Indian OVL's Annual Profit Jumps
ONGC Videsh (OVL), the overseas arm of state-owned ONGC, recorded a consolidated net profit of rupees 16.82bn ($240mn) for the 12-months to March 2019 (fiscal year 2018-2019), up 71% year-on-year thanks to increased production, higher prices and exchange rate variation, the company said May 23.
The company’s total income from operations in fiscal 2018-2019 rose 40% year-on-year to rupees 146.32bn.
Company’s total crude oil production increased 8% to 10.09mn metric tons as against 9.35mn mt in the previous fiscal. OVL’s natural gas production was 4.73bn m3, down 1.6% year-on-year.
OVL 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.