ONGC Videsh (OVL), the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has announced a 25% fall in its net profit, which stood at Rs 20.90 billion in FY10 owing to the fall in worldwide crude oil prices.

OVL's revenue declined by 16% to Rs 151.81 billion as against Rs 181.44 billion in the same period of 2009.

The fall in OVL's income was mainly because of the decline in global oil costs in the later half of the financial year, it said.

In the last financial year (2009-10), the average crude oil price stood at $69.58 a barrel as compared to $84.45 a barrel in 2008-09.

The company fabricated 130,000 barrels per day of crude oil and 41,000 barrels per day of oil equivalent gas in 2009-10 from its nine oil fields in Syria, Russia, Vietnam, Sudan, Brazil and Colombia.

The company holds equity stakes in 40 oil and gas projects that spread across 16 nations.

The production of oil and gas in the coming time is staged to augment with addition of oil and gas production from other projects.

On Friday, shares of ONGC declined 2.3% to end at Rs 1,092.85. The total volume of shares traded was 246,663 at the BSE. (With Inputs from Agencies)