The Hindu Business Line : OVL's high aggregate production

ONGC Videsh Ltd (OVL), the overseas investment arm of ONGC, has propelled the physical growth of the public sector exploration major during the financial year 2007-08. The company on Saturday said it has achieved 1.8 per cent higher aggregate production of oil plus oil equivalent gas (O+OEG) compared to the previous year. In a statement issued here after its board meeting, to take note of the physical performance of the ONGC group companies during the financial year 2008, the company said it has clocked an aggregate production O+OEG of 61.82 million tonnes. This includes ONGC's share of production from domestic joint ventures as well as OVL's share of production from overseas assets. "Wholly-owned subsidiary OVL was the main contributor to the production increase," the statement said. During the financial year 2008, in the domestic exploration front, ONGC has achieved overall success ratio of 44 per cent, with 28 oil and gas discoveries (11 oil and 17 gas). - Our Bureau

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