(ET)
ONGC Videsh Ltd, the overseas arm of the state-run Oil and Natural Gas Corporation, hopes to raise its output 15% in the current financial year following the acquisition of stake in Russia’s Vankor.
The company’s output increased 40% to 12.5 million tonnes of oil equivalent (mtoe) in 2016-17 from 8.9 mtoe in the previous fiscal, primarily driven by production from Vankor, Russia’s second-largest producing field. “We were also able to sustain output from other assets,” ONGC Videsh’s managing director Narendra K Verma told ETin an interview.
The company holds 26% stake in Vankor, having purchased 15% first and then another 11% in 2016-17. It received a 15% share in the full year’s output but 11% share for only part of the year, owing to the timing of the deals. In the current fiscal, it will get 26% share of the full year’s output, raising its annual output to 14.3 mtoe, Verma said.
