OVL will soon get a new BD board director

Vol 17, PW 15 (13 Mar 14) People & Policy

OVL is planning to appoint a new director business development to join four sitting directors on its board.

ONGC first suggested the new post on November 31, 2013 to former oil secretary Vivek Rae who asked it to approach the Department of Public Enterprises. ONGC next raised the topic with Department of Public Enterprises secretary Kusumjit Sidhu when she visited the Mumbai High on February 2.

PETROWATCH learns OVL director operations Shyamal Bhattacharya followed up with a formal presentation to Sidhu at her office on March 3, where he stressed the urgent requirement of an OVL director BD to pursue M&A targets in line with ONGC’s target to double production by 2030 from domestic and overseas production. Sidhu gave 'in-principle' approval but wants the oil ministry to make a formal proposal setting out the ideal candidate's profile.

OVL tells us things are moving fast and the PESB will advertise the post later this year (2014). OVL has shifted its M&A focus from acquiring exploration blocks to discovered or producing assets.

Until now it’s always been the OVL managing director and director exploration who together handle acquisitions. Whoever becomes the new director BD will also absorb part of the director operations role in managing production, contracts, material management, marketing and risk management.

OVL has yet to decide what background the ideal candidate should have.