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ONGC Videsh achieves highest ever production during 2010-11

Oil & Natural Gas Corporation Ltd. | Oil Exploration | Oil & Gas | BSE: 500312 | NSE: ONGC

23 May 2011 Evaluate

State-owned Oil and Natural Gas Corporation’s (ONGC), overseas arm ONGC Videsh (OVL) has achieved the highest ever production during 2010-11. The company has marked an increase of 7% in the production of Total Oil and Oil Equivalent of Gas with the production of 9.448 MMTOE for financial year 2010-11 compared with 8.870 MMTOE for the financial year 2009-10.

OVL has achieved crude oil production of 6.756 MMT for financial year 2010-11 compared with 6.513 MMT for the financial year 2009-10, up by 4%. The company has achieved natural gas production of 2.692 BCM for financial year 2010-11 compared with 2.357 BCM for the financial year 2009-10, up by 14%.

Further, the gross revenue of the company stood at Rs 18,683 crore for the financial year 2010-11 compared to Rs 15,383 crore for the financial year 2009-10 up by 21%. Its net profit stood at Rs 2,691 crore compared to Rs 2,090 crore up by 29%.

Besides, OVL has signed an agreement for co-operation with the national oil company of Uzbekistan - Uzbekneftegaz (UNG). As per the terms of memorandum of understanding (MoU), there will be formation of Joint Working Group consisting of experts from both the companies for identifying specific oil and gas fields in Uzbekistan and the areas in third countries for E&P activities through joint co-operation.

OVL is presently having participation in 33 projects in 14 countries, out of which 10 are producing projects. During the year, the company acquired 11% participating interest in Carabobo one project in Venezuela, which is discovered field and presently under development. Production in Odoptu field in Sakhalin project, Russia where OVL holds participating interest of 20%, started from September 15, 2010 and current average production is about 54,000 barrels per day.

ONGC Share Price

284.45 1.40 (0.49%)

22-Apr-2026 10:43 View Price Chart

Peers

Company Name	CMP
ONGC	284.45
Oil India	465.40
Jindal Drilling&Inds	543.15
Deep Industries	483.30
Asian Energy Service	309.85
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ONGC Videsh achieves highest ever production during 2010-11

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