ONGC Videsh Declares H1 FY’19 Financial Results
Financial results of ONGC Videsh Ltd, the wholly-owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), for the half year ended September 30, 2018 were considered and approved by the Board in its meeting held on November 14, 2018. The performance highlights are as under:
Standalone and consolidated production of Crude Oil and Oil Equivalent of Gas together during H1 FY’19 was higher by 8.8% and 1.4% respectively as compared to H1 FY’18 mainly due to increased production from Sakhalin-1, Russia and addition of production of Lower Zakum Concession, UAE acquired in March’2018.
The Company recorded its standalone profit of ₹ 432 crore during H1 FY’19 as against profit of ₹ 134 crore in H1 FY’18 and consolidated profit of 1,384 Crore during H1 FY’19 as against consolidated profit of ₹ 142 crore of H1 FY’18, mainly due to higher production, higher prices and exchange variation.
Production from Greater Pioneer Operating Company (GPOC), South Sudan project of ONGC Videsh has resumed after prolonged shutdown since December 2013. The Minister of Petroleum, Republic of South Sudan and Minister of Petroleum and Gas, Republic of Sudan in the presence of Ministry and related companies’ officials on 25th August 2018, officially declared pumping of first crude oil from Toma South field of South Sudan to Heglig in Sudan. Presently the field is flowing crude oil at ~15000 bbl/day.
The first equity cargo of Das Blend crude produced from Lower Zakum Concession, ADNOC Offshore, UAE arrived at New Mangalore port on 08th June 2018. This equity crude of ONGC Videsh was refined at MRPL, and is another step in ensuring India’s energy security needs. Total Das Blend equity oil purchased by MRPL during June to October’2018 is 2.38 MMBBL.
Memorandum of Understanding (MoU) was signed on 18th April 2018 amongst ONGC Videsh, Rosneft Vietnam BV (Operator) and PetroVietnam relating to further exploration activities in Block 06.1, Vietnam for exploration in deeper Clastic prospect.
ONGC Videsh has entered into a Cooperation Agreement with UzbekNefteGaz on 28th Sept 2018 to jointly explore the possibilities to assess the potential opportunities in exploration blocks, under-development assets and producing fields/blocks located within the Republic of Uzbekistan and third countries pertaining to upstream sector.