ONGC Videsh Declares FY’14 Financial Results
During FY’14, the company has earned the highest-ever profit of 4,445 Crore, an increase of 13.1% as compared to the previous year.
Crude Oil production during FY’14 was higher by 26.3% due to new production stream from ACG, Azerbaijan;acquisition of additional 12% PI in Block BC-10, Brazil; higher production from Sudan and resumption of production from South Sudan.
Gross Revenue during FY’14 has increased mainly due to increase in production / sale quantity and positive exchange rate.
ONGC Videsh has participation in 33projects in 16 countries including Azerbaijan, Bangladesh, Brazil, Colombia, Iraq, Kazakhstan, Libya, Mozambique, Myanmar, Russia, South Sudan, Sudan, Syria, Venezuela and Vietnam. Out of 33projects, 13 are producing, 4 are discovered/under development, 14are exploratory and remaining 2 are pipeline projects. ONGC Videsh is currently producing about 169 thousand barrels of oil and oil equivalent gas per day and has total oil and gas reserves of about 637MMtoe as on 31st March 2014.
Chairman Shri D K Sarraf complimented ONGC Videsh team for higher physical and financial performance, successful acquisitions of discovered/producing oil and gas Projects and exploratory blocks for energy security of the country and stated that the company would need to excel in terms of its performance on production and acquisitions, year after year to reach the ambitious targets set for ONGC Videsh in PP-2030.