History
Imperial Energy is an upstream oil exploration and production company focused on Russian Federation.
The Company was founded by a group of Russian and foreign investors as an independent middle size oil producer in 2004. Through a series of acquisitions, by the end of 2004, the company had controlling stakes in four license-holding companies, three of which had exploration acreages in the Tomsk area of Western Siberia and one near Kostanai in Kazakhstan. Imperial Energy held a vast program of exploration works which has led to 7 new fields discoveries in Tomsk region. Thanks to its strategy, Imperial rapidly moved from being a junior oil and gas exploration company to an exploration and production organization.
Imperial Energy is a company of international level. In 2004 Imperial Energy listed its shares on London’s AIM exchange, then moved to the main LSE market in May 2007 and became a constituent of the FTSE 250 Index.
The company was acquired by ONGC Videsh Limited (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), the flagship National Oil Company of India on 13th January, 2009 and the company was delisted from LSE on 9th March 2009.
In 2006, IEC established its own drilling company, RUS IMPERIAL GROUP (RIG), which now operates three heavy duty drilling rigs, three workover rigs and a coiled tubing unit. Shortly IEC also owned 50% of Imperial FracService (IFS) that provides hydraulic fracture services to improve production in its fields and service to the third parties.
During the period 2007-08, IEC built 367 km of pipeline infrastructure connecting its fields to the Transneft pipeline system. Prior to its pipeline completion, IEC was selling all of its oil at the wellhead to local off-takers for use in the Russian domestic market. The completion of pipelines enabled Imperial Energy to transport its oil to both domestic and export markets.
ONGC and ONGC Videsh Ltd. (OVL)
Imperial Energy’s parent company - ONGC Videsh Ltd. (OVL) is a subsidiary of the largest oil and gas corporation ONGC.
Oil and Natural Gas Corporation Limited (ONGC) is the largest Indian state oil and gas corporation. The company was set up by the Indian Government on August 14, 1956. The Indian Government holds 69.17% equity stake in the Company.
ONGC contributes 77% of India’s crude oil production and 81% of India’s natural gas production; it is involved in exploration and development of the fields in 26 sedimentary basins of India; it owns and operates more than 11000 kilometres of pipelines in India.
Presently, it is one of the largest oil and gas companies not only in India, but in the world. As per Platts 250 Global Energy Company List for the year 2010 ONGC ranks 1st E&P Company in the world and 18th among leading global energy majors. As per Forbes Global 2000 list 2010 it occupies 155th rank. Finance Asia 100 list ranks ONGC no.1 among Indian Blue Chips.
The Company operates in the foreign market through its subsidiary ONGC Videsh Limited (OVL).
OVL is currently engaged in 40 oil and gas projects spread across 15 countries of the world: Brazil, Columbia, Cuba, Egypt, Iraq, Iran, Libya, Myanmar, Nigeria, Syria, Venezuela, Vietnam and Russia. In the year 2001, OVL had acquired 20% share of the Russia’s Sakhalin-1 project. OVL is engaged in development and commercial production in Sakhalin together with the largest worldwide oil and gas companies - Exxon Mobil, Rosneft, Japanese company SODECO. OVL today operates in different regions of the world in partnership with the leaders of the world industry: British Petroleum, CNPC, Ecopetrol, ENI, Exxon, Norsk Hydro, PDVSA, Petrobras, Petronas, Petrovietnam, Repsol, Rosneft, Shell, Sinopec, Total and TPOC.
