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OVL posts highest ever net in 2013-14

The country’s largest oil explorer ONGC’s foreign investment arm, ONGC Videsh Ltd (OVL), has announced an all-time high net profit of INR 4,445 crore in fiscal 2013-14 ending March 31. This is nearly 13 per cent higher than 2012-13. “For OVL, this was the best period in recent times as the net profit was highest ever,” DK Sarraf, Chairman and Managing Director of ONGC, who is also the Chairman of OVL, said on Tuesday. Higher production, sales and positive exchange rate helped the company to record a turnover of ₹21,659 crore, which is over 22 per cent higher than last year.

OVL produces about 169,000 barrels of oil and oil-equivalent gas a day and has total oil and gas reserves of about 637 MMToe (million tonnes of oil equivalent) as on 33.03.2014. Sarraf said the company would need to excel in terms of its performance on production and acquisitions to achieve annual production of 20 MMToe by 2017-18 and 60 MMToe by 2029-30.

Source-On Request