Ranbir Singh Butola Becomes Next Managing Director of OVL

Mr. R. S. Butola, Director (Finance) of ONGC Videsh Limited (OVL), has been appointed as Managing Director (MD) of ONGC Videsh Limited on May 13, 2004. Mr. Butola, born on May 5, 1954, joined ONGC in February 1991 as Dy. General Manager (F&A) and was appointed as Director (Finance) of ONGC Videsh Limited on November 15, 2002.

He holds a Master's in Business Management with specialisation in Finance, and is a certified member of the Indian Institute of Bankers (CAIIB). He had an outstanding academic career, topping his school and college at both Undergraduate and Graduate levels.

Prior to his joining ONGC, Mr. Butola worked in a nationalised bank and also for the Government of India on deputation. In ONGC, he headed the Corporate Project Appraisal Section, Corporate Budgeting Section and Corporate Treasury Function, besides being designated as a key executive in the position of Chief Commercial. He was responsible for crude and gas pricing functions of ONGC and successfully led the first crude oil sales agreement with IOC after the dismantling of Administered Pricing Mechanism.

Mr. Butola headed ONGC's first ERP initiative christened as "Upgradation of Financial Systems of ONGC (UFSO/Project Kuber)" and successfully led the implementation of Financial and Controlling Module of the ERP system throughout ONGC.

Mr. Butola, in his capacity as Head of Corporate Project Appraisal Section, developed deep insights into the finer aspect of oil field development projects and was responsible for appraisal and subsequent approval of a number of oil field development projects of ONGC including the prestigious Mumbai High Redevelopment Scheme.

During his brief tenure as Director (Finance) in ONGC Videsh Ltd., the Company succeeded in acquiring stake in a number of overseas E&P projects mainly producing project; Greater Nile Oil Project in Sudan and exploration blocks; Farsi Offshore Block in Iran, Block NC-188 and 189 in Libya, Block 24 in Syria and Block 5A & 5B in Sudan.

ONGC Videsh Limited is the wholly-owned subsidiary of ONGC, operating as the overseas arm of the latter. Of late, due to its aggressive investments in oil & gas properties abroad (entailing an investment exposure of 3.7 billion US dollars in nine countries), it has emerged as the biggest multinational of the country, ahead of even the IT majors.