ONGC Videsh Apr-Sept profit drops 39%

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), reported 39 per cent drop in net profit for the first 6 months of the current fiscal as output dropped in nations like Sudan and Syria.

Net profit in April-September at Rs 1,649 crore dropped 39.3 per cent from Rs 2,717 crore in the same period a year ago, the company said in a statement here.

OVL, which has 31 oil and gas assets in 15 countries, said crude oil production dropped 32.9 per cent to 2.276 million tonnes from 3.39 million tonnes in H1 of 2011-12. Natural gas output was up 4.8 per cent to 1.212 billion cubic meters.

Sales dipped 33.2 per cent to Rs 8,279 crore in six months to September 30. The company did not give quarterly break-up.

OVL said oil production from its fields in Sudan had been shut since January following a split of the African nation. Also, current geo-political situation in Syria including EU sanctions and the resulting restrictions have made operations “difficult” since December 2011.