In­dia's ONGC Videsh profit drops

The Pak Banker - - Front Page -

NEW DELHI

In­dia's ONGC Videsh Ltd, the over­seas arm of state-owned Oil and Nat­u­ral Gas Corp (ONGC), re­ported a 39 per­cent drop in net profit for the first 6 months of cur­rent fis­cal as out­put dropped in nations like Su­dan and Syria.

Net profit in AprilSeptem­ber at Rs 1,649 crore dropped 39.3 per­cent from Rs 2,717 crore in the same pe­riod a year ago, the com­pany said in a press state­ment here.

In­dia's OVL, which has 31 oil and gas as­sets in 15 coun­tries, said crude oil pro­duc­tion dropped 32.9 per­cent to 2.276 mil­lion tonnes from 3.39 mil­lion tonnes in H1 of 2011-12. Nat­u­ral gas out­put was up 4.8 per­cent to 1.212 bil­lion cu­bic me­ters. Sales dipped 33.2 per­cent to Rs 8,279 crore in six months to Septem­ber 30. The com­pany did not give quar­terly break-up. OVL said oil pro­duc­tion from its fields in Su­dan had been shut since Jan­uary fol­low­ing a split of the African na­tion.

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