RIL's oil & gas revenue drops 30.9% at Rs 5,191 cr

However, refining and marketing segment rises 6.8%

Mukesh Ambani-led Reliance industries (RIL) has posted a 30.9% decline in revenue from its oil and gas segment to Rs 5,191 crore in 2016-17, compared to Rs 7,514 crore during the same period in 2015-16, owing to lower upstream production and lower domestic gas price realisation. However, the company posted a 6.8% growth on refining and marketing segment.

For the year, domestic production (RIL share) was at 95 billion cubic feet (Bcf), down 23% compared to last year and production (RIL Share) in US Shale business was 162.5 Bcfe, down 20% on a year-on-year basis.

For the fourth quarter of 2016-17, revenues for the oil and gas segment decreased by 19.9% to Rs 1,309 crore, compared to Rs 1,634 crore during the same time last year. “Continuing weak price environment in the domestic market and declining production trend impacted segment revenues,” the company said in a statement. KG-D6 field produced 0.28 million barrels of crude oil and 23.4 BCF of natural gas in fourth quarter of FY17, a reduction of 15% and 25% respectively on a year-on-year basis.

For the financial year 2016-17, revenue from the refining and marketing segment increased by 6.8% year-on-year to Rs 2,50,833 crore, compared to Rs 2,34,945 crore during the same time last fiscal.