Ad Here  
India’s Gas Scenario ‘Kaliyuga’ of climate change preventable Unjust enrichment or scam? Little effort to exploit rich reserves Moily and his magic wand... The dooms day of crude oil Why have we failed? Does India need a giant integrated PSU oil company? OVL records highest ever profit Should petrol and diesel be brought under GST? The great oil subsidy riddle Open up the oil market Will OPEC succeed in increasing price? Old wine in old bottle
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.

Author :
Reported On :
Sector :
Shoulder :
IE, the business magazine from south was launched in 1968 and pioneered business journalism in south. Through the 45 years IE has been focusing on well-presented and well-researched articles. When giants in the industry stumbled to keep pace with the digital revolution, IE stayed affixed embracing technology.
Read more
Economist Communications Ltd is committed to ensuring that your privacy is protected.
Read more
You agree that your use of this Website and the purchase of the magazine will be governed by these terms and conditions.
Read more
S-15, Industrial Estate,
Chennai - 600 032.
PHONE: +91 44 22501236