Bengaluru: State-run Oil India Ltd posted an 11% rise in second-quarter profit on Friday, beating analysts' expectations, helped by improved margins in its crude oil segment. Profit for the quarter ended 30 September came in at Rs 6.46 billion ($99.14 million), compared with Rs 5.80 billion a year earlier, the oil and gas explorer said.
Oil India Limited (OIL), India's second largest National Exploration & Production Company, held its 483rd Board Meeting today in New Delhi. The OIL Board approved the Q2 & H1 FY 2017-18 results in the meeting.
Crude Oil production registered a growth of 5.3% in Q2 FY 2017-18 to 0.854 MMT as compared to 0.811 MMT during Q2 FY2016-17. Natural Gas production also increased by about 3% to 765 MMSCM in Q2 FY 2017-18 from 743 MMSCM last year during the same period. Crude Oil price realisation increased by $ 5.5/BBL to $ 50.10/BBL in Q2 FY 2017-18 as compared to $ 44.55/BBL during Q2 FY 2016-17.
Gas price realisation during Q2 FY 2017-18 decreased to $ 2.48/MMBTU from $ 3.06/MMBTU in Q2 FY 2016-17. Natural Gas production commenced from a pre-NELP JV block AAP-ON-94/1, Dirok in August, 2017. PAT in H1 2017-18 was 2% higher than H1 2016-17. Performance in other key parameters also improved over H1 2016-17.