ONGC Videsh output hits new high

NEW DELHI, May 8, 2017 – ONGC Videsh, the entity responsible for the international operations of India’s ONGC, achieved a record production of more than 92 million boe over 2016-2017, the company’s managing director said on Sunday.

According to Narendra K. Verma, output rose from 179,133 boepd in 2015-16 to 252,433 boepd, beating ONGC Videsh’s previous record, set in 2010-11, by more than 62,000 boepd.

Verma said last year’s acquisition of stakes in Russia’s Vankor oilfield put the company on track for record production.

Work in Colombia and Iran is expected to drive output for 2017-18 up to 288,581 boepd.

ONGC Videsh is involved in 37 projects across 17 markets, on which it has spent USD 27.23 billion to date.

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