ONGC Videsh Ltd the wholly owned subsidiary of Oil and Natural Gas Corporation Ltd announced that it had produced 8.870 million tonnes of oil and oil equivalent gas during 2009 to 2010 up 1.2 % from 8.776 MMTOE in 2008 to 2009. This once again records OVL’s highest ever oil and gas production from its overseas assets the only Indian E and P company.

As per reports OVL’s oil and gas production in 2009 to 2010 averaged to 171,000 barrels of oil equivalent per day comprising of 130,000 bopd of oil production and 41,000 boepd of gas production from its 9 oil and gas producing projects spread in Sudan, Russia, Vietnam, Syria, Brazil and Colombia.

Project BC 10 in Brazil is the latest oil producing project and oil production commenced in the project during 2009 to 2010.

OVL’s gross consolidated revenue of INR 15,181 crore during the financial year 2009 to 2010 slipped by 16 % compared to INR 18,144 crore achieved in 2008 to 2009 mainly due to the fall in the international oil prices in the later half of the financial year.

It may be noted that the average crude oil price during 2009 t0 2010 was INR 69.58 per barrel of oil as against INR 84.45 per barrel during 2008 to 2009. The effect on fall in oil prices prevailed also on the profit after tax which stood at INR 2,090 crore lower by 25 % over INR 2,807 crore achieved in 2009 to 2010.

Mr R S Sharma chairman OVL mentioned that with the recently signed contracts in Venezuela for the award of the Carabobo project to OVL the company has achieved an appreciable recognition in the international arena.

He said that the corporate strategy of this subsidiary of ONGC and the portfolio of its assets built by the OVL team would bring out an even higher performance of the company in the future.

(Sourced from BS)