Profit after tax was INR23.97 billion, up 44% over INR16.63 billion in the previous year. The company made an additional charge of INR53.6 billion due to change in the policy on charging of depreciation on sub-surface pipelines and onshore flow lines from 27.82% till 2007 to 100% in 2008.
ONGC Videsh (OVL) has registered a production growth of 11%, up from 7.95 million tonnes of oil equivalent in 2006-07, to 8.80 million tonnes of oil equivalent in 2007-08.
This records OVL’s highest ever oil and gas production from its overseas assets. OVL’s crude oil production in 2007-08 was 6.811 million tonnes (MMT), as compared to 5.774MMT in 2006-07, an increase of 18%.
The production of natural gas was lower by 8%, from 2.148 billion cubic meters (BCM) in 2006-07 to 1.962BCM in 2007-08. Condensate production was 0.029MMT during 2007-08, as compared to 0.030MMT in the previous year.
