NEW DELHI, July 27 � Oil India Limited (OIL) has managed to offset its crude oil production woes achieving its highest ever production in any quarter in its history. The crude oil production during the first quarter is 20 per cent higher.
The crude oil production rate has been increasing continuously and OIL is currently producing crude oil at the rate of 3.90 MTPA. Most of its production is from aging fields in the North-east. There has been a steady growth in oil production since the last three years through induction of new technologies and accelerated exploration and drilling campaign.
The crude oil production for the first quarter ending June is 0.957 MMT, compared to 0.798 MMT during the same period last year, a company spokesman said.
Natural gas production during first quarter was 641.89 MMSCM compared to 552.68 MMSCM during the same period last year. The gas production is 16 per cent higher than the corresponding quarter of the previous year.
The 2D seismic survey during the quarter was a 130 per cent more than the targeted plan of 105 GLKM. This was possible due to acquisition of 2D seismic data in Mizoram and Karbi Anglong NELP blocks, which were not scheduled in the Annual Plan.
The Gross Income of the Company during the first quarter (2011-12) was Rs.2668.72 crore as compared to Rs. 1816.51 crore during the same period, last fiscal, an increase of 46.91 per cent. The net profit was calculated at Rs. 849.61 crore, as compared to Rs.501.11 crore during first quarter, last fiscal, marking a jump of 69.55 per cent.
This was mainly due to higher sale quantity of crude oil and natural gas as well as higher realisation of crude oil and natural gas price and increase in reverse pumping transportation tariff. However, the subsidy during the period has increased steeply to Rs.1780.65 crore, as compared to Rs. 729.66 crore, which has affected the profitability of the company during the year.
Numaligarh Refinery Limited (NRL) has been drawing natural gas at a constant rate of around 0.86 MMSCMD through the Duliajan - Numaligarh gas pipeline commissioned in March. OIL has also committed supply of 1.35 MMSCMD of gas to the Assam Gas Cracker at Lepetketa, once the plant comes on stream.