Net profit of ONGC Videsh rose 44.4 per cent to Rs 3,929 crore during 2012-13 from Rs 2,721 crore in the earlier year owing to higher realisation from natural gas sales.
The company currently has 32 projects in 16 countries, of which 11 are producing, five are under development and 14 other are in exploratory phase.
The unlisted overseas arm of the public sector energy explorer Oil and Natural Gas Corp witnessed 20.4 per cent decline in revenue to Rs 18,029 crore as oil production at its properties in Syria and South Sudan suffered from geo-political situation.
Crude oil production declined 30.2 per cent to 4.34 million ton in 2012-13 from 6.22 million ton in the previous fiscal. Natural gas output however rose 15.3 per cent to 2.92 billion cubic meter.
On April 6, the firm resumed production from Block 5A in South Sudan. The asset was producing 16,000 barrels per day before the shutdown of operations in January last year owing to a split in the African nation. Block 1, 2 and 4, which was producing about 60,000 bpd before the stoppage, resumed production on April 13.
Under Colombian Bid Round 2012, OVL secured two exploration blocks in Colombia during 2012-13. In Bangladesh, the company expects to acquire two shallow water blocks – SS-04 and SS-09.
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