New Delhi, June 12 : Oil and Natural Gas Corporation Limited (ONGC) Videsh Limited (OVL), the wholly-owned subsidiary of ONGC, has registered a production growth of 11 per cent, up from 7.952 Million Tonnes (MMT) of oil and oil equivalent gas (MMTOE) in 2006-07 to 8.802 MMTOE in 2007-08.
This records OVL's highest ever oil and gas production from its overseas assets.
OVL's crude oil production in 2007-08 was 6.811 MMT as compared to 5.774 MMT in 2006-07, an increase of 18 per cent.
The production of natural gas was lower by eight per cent from 2.148 billion cubic meters (BCM) in 2006-07 to 1.962 BCM. The decrease was on account of a shut-down for about a month, to install the compressor module during 2007-08 and lower drawal by the buyer. Condensate production was 0.029 MMT during 2007-08 as compared to 0.030 MMT in previous year.
OVL earned gross revenue of Rs. 16,954 Crore during the financial year 2007-08, up 43 per cent over Rs. 11,861 Crore in the previous year.
The profit after tax was Rs. 2,397 Crore, up 44 per cent over Rs. 1,663 Crore in the previous year.
The Company made an additional charge of Rs. 536 Crore due to change in the policy on charging of depreciation on sub-surface pipelines and onshore flow lines from 27.82 per cent till last year to 100 per cent in the current year.
Further, the Company paid an interest of Rs 730 Crore during 2007-08 on loans taken from its parent ONGC compared to Rs 14 Crore in 2006-07.