Oil India clocks excellent Q1, profits by 56 percent at Rs 703.22 crores

Sarkaritel
By Sarkaritel August 13, 2018 19:20

Oil India clocks excellent Q1, profits by 56 percent at Rs 703.22 crores


New Delhi, August 13 Oil India Limited income sharply risen to Rs 3517.23 crores in the first quarter of 2018-19 as against of  rs 2485.70 and profits by 56 percent at Rs 703.22 crores. Crude oil Crude Oil price realisation increased by US$ 23.59/BBL to US$ 72.00 /BBL in Q1 FY 2018-19 as compared to US$ 48.41/BBL during Q1 FY2017-18. This results were approved at the board meetings today.

Natural gas price realisation during Q1 FY 2018-19 is higher US$ 3.06/MMBTU as compared to US$ 2.48/MMBTU in Q1 FY2017-18.

Crude Oil production for the Q1 FY 2018-19 is 0.844 MMT which is same to the crude oil production during Q1 FY 2017-18. Natural gas production during Q1 FY2018-19 is decreased by 3.87% to 696 MMSCM as compared to 724 MMSCM during Q1 FY2017-18 due to short upliftment by certain consumers.

The earning per share rose to Rs 6,20 as against 3.84 during the first quarter.

Company has received ‘NIL’ comment from Comptroller & Auditor General of India on FY 2017-18 accounts, for the 16th consecutive year.

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.

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

Company has partnered with ONGC, IOCL, GAIL & NRL to form a JV company named “Indradhanush Gas Grid Limited” with equal equity contribution to construct Gas Grid infra-structure covering 1450 km of pipeline to connect eight North-Eastern States from Guwahati.

Sarkaritel
By Sarkaritel August 13, 2018 19:20