ONGC Videsh profit drops by 39%
OVL said post secession of South Sudan from Sudan with effect from July 9, 2011, the company's oil Blocks 1,2 and 4 straddle between the two countries and Block 5A is now entirely in South Sudan.
The Government of South Sudan has now issued order resumption of crude oil production followings its agreement with the Governments of Republic of Sudan. "The production from part of Block 1,2 and 4 falling under South Sudan and
Block 5A is likely to resume in next few months," the statement said.
At present, the company has two projects under development namely Carabobo 1 in Venezuela, which is likely to commence early production by end of FY'13 and Blocks A1 & A3 in Myanmar, which are likely to commence production in July,
"OVL continues to pursue its objective of acquiring oil and gas equity abroad for energy security of the country and envisioned to accelerate the acquisition of oil and gas properties overseas to supplement the domestic crude oil and natural gas production," it added.
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