OVL Apr-Sept net dips 28% to Rs 748 cr

“…one-time extraordinary provisioning of Rs 543 crore towards possible settlement of a dispute currently under arbitration with regard to the timing of transfer of ownership of interest in the trunk pipeline in Sudan and another onetime extraordinary provision of Rs 201 crore towards income tax on account of exchange gain due to devaluation of local currency by the Venezuelan Government” were responsible for fall in net profit,it said.

“But for these abnormal items,net profit would have been Rs 1,492 crore,” the company said.

Revenues increased 18 per cent to Rs 8,546 crore in April-September this fiscal.

OVL has stakes in 40 projects in 15 countries,out of which 9 are producing assets.

Odoptu field in Russia’s Sakhalin,where OVL holds 20 per cent interest,was put on production from September 15.

“The development of the field has been planned for targeted peak production of about 38,000 barrels per day. The field is presently producing in the range of 45,000-50,000 barrels per day,well above the targeted production,” the statement said.

The oil discovery in Block 24 in Syria,where OVL holds participating interest of 60 per cent,is being put on development.

Speaking on the occasion,R S Sharma,Chairman,ONGC Group of companies stated that OVL has built a robust portfolio of assets with sustained operations and continues to move on a high and accelerated growth path.