Oil India Ltd, the nation’s second-biggest state oil producer, on Monday reported a 42 per cent drop in September quarter net profit largely on account of lower oil prices and one-time expense it incurred on controlling a blowout in Assam.
Net profit in July-September at Rs 381.75 crore was lower than Rs 661.53 crore net profit in the same period a year back, the company said in a stock exchange filing.
OIL said a blowout occurred in a producing well (Baghjan#5) in Tinsukia district of Assam on May 27 andthe well caught fire on June 9.
“To control the blowout, all necessary remedial actions (have) been undertaken by the company,” it said adding the total losses/damages arising out of the blowout can be assessed on successful control of the blowout.
