Oil India Reports Loss in Q1
Indian state-run Oil India on August 21 reported a net loss of rupees 2.49bn ($33mn) in the three months to June 30 (Q1) owing to sharply lower average realised oil and gas price. The company had posted a net profit of rupees 6.24bn in the same quarter of previous year.
Oil India’s average realised oil price during Q1 was $30.43/barrel compared with $66.33/b in the year ago period. Natural gas price realisation during Q1 reduced to $2.39/mn BTU from $3.23/mn Btu in the same quarter of previous year.
Crude Oil production during Q1 was 0.75mn metric tons, lower than 0.81mn mt in the same period last year. Natural gas output was marginally lower at 0.68bn m3 from 0.71bn m3 in Q1 of previous year, the company said.