Millennium Post

OVL registers highest revenue in 2011-12

ONGC Videsh ltd (OVL), the wholly-owned subsidiary of ONGC, registered a revenue of Rs 22,637 crore for the financial year 2011-12 as compared with Rs 18, 671 crore, a rise of 21.2 per cent.

Profit after tax (PAT) for the current year increased 1.1 per cent from Rs 2,691 crore to Rs 2,721 crore. OVL is currently having participation in 30 projects in 15 countries, out of which 10 are producing projects.

During the year, the company has acquired 25% participating interest in Satpayev Block, Kazakhstan and exploration activities have started in the block. The remaining 75% PI is held by KMG, the national oil company of Kazakhstan.

A provision for impairment of Rs 1,953 crore ($ 408 Mmillion) has been made in respect of subsidiary, Jarpeno Ltd. as the asset is performing lower as compared to the estimated and the ‘value in use’ computed for the asset as on 31 March 2012 was lower than its carrying value.

Post secession of south Sudan from Sudanfrom 9 July 2011, Blocks 1, 2 and 4 straddle between the two countries and Block 5A is now entirely in South Sudan.

OVL continues to pursue its objective of acquiring oil and gas equity abroad for energy security of the country. Team ONGC Videsh is currently finalising its long term plan as a part of ONGC Group’s Perspective Plan 2030, which is expected to be announced shortly.

Sudhir Vasudeva, chairman, complimented team ONGC Videsh for sustaining growth with a balanced portfolio.
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