Record production OVL during 2010-11, up 7%

ONGC’s overseas arm ONGC Videsh Ltd (OVL) achieved highest ever production of 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 per cent at 18,683 crore and increase in profit after tax by 29 per cent at 2,691 crore over the previous year.

Speaking on the occasion ONGC CMD AK Hazarika, said: “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.”

OVL continues to pursue its objective of acquiring oil and gas equity abroad for energy security of the country.

Recently the company signed agreements with KazMunaiGas for the acquisition of 25 per cent participating interest in Satpyev exploration block in the highly prospective Caspian region of Kazakhstan during the visit of 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 sector.

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