OIL records all-round Q4 production growth
National hydrocarbon exploration and production (E&P) company Oil India Ltd (OIL) achieved natural gas production of 2,722 <g data-gr-id="50">mmscm</g> in <g data-gr-id="76">financial year</g> 2014-15, which is substantially higher than the 2,626 <g data-gr-id="51">mmscm</g> it produced in 2013-14. OIL’s sale of natural gas was 2,181 <g data-gr-id="52">mmscm</g> in 2014-15 compared with 2090 <g data-gr-id="53">mmscm</g> during 2013-14. The company’s crude oil production was 3.440 <g data-gr-id="54">mmt</g> in 2014-15 compared with 3.502 <g data-gr-id="55">mmt</g> during 2013-14.
Crude oil sales were 3.386 <g data-gr-id="36">mmt</g> in 2014-15 compared with 2013-14 sales of 3.471 <g data-gr-id="37">mmt</g>. Oil India Ltd’s LPG production was 43,570 mt in FY15 compared with 46,640 mt during 2013-14.During the fourth quarter of 2014-15 OIL’s crude oil production was 0.8389 <g data-gr-id="38">mmt</g> compared with 0.789 <g data-gr-id="39">mmt</g> during Q4 of 2013-14. Crude oil sales were 0.8292 <g data-gr-id="40">mmt</g> compared with sales of 0.784 <g data-gr-id="41">mmt</g> in Q4 of 2013-14.
The company’s natural gas production was 663.904 <g data-gr-id="64">mmscm</g> in the fourth quarter of 2014-15 compared with 623.62 <g data-gr-id="65">mmscm</g> during Q4 of 2013-14. The sale of natural gas was 525.799 <g data-gr-id="66">mmscm</g> compared with 493.532 <g data-gr-id="67">mmscm</g> during Q4 of 2013-14. The average gross price for OIL’s crude for Q4FY15 was lower by 49.66 per cent to $53.64 per bbl, as compared to $106.55/bbl in Q4FY14 due to the fall in international crude oil prices. Due to nil subsidy sharing in Q4 FY 2014-15, the net crude oil price realisation was 43.58 per cent higher at $53.64 per bbl compared with $37.36 per bbl in Q4 in the previous fiscal.
In rupee terms, the net realisation during Q4FY15 increased to Rs. 3338.55 per bbl as compared with Rs. 2308.10 per bbl during Q4FY14. The average gross price for OIL crude during FY15 was $84.25 per bbl compared with $106.40/bbl during FY14. The net realisation during FY15 was $46.94 per bbl compared with $ 47.10 per bbl during FY14. In rupee terms, the net realisation during FY15 was Rs 2870.38 per bbl compared with Rs 2849.55 per bbl during FY14.
The subsidy payout to the OMCs was Rs 5522.58 crore in FY15 compared with Rs 8736.85 crore in FY14. This subsidy amount affected the profit after tax (PAT) by Rs. 3107.50 <g data-gr-id="58">crore</g>. The PAT has declined by 15.8 per cent to Rs 2510.20 crore in FY15 from Rs 2981.30 crore in FY14. Oil India Ltd has been rated ‘Excellent’ in the MoU rating for the year 2013-14, evaluated during 2014-15. The company also entered the ‘Platts Top 250 Global Energy Company Rankings’ for 2014, at an award ceremony held at Singapore in October, 2014 where it was conferred the 208th rank on overall global performance for distinguishing itself through its performance over the past year.
Thirteen new oil & gas discoveries were established by OIL during the year, comprising 11 in Assam (four from drilling & seven from work over), one in the KG-Basin and one in the Gabon overseas block. OIL achieved an overall drilling <g data-gr-id="61">metreage</g> of 143,318 m against the target of 214,880 m, the highest since 2009-10. Major drilling operations in Assam continued with an achievement of 130,552 m which is 72.39 <g data-gr-id="62">per cent</g> of the annual target of 180,330 m and 24 <g data-gr-id="63">per cent</g> higher than the previous year’s actual of 105,111 m.
A total of 154 work over jobs, the highest ever in the company’s history, were completed in 2014-15, contributing the highest gas potential build-up of 1.75 MMSCMD and exceeding the oil potential build-up of 1120 KLPD. OIL also commenced gas supply to its new gas customer, BCPL Gas Cracker Plant, during the year for captive use pending commissioning of the project.