Srivastava energises Oil India Ltd profit by 40%
13 Aug 2014 6:36 AM IST
Net profit in April-June rose to Rs 851.87 crore, or Rs 14.17 per share, from Rs 609.08 crore, or Rs 10.13 per share, in the same period a year ago, the company said in a statement here.
Upstream oil producers like OIL have to bear a portion of the losses that fuel retailers make on selling diesel, domestic LPG and kerosene at government controlled rates. This they do by extending discounts on crude oil they sell to retailers.
OIL said its subsidy payout was down almost 7 per cent at Rs 1,846.55 crore in Q1. Also, the gross oil price rose to $108.35 per barrel in Q1 as compared to $101.88 last year. After accounting for $56 per barrel subsidy discount, its net price realisation rose to $52.35 per barrel as compared to $45.88 in the same period last fiscal.
‘Due to depreciation in rupee against US dollar, the net realisation in rupee terms during Q1 is Rs 3,130.53 per barrel as compared to Rs 2566.07 a barrel during Q1 FY14,’ the statement said.
The firm said its crude oil production dropped 6.5 per cent to 0.844 million tonnes but gas output was up 3 per cent at 0.677 billion cubic meters.
During the first quarter, crude oil production contribution from its joint venture block in Arunachal Pradesh was 8.136 thousand tonnes as against planned target of 8.14 thousand tonnes.
OIL achieved 100.17 per cent of the first quarter target with total production of 676.858 MMSCM from Assam, Arunachal Pradesh and Rajasthan. On international deals during the period, the company statement added that OIL signed an agreement with Russia’s Gazprom for joint pursuit of exploration opportunities across the globe. Gazprom is the biggest producer and exporter of liquefied natural gas (LNG) in Russia. Gazprom EP International BV (Gazprom International) is its foreign exploration and production projects operator and currently has assets in around 10 countries.
Through the memorandum of understanding (MoU), OIL and Gazprom plan to jointly participate in upstream oil and gas exploration and production opportunities in different parts of the world as well as collaborate on LNG. 7. In USA, current production from the liquid rich Shale asset in Niobrara Shale Play stands around 900-1000 Boepd.
OIL has also acquired 50 per cent indirect stake on License 61, Western Siberia, Tomsk, Russia from PetroNeft Resource Plc with effective date of 1 January, 2014.
The 4,991 sq. Km. licence contains 7 oil fields and over 25 identified prospects and leads and is currently producing 2100 Bopd. The licence has 2P resources of around 117 Mn bbls. PetroNeft would remain as operator of the block. The average oil production from this block is 2168 Bopd since January 2014 and OIL has started getting 50 per cent of its share from January 2014.
OIL also made two discoveries in Assam during the April-June period of FY15.
Upstream oil producers like OIL have to bear a portion of the losses that fuel retailers make on selling diesel, domestic LPG and kerosene at government controlled rates. This they do by extending discounts on crude oil they sell to retailers.
OIL said its subsidy payout was down almost 7 per cent at Rs 1,846.55 crore in Q1. Also, the gross oil price rose to $108.35 per barrel in Q1 as compared to $101.88 last year. After accounting for $56 per barrel subsidy discount, its net price realisation rose to $52.35 per barrel as compared to $45.88 in the same period last fiscal.
‘Due to depreciation in rupee against US dollar, the net realisation in rupee terms during Q1 is Rs 3,130.53 per barrel as compared to Rs 2566.07 a barrel during Q1 FY14,’ the statement said.
The firm said its crude oil production dropped 6.5 per cent to 0.844 million tonnes but gas output was up 3 per cent at 0.677 billion cubic meters.
During the first quarter, crude oil production contribution from its joint venture block in Arunachal Pradesh was 8.136 thousand tonnes as against planned target of 8.14 thousand tonnes.
OIL achieved 100.17 per cent of the first quarter target with total production of 676.858 MMSCM from Assam, Arunachal Pradesh and Rajasthan. On international deals during the period, the company statement added that OIL signed an agreement with Russia’s Gazprom for joint pursuit of exploration opportunities across the globe. Gazprom is the biggest producer and exporter of liquefied natural gas (LNG) in Russia. Gazprom EP International BV (Gazprom International) is its foreign exploration and production projects operator and currently has assets in around 10 countries.
Through the memorandum of understanding (MoU), OIL and Gazprom plan to jointly participate in upstream oil and gas exploration and production opportunities in different parts of the world as well as collaborate on LNG. 7. In USA, current production from the liquid rich Shale asset in Niobrara Shale Play stands around 900-1000 Boepd.
OIL has also acquired 50 per cent indirect stake on License 61, Western Siberia, Tomsk, Russia from PetroNeft Resource Plc with effective date of 1 January, 2014.
The 4,991 sq. Km. licence contains 7 oil fields and over 25 identified prospects and leads and is currently producing 2100 Bopd. The licence has 2P resources of around 117 Mn bbls. PetroNeft would remain as operator of the block. The average oil production from this block is 2168 Bopd since January 2014 and OIL has started getting 50 per cent of its share from January 2014.
OIL also made two discoveries in Assam during the April-June period of FY15.
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