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Oil India Ltd (OIL), India'sstate-owned petroleum explorer, has recorded a 33% decline in net profit for the quarter ended September as a historic downslide in crude oil price impacted realizations.
The company posted a net profit of Rs 608.3 crore during the quarter as compared to Rs 903.6 crore in the same period last fiscal."Due to lower international crude oil price, gross crude price realisation for second quarter 2014-15 is lower by 6.54% to $ 101.25 per barrel as compared to $ 108.33 per barrel in second quarter 2013-14. The net realisation is $ 45.25 per barrel as compared to $ 52.33 per barrel," OIL said in a statement.
Total income of the company also slumped 17.5% to Rs 2,622.2 crore as compared to Rs 3,179.8 crore in the corresponding period last fiscal. Sales volume rose dipped 2.4% to 1.42 million tonne of oil and oil equivalent gas (MTOE) during the three months ended September.
"Subsidy to Oil Marketing Companies (OMCs) was at the same level - Rs 2,238.3 crore in second quarter of 2014-15 as compared to Rs 2,233.7 crore in the second quarter of 2013-14. Subsidy during the first half 2014-15 is Rs 4,084.8 crore as compared to Rs 4,215.7 crore in the first half of 2013-14. The subsidy has affected PAT by Rs 2,210.2 crore," OIL said.
OIL acquired 50% stake on License 61 in Western Siberia in Russia from PetroNeft Resource Plc (PetroNeft) with effective date of 1 January 2014. The license contains seven oil fields and over 25 identified prospects. The average oil production from this block is around 2100 Barrels of oil per day since January 2014, OIL said.
