ONGC Videsh profit drops by 39%

Net profit in April-September at Rs 1,649 crore dropped 39.3 per cent from Rs 2,717 crore in the same period a year ago, the company said.

OVL, which has 31 oil and gas assets in 15 countries, said crude oil production dropped 32.9 per cent to 2.276 million tonnes from 3.39 million tonnes in H1 of 2011-12. Natural gas output was up 4.8 per cent to 1.212 billion cubic

meters.

Sales dipped 33.2 per cent to Rs 8,279 crore in six months to September 30.

The company did not give quarterly break-up.

OVL said oil production from its fields in Sudan had been shut since January following a split of the African nation. Also, current geo-political situation in Syria including EU sanctions and the resulting restrictions have made operations

"difficult" since December 2011.

It is targeting production of 20 million tonnes of oil and oil equivalent gas by FY'18 and 60 million tonnes by FY'30.

OVL in September acquired Hess Corp's 2.7213 per cent participating interest in the Azeri, Chirag and the Deep Water Portion of oil Guneshli fields in the Azerbaijan sector for USD 1.001 billion.

"The acquisition would bring 9 per cent additional proved reserves to OVL portfolio and daily oil production of about 19,000 barrels," it said.

Also, production of gas started in Lan Do field in Block

... contd.