India's ONGC Videsh profit drops
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.