Oil India posts 56 per cent jump in quarterly profits

Oil India Ltd recorded a 56 per cent increase in its first quarter (Q1) of the fiscal year (FY) 2018-19 supported by higher turnout from the crude oil segment, according to the data released by the company on Monday (14).

Company’s profit jumped to 5.51 billion GBP in the first quarter ended in June 2018 from 3.52 billion GBP recorded during the same period last year (year-on-year (Y-O-Y)).

The company said revenue from operation moved up about 45 per cent to 26.55 billion GBP, whereas, income from the crude oil segment moved up about 53 per cent.

Crude Oil price realisation increased by US$ 23.59 per barrel (/BBL) to US$ 72.00 /BBL in Q1 FY 2018-19 as compared to US$ 48.41/BBL during Q1 FY2017-18.

Average natural gas price realisation during Q1 FY 2018-19 is US$ 3.06/ Million British Thermal Units (MMBTU) as compared to US$ 2.48/MMBTU in Q1 FY2017-18.

Crude oil production for the Q1 FY 2018-19 is 0.844 million metric tons (MMT) which is the same as the crude oil production during Q1 FY 2017-18.

Natural gas production during Q1 FY2018-19 is decreased by 3.87 per cent to 696 Million Metric Standard Cubic Meter per Day (MMSCM) as compared to 724 MMSCM during Q1 FY2017-18 due to short upliftment by certain consumers.

For the 16^th consecutive year, the company received ‘NIL’ comment from Comptroller and Auditor General of India for FY 2017-18 accounts.

Hydrocarbon discovery in NELP VI block, KG-ONN-2004/1 in May 2018 at well Thanelanka I, the first successful High-Pressure High Temperature (HPHT) well drilled by the company.

The company, in consortium with Assam Gas Company and GAIL Gas Ltd., has been allotted two geographical areas, namely Cachar, Hailakandi, and Karimganj districts and Kamrup and Kamrup Metropolitan districts in the state of Assam in the recently concluded 9th round of City Gas Distribution (CGD) bidding by PNGRB.

The company has partnered with ONGC, IOCL, GAIL and NRL to form a JV company named ‘Indradhanush Gas Grid Limited’ with equal equity contribution to construct Gas Grid infrastructure covering 1450 km of pipeline to connect eight North-Eastern States from Guwahati.