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OVL witnesses 70% increase in Net Profit on quarter to quarter basis.
19 August, 2011

The financial results of ONGC Videsh Ltd (OVL), the wholly-owned subsidiary of ONGC, for quarter ended 30th June 2011 were considered and approved by the OVL Board in its meeting held on 12th August 2011. The highlights of the quarterly results are as below:

  Unit

Quarter ended 30.06.2011

Quarter ended 30.06.2010

Financial Year 2010-11 Variation % (Quarter on Quarter)
Production          
Crude Oil MMT 1.732 1.680 6.756 3.1%
Natural Gas BCM 0.641 0.686 2.692 (-)6.6%
Total Oil and Oil Equivalent of Gas MMTOE 2.373 2.366 9.448 0.3%
Financial          
Gross Revenue / Crore 6,342 4,429 18,683 43%
Net Profit / Crore 1,436 846 2,691 70%

During the quarter, OVL achieved a 70% increase in its net profit as compared to the corresponding quarter of the previous financial year. The international price of crude oil has enabled OVL to achieve growth in profits by improving the gross revenue of the OVL by 43%.

Highlights:

OVL is currently having participation in 33 projects in 15 countries, out of which 9 are producing projects.  

In April 2011, new special contribution on extraordinary/exorbitant prices had been imposed in Venezuela at sliding scales from 20% to 95% depending upon Venezuelan oil basket prices. This had a downward impact of 166 Crore on the net profit of the San Cristobal project, Venezuela of OVL for this quarter.

OVL continues to pursue its objective of acquiring oil and gas equity abroad for energy security of the country.  Complimenting  OVL on the occasion, Shri A K Hazarika, Chairman, ONGC stated that OVL is sustaining its growth with a balanced portfolio of assets and envisioned to supplement the domestic crude oil and natural gas production by overseas acquisitions of crude oil and natural gas properties.


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