Millennium Post

ONGC Videsh H1 net up 9.6%

ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), on Wednesday reported a 9.6 per cent increase in net profit on the back of a surge in oil and gas output.

The net profit in April-September rose 9.65 per cent to Rs 2,068 crore compared to Rs 1,886 crore in the same period a year ago, the company said in a statement.

OVL is an unlisted firm and does not give quarterly earning numbers. Crude oil production rose 1.2 per cent to 2.74 million tons while gas output soared 10.43 per cent to 1.557 billion cubic meters. Revenue was up nearly 13 per cent to Rs 11,362 crore.

‘Crude oil production during H1 FY'15 is slightly higher by 1.22 per cent due to the commissioning of phase II in Block BC-10, Brazil as well as acquisition of additional 12 per cent interest in the block and increase in production in Carabobo, Venezuela which was offset by temporary shutdown of production in South Sudan. Gas production has increased by 10.43 per cent,' OVL added.
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