OVL profits in for crude shock

May 25, 2010 - Age Correspondent |

mumbai

ONGC Videsh Limited, the global subsidiary of oil major ONGC produced 8.87 million tonnes of oil and gas during FY10, slightly higher than the previous year.
The company has recorded a net profit of Rs 2,115 crore for the year, down 26 per cent over FY09, as crude oil prices fell sharply during the year.

The total proven hydrocarbon reserves of OVL stood at 186 million tonnes at the end of FY10 — the second largest in the country after ONGC.
The company currently has exploration and production acreage in 39 locations spread across 16 countries.
Of these, nine properties in six countries account for the current hydrocarbon production. A major boost for the company was the acquisition of Imperial Energy — which has production assets in Russia.

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