Oil India reported 96.9% fall in consolidated net profit to Rs 26.29 crore on 40.66% fall in total income to Rs 2,249.43 crore in Q1 June 2020 over Q1 June 2019.
The announcement was made after market hours on Friday, 21 August 2020. Shares of Oil India shed 0.15% to settle at Rs 99.60 on Friday.
Oil India said that global spread of Covid-19 and collapse in understanding between OPEC and Russia on continued production cuts lead to sharp fall in international crude oil prices. Average Crude Oil price realisation was lower at US$ 30.43 per BBL in Q1 June 2020 as compared to US$ 52.18 per BBL during Q4 June 2020. The realisation in INR terms was Rs 2,309 per bbl in Q1 June 2020 as compared to Rs 3,777 per bbl in Q4 March 2020.
Natural gas price realisation during Q1 June 2020 reduced to US$ 2.39/MMBTU from US$ 3.23/MMBTU in the previous quarter. Crude Oil production during Q1 June 2020 at 0.752 MMT was marginally lower from 0.758 MMT in the previous quarter. Natural gas production during Q1 June 2020 at 682 MMSCM was higher than the natural gas production of 645 MMSCM during Q4 March 2020.
Oil India is a state-owned Navratna under the administrative control of India's Ministry of Petroleum and Natural Gas.
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