ONGC Videsh, the overseas arm of state-run Oil and Natural Gas Corp, has swung to profit in 2016-17 on a 44% rise in output.
It reported a consolidated profit of Rs 701 crore in 2016-17, against a loss of Rs 3,633 crore in the previous fiscal year. Income from operations rose just about 2% to Rs 10,080 crore.
“Consolidated production of Crude Oil and Oil Equivalent Gas during FY’17 was higher by 44% as compared to previous year. The incremental production is mainly due to acquisition of 26% stake in Vankorneft project in Russia during the year,” ONGC Videsh said in a statement. The 2016-17 output rose to 12.8 million metric tonnes of oil equivalent. Read more