OVL Standalone Net Profit Falls 76% in 2017-18
ONGC Videsh Ltd. (OVL), the overseas investment vehicle of ONGC, has reported a standalone net profit of Rs. 411-crore for FY18. This is 76% lower than the standalone profit of Rs. 1,749-crore reported during FY17. The lower profits have been attributed to provisioning/write offs related to exploratory costs incurred during the year as well as the acquisition cost of the exploration project in Kazakhstan.
Higher production
Consolidated profit reported by OVL is higher at Rs. 981-crore during FY18 (Rs. 757-crore) mainly due to higher consolidated production (14.164-mtoe vs 12.803-mtoe) and improved oil price realisations which resulted in better results from subsidiaries and associates.
The incremental production was mainly from Vankorneft & Sakhalin-1 projects, Russia; BC-10 project, Brazil; an Exploratory Block CPO-5, Colombia; and due to acquisition of 4% stake in the Lower Zakum Concession project in UAE.
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