OVL is a wholly owned subsidiary of the Oil and Natural Gas Corporation (ONGC) Limited, India's largest corporate by market capitalisation: US$ 11,039 million for 2002 - 03 (Economic Times 500) as well as its first integrated oil and gas major. ONGC is ranked 133 on the Forbes Global "Best Big Companies" list for 2002 - 2003. In 1996, ONGC decided to focus exclusively on managing its giant oil and gas assets in India, and to that effect created ONGC Videsh Limited (OVL) and assigned it the task of managing the International E&P Business to accrete overseas reserves and bring the reserve replacement ratio close to 1. OVL TODAY OVL today is the second largest E&P company in India by reserves, second only to ONGC. It has eight overseas assets and is actively seeking more opportunities across the world. With a long-term target of acquiring 60 MMTPA of equity oil and gas overseas by 2025, OVL is currently working towards a goal of 20 MMTPA by 2010. OVL's efforts have been supported wholeheartedly by the Government of India, which has allowed OVL exclusive empowerment vide Office Order No. DPE ii (32)/96-Fin. dated January 17, 2000, which provides OVL single window clearance for overseas upstream projects irrespective of investments involved. OVL has been designated as the Indian Nodal Agency for overseas petroleum business and is maintained as a permanent participant in all concerned bilateral interactions and Joint Working Groups of the Government of India. The subject of external policy and oil security has been discussed in the India Hydrocarbon Vision 2025 (IHV-2025), which states that the assurance of energy security by achieving self-reliance through increased indigenous production and investment in equity oil abroad, should be one of the key policy objectives. Regarding External Policy for oil security, the Report lays further emphasis on having a focused approach for E&P projects and building strong relations in focus countries with high attractiveness and high entry possibility for Indian participation.