Date:27/04/2005 URL: http://www.thehindubusinessline.com/2005/04/27/stories/2005042702600300.htm

Back ONGC Videsh full-year net up 130 pc at Rs 982 cr

Our Bureau

New Delhi , April 26

THE consolidated gross revenue of ONGC Videsh Ltd (OVL), a wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd, in 2004-05, as per estimated unaudited financial results, was Rs 5,546 crore — up 58 per cent over Rs 3,502 crore the previous year.

The net profit went up 130 per cent to Rs 982 crore from Rs 428 crore in 2003-04.

OVL's investment commitment overseas stands at $4.3 billion, of which about 64 per cent has been actually invested till March 31, 2005.

OVL secured equity participation in six oil and gas assets in five countries in 2004-05, besides launching a 741-km multi-product pipeline project in Sudan.

According to a company release, OVL now participates in equity of 15 assets in 12 countries - Vietnam, Russia, Sudan (three assets), Iran, Iraq, Libya (2), and one each in Myanmar, Syria, Ivory Coast, Australia, Qatar and Egypt.

Also two assets - one each in Vietnam (gas) and Sudan (oil) are in production and four assets - Russia, Myanmar, Qatar and Sudan (5A) - have oil/gas discoveries where appraisal and development are on. Exploration is in progress in nine assets - Iran, Iraq, Sudan (5B), Syria, Libya (NC 188 & 189), Ivory Coast, Australia and Egypt.

OVL's consolidated oil and gas production overseas, including the production of its wholly owned subsidiary, ONGC Nile-Ganga B.V, increased to 5.062 million tonnes (mt), Oil+Oil equivalent Gas (O+OEG) in 2004-25 was up 31 per cent from 3.868 mt in 2003-04. Out of this, gas and condensate production in Vietnam increased 157 per cent and 77 per cent respectively. The oil production in Greater Nile Oil Project Sudan increased 11 per cent.

With the acquisitions in 2004-05, OVL now has access to nearly 1,25,000 square kilometres of overseas acreage, an increase of 66 per cent compared to 2003-04. Further, OVL supported by ONGC's Engineering Service, is laying a 741-km-long multi-product pipeline from Khartoum to Port Sudan. In fact, 130 km has already been laid, and the project is scheduled to be completed by August 31, 2005.