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OVL records highest ever profit

ONGC Videsh Ltd (OVL), the external arm of the state-owned ONGC, has recorded the highest ever profit of $370 million in FY’14, a 13 per cent jump from the previous year. ONGC CMD, D K Sarraf, attributed the success to increase in production, sales and a positive exchange rate.

OVL has drawn a Perspective Plan 2030 (PP-2030) which  underlines the need to produce 20 MMT of oil and oil equivalent gas annually by FY’18 and 60 MMT by FY’30. “The success of ONGC Videsh team was due to its higher physical and financial performance, successful acquisitions of discovered and producing oil and gas projects and exploratory blocks for the country’s energy security. The company needs to excel in terms of its performance on production and acquisitions, year-after-year to reach the ambitious targets set for ONGC Videsh in PP-2030,” said Sarraf.

ONGC Videsh has oil acquisitions for energy security of the country in some 33 projects spanning 16 countries. Of these 33 projects, 13 are producing, four are discovered/under development, 14 are exploratory and remaining two are pipeline projects. ONGC Videsh is currently producing about 169 thousand barrels of oil and oil equivalent gas per day and has total oil and gas reserves of about 637 MMT as on 31 March 2014.

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