Oil India Ltd, the nation\u2019s second largest state oil and gas producer, logged second quarterly loss in its history in April-June after crude oil prices slumped to lower than cost of production.<\/p>\n
OIL had a net loss of Rs 248.61 crore in first quarter of 2020-21 fiscal as compared to a net profit of Rs 624.80 crore in the same period of the previous financial year.<\/p>\n
\u201cThis is the second quarterly loss in OIL history. We had a quarterly loss in 2018-19 fiscal,\u201d OIL Director-Finance Harish Madhav said on Saturday.<\/p>\n
The loss was primarily due to price realised for oil the company produced dropped to USD 30.43 per barrel in the June quarter as compared to USD 66.33 a barrel price realised a year back, he said. \u201cOur cost of production is around USD 32-33 per barrel and a drop in price was the primary reason for the loss in Q1,\u201d he said.<\/p>\n
OIL produced 0.75 million tonnes of crude oil in April-June, down marginally from 0.81 million tonnes a year back. Natural gas output too was marginally lower at 0.68 billion cubic metres (bcm) from 0.71 bcm in Q1 2019-20.<\/p>\n
He said natural gas price realisation during Q1 FY21 reduced to USD 2.39 per metric million British thermal unit (mmBtu) from USD 3.23 in the previous quarter.<\/p>\n
OIL\u2019s cost of production for natural gas is around USD 2.3 per mmBtu.<\/p>\n
\u201cGas price realisation was fine but it was the substantial drop in oil prices that resulted in loss in Q1,\u201d he said. Turnover in April-June reduced to Rs 1,874.48 crore from Rs 3,496.10 crore in the same period last year.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil India Ltd, the nation\u2019s second largest state oil and gas producer, logged second quarterly loss in its history in April-June after crude oil prices slumped to lower than cost of production. OIL had a net loss of Rs 248.61 crore in first quarter of 2020-21 fiscal as compared to a net profit of Rs 624.80 crore in the same period of the previous financial year. \u201cThis is the second quarterly loss in OIL history. We had a quarterly loss in 2018-19 fiscal,\u201d OIL Director-Finance Harish Madhav said on Saturday. The loss was primarily due to price realised for oil […]<\/p>\n","protected":false},"author":39,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[133],"tags":[],"class_list":["post-369429","post","type-post","status-publish","format-standard","hentry","category-oil-gas"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/369429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=369429"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/369429\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=369429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=369429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=369429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}