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ONGC Videsh Ltd has mentioned that it will enhance the oil production from the Brazilian fields. OVL, which is the overseas branch of nationalized oil producer, Oil and Natural Gas Corp, is currently producing just 5,500 barrels per day from a single well. According to the proposal, ONGC has plans for boosting the production to 40,000 barrels per day by end of 2009.
At present, "oil is being produced from only one well and output is 5,500 bpd," OVL managing director R.S. Butola told the media in New Delhi.
He added that according to the proposal, the production is expected to "rise to 40,000 bpd by year-end" when five more wells "will be brought into production".
The ONGC Videsh Ltd had decreased the output from the Venezuelan fields to about 20,000 bpd because the Caracas government had put restrictions for producing more oils as the global crude prices were witnessing a fall.
OVL's net profit rose to Rs.2,807 crore in 2008-09 from Rs.2,397 crore the year before.
