OIL registers 56.19 % growth for ‘profit after tax’ at Rs.703.22 crores in 2018-19

Oil India Limited (OIL) , the premier Navaratna Company of the country registered a spectacular results for the first quarter FY ( Financial Year) 2018-19, which were declared in its 493rd board meeting held on August 13 last.

The Profit After Tax( PAT) saw a staggering 56.19 % growth at Rs. 703.22 crores compared to PAT of Rs. 450.24 crore during Q-1 2017-18. The crude oil production remained the same at 0.844MMT which is the same for crude oil production during Q 1 FT 2017-18.

The Natural Gas production during Q1 FY 2018-19 decreased by 3.87 % to 696 MMSCM compared to 724 MMSCM during Q 1FY 2017-18 due to short upliftment by certain consumers.

The crude oil price realization increased by US $ 23.59/BBL to US $ 72.00/ BBL in Q1 2018-19 compared to US $ 48.41/ BBL during Q1 FY 2017-18. The company has received ' Nil' comment from CAG for FY 2017-18 accounts, for the 16th consecutive year.

The company in consortium with Assam Gas Compmnay and GAIL Gas Ltd has been allocated two geographical areas , namely Cachar , Hailakandi and Karimganj districts and Kamrup and Kamrup 9 Metro) district in Assam in recently concluded 9th round of City Gs Distribution (CCD) bidding by PNGRB.

OIL has also partnered with ONGC, IOCL, GAIL and NRL to form a JV company named " Indradhanush Gas Grid Limited" with equal contribution to construct Gas Grid infrastructure covering 1450 Km of pipeline to connect eight North Eastern states from Guwahati.