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ONGC Videsh announces 201-19 results

Gasoil News - Published on Mon, 27 May 2019

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ONGC Videsh Ltd has reported a 71% jump in consolidated net profit for the financial year ended March 2019 at IR 1,682 crore. The company’s total income from operations in the last financial year also rose 40% to INR 14,632 crore from INR 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 million tonne in the previous fiscal. However, the company’s natural gas production dropped 1.6 per cent to 4.73 billion cubic meter 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.

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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Posted By : Rabi Wangkhem on Mon, 27 May 2019
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