ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), on Wednesday reported a 9.6 per cent rise in net profit on the back of surge in oil and gas output.

Net profit in April-September rose 9.65 per cent to Rs 2,068 crore as compared to Rs 1,886 crore in the same period a year ago, the company said in a statement. OVL is an unlisted firm and does not give quarterly earning numbers.

Crude oil production rose 1.2 per cent to 2.74 million tonnes while gas output soared 10.43 per cent to 1.557 billion cubic meters. Revenue was up nearly 13 per cent to Rs 11,362 crore.

“Crude oil production during H1 FY’15 is slightly higher by 1.22 per cent due to the commissioning of phase II in Block BC-10, Brazil as well as acquisition of additional 12 per cent interest in the block and increase in production in Carabobo, Venezuela which was offset by temporary shutdown of production in South Sudan.

“The gas production has increased by 10.43 per cent mainly due to production from Blocks A1 and A3, Myanmar,” it said.

OVL said India received first cargo of around 1.2 million barrels of diluted crude oil from its Carabobo Project located in the oil-rich Orinoco belt in Venezuela. Reliance Industries bought the cargo.

The Carabobo project is operated by Petrocarabobo S.A., a joint venture company in which OVL has 11 per cent stake. Oil India Ltd and Indian Oil Corporation have 3.5 per cent stake each; while Repsol of Spain and Venezuela’s PDVSA have 11 per cent and 71 per cent stakes, respectively.

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