017 ONGC Videsh was listed on the Texas Pension Review Board List of Scrutinized Companies doing business in Iran pursuant to Chapter 807.054, Government Code.