New Delhi, Sep 23 - ONGC Videsh Ltd (OVL), the overseas exploration arm of state-run Oil and Natural Gas Corp, Wednesday said it will increase production from its Brazilian oil fields to 40,000 barrels per day (bpd) by year-end.

At present, 'oil is being produced from only one well and output is 5,500 bpd,' OVL managing director R.S. Butola told reporters here.

He said the production is projected to 'rise to 40,000 bpd by year-end' when five more wells 'will be brought into production'.

Recently, OVL had to cut output from its Venezuelan field to 20,000 bpd after the government in Caracas enforced production restraints to arrest falling global crude prices.

OVL's net profit rose to Rs.2,807 crore in 2008-09 from Rs.2,397 crore the year before.