Oil India Reports Rise in Annual Profit
Indian state-owned Oil India May 28 reported a higher net profit for the year April 2017-March 2018 thanks to sharp rise oil prices.
For the year, company’s net profit was rupees 26.67bn ($390mn) compared with rupees 15.48bn in the previous year. Crude oil price realisation was at $55.72/b versus $47.36/b a year ago, the company said. Oil production during the year stood at 3.39 million metric tons compared with 3.27mn mt in the previous year. Gas output during the year was 2.89bn m3, down from 2.93bn m3 in the previous year. Natural gas price realisation during the year declined to $2.69/mn Btu from $2.78/mn Btu in the previous year.
For the January-March period (4Q2018) Oil India’s net profit was rupees 8.67bn compared with rupees 193.1mn in the year ago period. Crude oil price realisation in 4Q was almost $65/b, up from $52.5/b in the year ago period.