ONGC Videsh Ltd (OVL), the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), has reported a 72% jump in its net profit in the June quarter on the back of higher crude oil and natural gas output.
Net profit in the April-June quarter rose by 71.9% to Rs. 837 crore from Rs. 487 crore a year ago. Crude oil production rose by 15.7% to 1.335 million tonnes in the quarter, while natural gas output rose by 18.7% to 807 million cubic meters.
“Oil production is higher mainly due to production from newly acquired ACG fields in Azerbaijan and resumption of production from South Sudan,” OVL said.
The company, together with Oil India Ltd (OIL) signed definitive agreements on June 25 to acquire Videocon’s 10% stake in a giant Mozambique gas field for $2.475 billion (R16,335 crore). This transaction is expected to close in the fourth quarter of 2013.