New Delhi: ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), posted a modest 1.2% increase in oil production in FY 2024–25, reaching 7.265 million metric tonnes (MMT), up from 7.178 MMT in the previous fiscal.
The growth was primarily driven by strong performance from key operated and jointly operated assets such as MECL and CPO5 in Colombia, and GPOC and SPOC in South Sudan, overcoming geopolitical challenges, natural field decline, and local operational issues.
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Dip in Gas Output and Total Production
Gas production, however, saw a decline to 3.013 billion cubic metres (BCM) from 3.340 BCM in FY’24. The fall was attributed mainly to the cessation of production in Block 06.1 in Vietnam. As a result, the total oil and gas output for the year dropped slightly to 10.278 million metric tonnes of oil equivalent (MMTOE) from 10.518 MMTOE in FY’24.
Financial Performance and Dividend
OVL reported a turnover of ₹12,995 crore for FY’25, marginally lower than ₹13,197 crore in the previous fiscal, largely due to a decline in the average realised crude oil price—USD 70.23 per barrel in FY’25 compared to USD 71.47 in FY’24.
Net profit (PAT) stood at ₹418 crore, down from ₹490 crore (restated) in FY’24.
The company’s Board of Directors has recommended a final dividend of ₹0.34 per share on fully paid equity shares of ₹100 each, amounting to a total payout of ₹51 crore, subject to shareholder approval.
Outlook
Despite external headwinds and lower gas output, ONGC Videsh’s stable oil production and focus on strategic assets continue to position it as a vital contributor to India’s energy security from overseas operations.
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About ONGC Videsh
ONGC Videsh Limited (OVL) is a wholly owned subsidiary of Oil and Natural Gas Corporation Limited (ONGC), India’s flagship national oil company. Operating in over 15 countries, it plays a key role in securing India’s energy needs through strategic global partnerships and projects.
OVL’s primary focus is on prospecting, exploring, developing, and producing oil and gas outside of India. It holds stakes in numerous oil and gas assets across various countries, making it the second-largest petroleum company in India in terms of reserves and production, according to ONGC Videsh.
