ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, today reported a 25 per cent decline in net profit to Rs 2,090 crore in F10 on account of the fall in global crude oil prices.
Revenue dipped 16 per cent to Rs 15,181 crore from Rs 18,144 crore in the previous year, the company said in a statement here.
The decline was "mainly due to the fall in international oil prices in the later half of the financial year," it said.
The average crude oil price during 2009-10 was USD 69.58 per barrel, as against USD 84.45 per barrel in 2008-09.
The company produced 130,000 barrels per day of crude oil (6.5 million tons) and 41,000 barrels per day of oil equivalent gas during the year from nine fields in Sudan, Russia, Vietnam, Syria, Brazil and Colombia.
Oil and gas production was up 1.2 per cent at 8.87 million tonnes of oil and oil equivalent gas in 2009-10 as compared to 8.776 million tonnes in the previous year.
Project BC-10 in Brazil is OVL's latest oil asset, from which production commenced during 2009-10.
OVL has stakes in 40 oil and gas projects, spread across 16 countries. Of these nine projects are producing. "Oil and gas production in the near future is staged to enhance with addition of oil and gas production" from other projects, the statement said.
The company has a presence in Sudan, Nigeria, Russia, Vietnam, Libya, Iran, Cuba, Brazil, Syria, Myanmar, Iraq, Egypt, Columbia, Syria and Venezuela.
At the close of the 2009-10 financial year, the proven reserves of OVL stood at 185.995 million tonnes of oil and oil equivalent gas, which, next to ONGC, is the second largest holding of proven oil and gas reserves of any Indian company.
