ONGC Videsh logs highest-ever oil & gas production by an Indian E&P Company
ONGC Videsh logs highest-ever oil & gas production overseas (up 11%) by an Indian E&P Company, Net Profit up 44%
ONGC Videsh Limited (OVL), the wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd. (ONGC), has registered a production growth of 11%, up from 7.952 Million Tonnes (MMT) of oil and oil equivalent gas (MMTOE) in 2006-07 to 8.802 MMTOE in 2007-08. This records OVL’s highest ever oil & gas production from its overseas assets.
OVL’s crude oil production in 2007-08 was 6.811 MMT as compared to 5.774 MMT in 2006-07, an increase of 18%. The production of natural gas was lower by 8% from 2.148 billion cubic meters (BCM) in 2006-07 to 1.962 BCM. The decrease was on account of a shut-down for about a month, to install the compressor module during 2007-08 and lower drawal by the buyer. Condensate production was 0.029 MMT during 2007-08 as compared to 0.030 MMT in previous year.
OVL earned a gross revenue of Rs. 16,954 Crore during the financial year 2007-08, up 43% over Rs. 11,861 Crore in the previous year. The profit after tax was Rs. 2,397 Crore, up 44% over Rs. 1,663 Crore in the previous year. The Company made an additional charge of Rs. 536 Crore due to change in the policy on charging of depreciation on sub-surface pipelines and onshore flow lines from 27.82% till last year to 100% in the current year. Further, the Company paid an interest of Rs 730 Crore during 2007-08 on loans taken from its parent ONGC compared to Rs 14 Crore in 2006-07.
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