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ONGC Videsh reports 71 per cent jump in net profit for 2018-19 at Rs 1,682 crore

May 24th, 2019 12:30 pm | By | Category: LATEST NEWS

New Delhi: ONGC Videsh Ltd (OVL), the overseas subsidiary of state-run petroleum explorer Oil and Natural Gas Corporation (ONGC), today reported a 71 per cent jump in consolidated net profit for the financial year ended March 2019 at Rs 1,682 crore.

The firm had posted a net profit of Rs 981 crore in the previous fiscal (2017-18).

The company’s total income from operations in the last financial year also rose 40 per cent to Rs 14,632 crore from Rs 10,418 crore in 2017-18.

OVL also informed its total crude oil production last financial year jumped 8 per cent to 10.09 million tonne as compared to 9.35 MT in the previous fiscal. However, the company’s natural gas production dropped 1.6 per cent to 4.73 billion cubic meter (bcm) from 4.81 bcm in 2017-18.

The firm said production from Greater Pioneer Operating Company’s project in South Sudan resumed during 2018-19 after prolonged shutdown since December 2013. The block is currently flowing crude oil at 35,000 barrel per day.

Also, Mozambique LNG1 Company Pte Ltd, the jointly-owned marketing entity of ONGC Videsh and other joint venture partners of Mozambique Rovuma Offshore Area 1 project, entered into long-term LNG Sale and Purchase Agreements (SPAs) for sale of around 11 MT per annum LNG with global LNG consumers and traders.

“With the current progress and execution of these SPAs, the project is poised to take Final Investment Decision (FID) soon,” the company said. Among other highlights, the first equity oil cargo of Das Blend crude produced from Lower Zakum Concession, ADNOC Offshore in UAE arrived at New Mangalore port in June 2018.

OVL is India’s largest international oil and gas Company and has participation in 41 projects in 20 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iran, Israel, Kazakhstan, Libya, Mozambique, Myanmar, Namibia, New Zealand, Russia, South Sudan, Sudan, UAE, Venezuela and Vietnam

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