On the back of higher output of crude oil and natural gas the overseas arm of State-owned Oil and Natural Gas Corp (ONGC) ONGC Videsh (OVL) has reported a 72 per cent jump in its net profit in the June quarter. In the April-June quarter its net profit rose by 71.9 per cent to Rs 837 crore from Rs 487 crore a year ago.
Crude oil production rose by 15.7 per cent to 1.335 million tonne in the quarter, while natural gas output rose by 18.7 per cent to 807 million cubic meter. Oil production is higher mainly due to production from newly acquired ACG fields in Azerbaijan and resumption of production from South Sudan, OVL said.
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