ONGC Videsh Ltd (OVL), the wholly-owned subsidiary of Oil and Natural Gas Corporation, posted a 25 per cent decline in net profit at Rs 2,090 crore for the financial year 2009-10 on lower crude oil prices.
Gross consolidated revenue stood at Rs 15,181 crore, down 16 per cent compared from Rs 18,144 crore in 2008-09, the company said in a press release.
“The average crude oil price during 2009-10 was $69.58 per barrel as against $84.45 per barrel during 2008-09,” the company added. OVL produced a record 8.870 million tonnes of oil and oil-equivalent gas (MMTOE) in the year under review, up 1.2 per cent from 8.776 MMTOE in 2008-09.
OVL’s average oil and gas production in 2009-10 was at 171,000 barrels of oil equivalent per day (boepd), comprising of 130,000 boepd of oil production and 41,000 boepd of gas production from its nine oil and gas producing projects spread across Sudan, Russia, Vietnam, Syria, Brazil and Colombia.
