ONGC Videsh logs highest-ever oil and gas production overseasJune 12th, 2008 - 10:22 pm ICT by ANI
New Delhi , June 12 (ANI): Oil and Natural Gas Corporation Limited (ONGC) Videsh Limited (OVL), the wholly-owned subsidiary of ONGC, has registered a production growth of 11 per cent, up from 7.952 Million Tonnes (MMT) of oil and oil equivalent gas (MMTOE) in 2006-07 to 8.802 MMTOE in 2007-08.
This records OVLs highest ever oil and gas production from its overseas assets.
OVLs crude oil production in 2007-08 was 6.811 MMT as compared to 5.774 MMT in 2006-07, an increase of 18 per cent.
The production of natural gas was lower by eight per cent from 2.148 billion cubic meters (BCM) in 2006-07 to 1.962 BCM. The decrease was on account of a shut-down for about a month, to install the compressor module during 2007-08 and lower drawal by the buyer. Condensate production was 0.029 MMT during 2007-08 as compared to 0.030 MMT in previous year.
OVL earned gross revenue of Rs. 16,954 Crore during the financial year 2007-08, up 43 per cent over Rs. 11,861 Crore in the previous year.
The profit after tax was Rs. 2,397 Crore, up 44 per cent over Rs. 1,663 Crore in the previous year.
The Company made an additional charge of Rs. 536 Crore due to change in the policy on charging of depreciation on sub-surface pipelines and onshore flow lines from 27.82 per cent till last year to 100 per cent in the current year.
Further, the Company paid an interest of Rs 730 Crore during 2007-08 on loans taken from its parent ONGC compared to Rs 14 Crore in 2006-07. (ANI)
- ONGC Videsh declares progressive 2009-10 financial results - May 22, 2010
- Oil marketing companies face Rs.2 lakh crore debt burden - Apr 21, 2011
- Decontrol fuel prices, limit subsidies: Economic Survey (Lead) - Jul 02, 2009
- No decision yet on Indian Oil Corporation's public offer - Dec 25, 2010
- ONGC board approves cluster development of four marginal fields in Western Offshore - Jul 01, 2010
- ONGC Videsh targets 20 mn tonnes output by 2020 - Aug 18, 2011
- CAG report on RIL inflating costs only an interim draft: Oil Minister - Jun 20, 2011
- Latin America - Energising India (Comment) - Jun 21, 2012
- Government to meet Muslim MPs on Haj facility reforms - Feb 24, 2011
- Govt. to call Muslim MPs soon to decide Haj pilgrimage arrangements - Feb 24, 2011
- ONGC to start drilling in Bihar from August - Jul 21, 2012
- India has not withdrawn from Vietnamese oil block: Minister - Aug 18, 2012
- Notices to five telcos for under-stating revenue - Jan 31, 2012
- Two top men of mini-ratna PSU's associate firm held - Dec 03, 2010
- Chhattisgarh's liquor sales set new revenue record - Mar 08, 2011
Tags: assets, crore, crude oil production, cubic meters, depreciation, flow lines, gross revenue, logs, mmt, natural gas corporation, New Delhi, oil and gas, oil and gas production, oil equivalent, ongc, onshore flow, pipelines, previous year, production of natural gas, rs 1