OVL posts 44% increase in net profit

However, gross revenue stands at Rs 18,029 cr against Rs 22,637 cr during the corresponding previous period

ONGC Videsh Limited (OVL), the foreign operations of state-run Oil and Natural Gas Corporation, posted a 44.4 per cent increase in its net profit to Rs 3,929 crore, against Rs 2,721 crore, posted in the previous year.

Gross revenue, however, stood at Rs 18,029 crore, against Rs 22,637 crore in the corresponding previous period.

In a press statement, the company said its net worth increased from Rs 19,941 crore to Rs 29,184 crore, due to increase in equity share capital from Rs 1,000 crore to Rs 5,000 crore to parent company ONGC during 2012-13.

However, oil production during the year was lower due to adverse geo-political situations in Syria and South Sudan.

OVL has participation in 32 projects in 16 countries, of which 11 are producing projects, five discovered/under-development projects, 14 exploratory projects and two pipeline projects.

It recently acquired Hess Corporation’s 2.7 per cent participating interest in the Azeri, Chirag and the Deep Water Portion of the Guneshli Fields in the Azerbaijan sector of the Caspian Sea (“ACG”) and 2.36 per cent interest in the Baku-Tbilisi-Ceyhan (“BTC”) Pipeline.

The acquisition would bring about nine per cent additional proved reserves to OVL portfolio and daily oil production of about 19,000 barrels or about 0.9 million metric tonnes per annum.

The company has also finalised definitive agreements for the acquisition of the 8.4 per cent participating interest of ConocoPhillips in the North Caspian Sea production sharing agreement that includes the Kashagan field, in Kazakhstan, it said.