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ONGC Videsh Ltd, the wholly-owned subsidiary of ONGC, today reported its profit after tax more than double in the first half of the financial year 2016-17 to Rs 512 crore against corresponding period last fiscal year. The company’s profit doubled in spite of its revenue falling more than 8 percent on the back of reduced depreciation, depletion and amortisation expenses and forex gains the company said in a release.
The upstream Company witnessed its consolidated crude oil and oil equivalent of gas production increase by 23 percent to 5.47 Million Metric Tonne Oil Equivalent (MMTOE) in the first half of the present fiscal year against 4.45 MMTOE recorded in the corresponding period last fiscal year. The company witnessed robust production owing mainly to the acquisition of 15 percent stake in Vankorneft from Rosneft. Vankor field is Russia’s second largest field by production and accounts for 4 percent of Russian production.
The company further acquired a 11 percent stake in Vankorneft on 28 October,2016 bringing its stake to at total of 26 percent in Vankorneft. Since acquisition the company expects its share of daily oil production from Vankor to reach to approximately 108,030 barrels of oil per day.
ONGC Videsh’s cumulative revenue stood at Rs 3,457 crore in the first six months of the preset fiscal year a drop of more than 8 percent from Rs 3,776 crore recorded in the corresponding period last fiscal year.
The company last month signed two agreements with Petroleos De Venezuela for redevelopment of San Cristobal field in Venezuela. The Joint Venture projects hopes to increase the current level of production to 27,000 bbl/day from 18,000 bbl/day.
“The agreement also provides for mechanism to liquidate ONGC Videsh’s outstanding dividends from the project and ONGC Videsh to obtain long term finance for the capital investment for implementing the redevelopment plan,” the company said in a release.
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