On the back of higher crude oil and natural gas output, Oil and Natural Gas Corp's (ONGC) overseas subsidiary ONGC Videsh on September 1 reported a 72 per cent jump in its net profit in the June quarter. The firm's net profit in April-June quarter rose by 71.9 per cent to Rs 837 crore from Rs 487 crore in the same period a year ago, the company said in a statement in Delhi.
The firm's crude oil production rose 15.7 per cent to 1.335 million tonne in Q1 while natural gas output rose 18.7 per cent to 0.807 billion cubic meters. Oil production is higher mainly due to production from newly acquired ACG fields in Azerbaijan and resumption of production from South Sudan, OVL said.