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Oil India posts impressive Q2 results

Oil India posts impressive Q2 results
The Oil India Ltd (OIL) board approved the second quarter and first half results for fiscal 21012-13 on Tuesday.

Its crude oil production during Q2 FY13 was 0.960 mmt compared to 0.982 mmt during Q2 FY12. The crude oil production during H1 FY13 was 1.907 mmt compared to 1.948 mmt during H1 FY12.

The natural gas production at 691 mmscm during Q2 FY13 is higher by 2.22 per cent compared to 676 mmscm during Q2 FY12. The natural gas production at 1317 mmscm during H1 FY13 is at the same level of production during H1 FY12 which was 1318 mmscm.

Oil India started drilling its first well in Gabon. The well was spudded on 28th October.

OIL and Indian Oil Corporation (IOC) have jointly acquired stake in Carrizo Oil & Gas Inc’s liquid rich shale assets in the Niobrara basin in Colorado, USA, through their wholly owned US subsidiaries. The OIL–IOC consortium will have 18,450 acres spread over three counties in Colarado.

The subsidy burden for the half year of 2012-13 has gone up to Rs.4093.69 crore compared to Rs.2625.09 crore during the same period last year, showing an increase of 55.94 per cent.

The exchange rate has increased by 21 per cent . This has had an impact on revenue from both crude oil & natural gas.

The gross realisation during H1 FY 13 is $109.20 /bbl compared to $114.39/bbl in H1 FY12. Due to higher sharing of under recovery, the net realisation is 27.23 per cent lower to $ 53.17/bbl compared to $ 73.07/bbl during the same period last year.

The turnover for H1 FY13 is Rs 4,959 crore compared to Rs 5,592.59 crore during the corresponding period last year, showing a decrease of 11.33 per cent. The decrease in turnover is mainly due to increase in crude oil subsidy by Rs 1,468.60 crore.

During H1 FY13, the subsidy to the oil marketing companies (OMCs) has increased by 55.94 per cent to Rs 4,093.69 crore from Rs 2625.09 crore during the corresponding period last year. The subsidy has affected the profit after tax (PAT) for H1 FY13 by Rs 2,311.21 crore.

The formation of a wholly-owned subsidiary OIL INDIA (USA) Inc took place on 26 September to acquire oil & gas assets in the USA. The subsidiary has acquired a 20 per cent share in producing NIOBRARA shale oil assets in the USA from s Carrizo LLC on 4 October, 2012.
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