ONGC Videsh Ltd (OVL), the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC), has reported a 29.6% jump in its net profit to Rs 981 crore for the fiscal year ending March 31, 2018.
The PSU has made a net profit of Rs 757 crore in the previous financial year, the company said in a statement.
The OVL, which has 41 projects in 20 countries spanning from Venezuela to New Zealand, produced 11% more crude oil at 9.35 million tonnes in 2017-18. Natural gas output was also up 10 per cent at 4.81 billion cubic metres.
The incremental production was mainly from Vankorneft and Sakhalin-1 projects in Russia; Brazil's BC-10 project, CPO-5 block of Colombia and due to the acquisition of 4 per cent stake in the Lower Zakum Concession project in UAE during the year, the statement said.