Imperial Energy Corporation plc is a wholly owned

subsidiary A subsidiary, subsidiary company or daughter company is a company owned or controlled by another company, which is called the parent company or holding company. Two or more subsidiaries that either belong to the same parent company or having a s ...

of the

Oil and Natural Gas Corporation The Oil and Natural Gas Corporation (ONGC) is a central public sector undertaking under the ownership of Ministry of Petroleum and Natural Gas, Government of India. It is headquartered in New Delhi. ONGC was founded on 14 August 1956 by the ...

which is under the

ownership Ownership is the state or fact of legal possession and control over property, which may be any asset, tangible or intangible. Ownership can involve multiple rights, collectively referred to as title, which may be separated and held by different ...

Ministry of Petroleum and Natural Gas The Ministry of Petroleum and Natural Gas (MOP&NG) is a ministry of the government of India responsible for the exploration, production, refining, distribution, marketing, import, export, and conservation of petroleum, natural gas, petroleum ...

of the

Government of India The Government of India (ISO: ; often abbreviated as GoI), known as the Union Government or Central Government but often simply as the Centre, is the national government of the Republic of India, a federal democracy located in South Asia, c ...

operating in

Siberia Siberia ( ; rus, Сибирь, r=Sibir', p=sʲɪˈbʲirʲ, a=Ru-Сибирь.ogg) is an extensive geographical region, constituting all of North Asia, from the Ural Mountains in the west to the Pacific Ocean in the east. It has been a part of ...

. It is British-based and headquartered in

Leeds Leeds () is a city and the administrative centre of the City of Leeds district in West Yorkshire, England. It is built around the River Aire and is in the eastern foothills of the Pennines. It is also the third-largest settlement (by populati ...

History

The business was founded in 2004. In 2007 it was first listed on the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...

. The company was acquired by

ONGC The Oil and Natural Gas Corporation (ONGC) is a central public sector undertaking under the ownership of Ministry of Petroleum and Natural Gas, Government of India. It is headquartered in New Delhi. ONGC was founded on 14 August 1956 by the ...

for $2.1 billion in January 2009.

Operations

Imperial Energy Corporation produces approximately 80% of its oil from Maiskoye field and 20% from Snezhnoye field in Tomsk region. The company had an extraordinarily high exploration success rate under British management with exploration activity on all blocks, in particular block 80 to the north of the river Ob, where a significant new Cretaceous play was discovered in June 2008. However, recent exploration results under the new Indian management have been disappointing. In addition, new investment aimed at boosting production has not materialised causing production levels to drop below targets. The parent company ONGC have recently run into trouble with the Government over poor operational results, unpaid salaries, legal confrontations with staff and outsourcing of valuable contracts to foreign companies resulting in a warning that future projects involving ONGC depended on better results from this current project. Imperial Energy have a large number of promising and previously undrilled structures in all blocks in addition to 3.5 billion barrels of reserves currently in the 3p or 'possible' category. New exploration wells and seismic data are planned for 2010. Imperial Energy has two operational pipelines flowing west of the

Ob River } The Ob ( rus, Обь, p=opʲ: Ob') is a major river in Russia. It is in western Siberia; and together with Irtysh forms the world's List of rivers by length, seventh-longest river system, at . It forms at the confluence of the Biya (river), Biya ...

: the long Maiskoye-Luginetskoye pipeline and the Snezhnoye-Zavyalovo pipeline, connected with the

Transneft Joint Stock Company Transneft (russian: Транснефть) is a state-controlled pipeline transport company headquartered in Moscow, Russia. It is the largest oil pipeline company in the world. Transneft is operating over of trunk pipeline ...

's pipeline system. The company also constructs the third pipeline linking its Block 80, East of the Ob River, to Zavyalovo.

Subsidiaries

The company is currently operating through four subsidiaries: * Allianceneftegaz * Sevkazgra * Sibinterneft * Nord Imperial The business is organised on a geographic basis: *

Tomsk Oblast Tomsk Oblast (russian: То́мская о́бласть, ''Tomskaya oblast'') is a federal subject of Russia (an oblast). It lies in the southeastern West Siberian Plain, in the southwest of the Siberian Federal District. Its administrative cen ...

of Western

* Kostanai in North Central

Kazakhstan Kazakhstan, officially the Republic of Kazakhstan, is a transcontinental country located mainly in Central Asia and partly in Eastern Europe. It borders Russia to the north and west, China to the east, Kyrgyzstan to the southeast, Uzbeki ...

References

External links

* {{Authority control Companies based in Leeds Companies formerly listed on the London Stock Exchange British companies established in 2004 Oil and gas companies of the United Kingdom Oil companies of Russia Non-renewable resource companies established in 2004