The Oil India Board in its 493rd board meeting held on Monday declared a 56 per cent increase in profit after tax for the first quarter of Financial Year 2018-19 at Rs 703.22 crore as compared to profit after tax of Rs. 450.24 crore during Q1 FY 2017-18.
Oil India Limited which is headquartered at Duliajan in Dibrugarh district had for the first quarter of financial year 2018-19 witnessed increase in all spheres – profits, crude oil and natural gas price realizations, production of crude oil. Production of natural gas, however, decreased.
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The Board said that crude oil price realisation increased by US$ 23.59/BBL (barrel) to US$ 72.00 /BBL in Q1 FY 2018-19 as compared to US$ 48.41/BBL during Q1 FY2017-18.
The average natural gas price realisation during Q1 FY 2018-19 was US $ 3.06/MMBTU as compared to US$ 2.48/MMBTU in Q1 FY2017-18.
Crude Oil production for the Q1 FY 2018-19 was 0.844 MMT which is same to the crude oil production during Q1 FY 2017-18.
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Natural gas production during Q1 FY2018-19 is decreased by 3.87 per cent to 696 MMSCM as compared to 724 MMSCM during Q1 FY2017-18 due to short upliftment by certain consumers.
Company has received NIL comment from Comptroller and Auditor General of India on FY 2017-18 accounts, for the 16th consecutive year.
The Board further said that there was hydrocarbon discovery in NELP VI block, KG-ONN-2004/1 in May, 2018 at well Thanelanka-I, the first successful high pressure high temperature (HPHT) well drilled by the company.
The company, in consortium with Assam Gas Company and GAIL Gas Ltd., has been allotted two geographical areas, namely Cachar, Hailakandi and Karimganj districts and Kamrup and Kamrup (M) districts in the state of Assam in the recently concluded 9th round of City Gas Distribution (CGD) bidding by PNGRB.
The company has partnered with ONGC, IOCL, GAIL & NRL to form a JV company named Indradhanush Gas Grid Limited with equal equity contribution to construct Gas Grid infra-structure covering 1450 km of pipeline to connect eight North-Eastern States from Guwahati.