OVL net profit jumps 71.4% in FY19

Our Bureau New Delhi | Updated on May 24, 2019

OVL holds a stake in 41 oil and gas asset in 20 countries spanning from Brazil to New Zealand. File photo

ONGC Videsh Limited has reported a consolidated net profit of ₹1,682 crore for the FY19.

This is a 71.4 per cent increase over the ₹981 crore recorded in the previous financial year. The higher profits are mainly due to rise in production, prices, and exchange variation, a company statement said. Total income stood 40.5 per cent higher at ₹14,632 crore for the fiscal.

ONGC Videsh Limited (OVL) is a wholly owned subsidiary of public sector undertaking, Oil and Natural Gas Corporation (ONGC) Limited.

OVL’s consolidated crude oil production stood at 10.097 million tonne at the end of financial year 2018-2019. This is 8 per cent higher than the 9.353 million tonne crude oil production in the previous fiscal. Total natural gas production stood at 2.954 billion cubic meters in the period under review.

Crude oil

Consolidated production of crude oil and oil equivalent of gas during FY19 was higher by 4.7 per cent as compared to FY18.

OVL said that production from Greater Pioneer Operating Company (GPOC), South Sudan project of ONGC Videsh has resumed during the year after prolonged shutdown since December 2013.

Presently, the block is flowing crude oil at approximately 35,000 barrel a day

Published on May 24, 2019

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