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OVL shows 7% rise in production for 2010 – 11
ONGC Videsh Ltd (OVL) is reportng
highest ever Production achieved during 2010-11 – up 7%.
During the year, the company produced oil and gas with a total
of 9.448 MMTOE. Production increase coupled with better
international price of oil has resulted in increase in revenue
by 21% and increase in Profit after tax by 29% over the
OVL’s crude oil production was 6.756 MMT (6.513MMT last year).
Natural Gas production was 2.692 BCM (2.357 BCM last year).
The Gross Revenue is Rs 18,683 Crores and Net profit is Rs
OVL is presently having
participation in 33 projects in 14 countries, out of which 10
are producing projects.
During the year, the company acquired
11% participating interest in Carabobo one project in
Venezuela, which is discovered field and presently under
development. Production in Odoptu field in Sakhalin project,
Russia, where OVL holds participating interest of 20%, started
from 15th September, 2010 and current average production is
about 54,000 barrels per day.
The company continues to pursue its objective of acquiring oil
and gas equity abroad for energy security of the country.
Recently the company has signed agreements with KazMunaiGas
for the acquisition of 25% participating interest in Satpyev
exploration block in the highly prospective Caspian region of
Kazakhstan during the visit of Hon’ble Prime Minister of India
to Kazakhstan. The company also has entered into a
co-operation agreement with Uzbekneftgaz, the national oil
company of Uzbekistan for joint co-operation in upstream E&P
The production of the company would
get further boost in 2013 from the existing portfolio of
assets with the likely start of gas production from Blocks A1
and A3, Myanmar where the company holds 17% participating
interest and oil production from Carabobo project, Venezuela
where the company holds 11% participating interest.
Speaking on the occasion, A K Hazarika, Chairman, ONGC
Group of companies complimented OVL and stated that the
Company is on path of sustained growth with a robust balanced
portfolio of assets and envisioned to supplement the organic
growth through acquisition of additional properties overseas.