New Delhi: ONGC Videsh Ltd (OVL), the overseas subsidiary of Oil & Natural Gas Corporation (ONGC), posted a 71 percent jump in net profit in financial year 2018-19 buoyed by a spike in crude oil production. The consolidated net profit for the entire financial year stood at Rs 1,682 crore and was 71.4 percent higher than financial year 2017-18 (Rs 981 crore). ONGC Videsh is an unlisted arm of ONGC and is not obligated to report its quarterly earning numbers.
Turnover rises 40.5 percent
The company’s turnover went up by 40.5 percent to settle at Rs 14,632 crore. The figures were boosted because of an 8 percent rise in crude oil production from assets the company has in foreign countries. Oil production in the period rose to 10.1 million tonnes from 9.35 million tonnes in the previous year.
The company’s natural gas output for the financial year 2018-19, however, fell by 1.6 percent to 4.73 billion cubic metres. The company has stakes in 41 oil and gas assets across 20 countries from Brazil to New Zealand. OVL’s overseas assets hold in-place reserves of about 676 million tonnes of oil and oil equivalent gas.
The oil output
The ONGC subsidiary said that production from South Sudan’s Greater Pioneer Operating Company (GPOC) has started once again following a long shutdown since December 2013. The block is now yielding about 35,000 barrels per day.
The company also struck oil for a second time in a Colombian block, CPO-5. “The well flowed at a self-flow rate of about 4,000 barrels per day,” the statement said. Oil was first discovered on the block in 2017.
“With the two wells, current production from CPO-5 is more than 8,000 barrels per day,” OVL said.