Photo: Reuters
Photo: Reuters

ONGC Videsh FY18 profit up 29% on higher oil production

ONGC Videsh's consolidated net profit in 2017-18 fiscal at Rs981 crore was 29.6% higher than Rs757 crore in the previous fiscal year

New Delhi: ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corp. Ltd (ONGC), today reported a 29% jump in its net profit for the fiscal year ending 31 March as it produced more crude oil and natural gas.

Consolidated net profit in 2017-18 fiscal at Rs981 crore was 29.6% higher than Rs757 crore in the previous fiscal year, the company said in a statement. OVL is an unlisted company and as such is not obligated to release quarterly earnings numbers.

The firm, which has 41 projects in 20 countries spanning from Venezuela to New Zealand, produced 11% more crude at 9.35 million tonnes in FY18. Natural gas output was also up 10% at 4.81 billion cu. m.

“The incremental production was mainly from Vankorneft and Sakhalin-1 projects in Russia; Brazil’s BC-10 project, CPO-5 block of Colombia and due to the acquisition of 4 per cent stake in the Lower Zakum Concession project in UAE during the year," the statement said.

The board of directors of the company proposed a final dividend of Rs2 per share for the 2017-18 fiscal, up from Rs1.4 a share paid in the previous year. OVL said it along with Indian Oil Corp. Ltd (IOC) and Bharat Petro Resources Ltd in February acquired 10% stake in Lower Zakum Concession, offshore Abu Dhabi.

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