June 17, 2008

ONGC Videsh Reports 43% Growth in Annual Revenue

ONGC Videsh, the wholly owned overseas arm of the Indian exploration and production major Oil and Natural Gas Corporation, has reported gross revenue of INR169.54 billion during the financial year 2007-08, up 43%, compared to INR118.61 billion in 2006-07.

Profit after tax was INR23.97 billion, up 44% over INR16.63 billion in the previous year. The company made an additional charge of INR53.6 billion due to change in the policy on charging of depreciation on sub-surface pipelines and onshore flow lines from 27.82% till 2007 to 100% in 2008.

ONGC Videsh (OVL) has registered a production growth of 11%, up from 7.95 million tonnes of oil equivalent in 2006-07, to 8.80 million tonnes of oil equivalent in 2007-08.

This records OVL's highest ever oil and gas production from its overseas assets. OVL's crude oil production in 2007-08 was 6.811 million tonnes (MMT), as compared to 5.774MMT in 2006-07, an increase of 18%.

The production of natural gas was lower by 8%, from 2.148 billion cubic meters (BCM) in 2006-07 to 1.962BCM in 2007-08. Condensate production was 0.029MMT during 2007-08, as compared to 0.030MMT in the previous year.