ONGC Videsh back to black

India

NEW DELHI, May 25, 2017 – ONGC Videsh made a profit after tax of USD 108 million (INR 7.01 billion) in financial year 2016/17 (April-March), the overseas arm of India’s ONGC said on Wednesday.

The previous financial year the company lost some USD 650 million (INR 36.3 billion).

The announcement came weeks after the company posted record production for the past financial year.

“Consolidated production of Crude Oil and Oil Equivalent Gas during FY’17 was higher by 44% as compared to [the] previous year,” ONGC Videsh said in a statement.

“The incremental production is mainly due to [the] acquisition of [a] 26% stake in Vankorneft project in Russia during the year.”

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