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Oil India reports 6% increase in Q1 crude oil production
State-run Oil India Ltd’s crude oil production for the April-June quarter stood at 871,000 tonnes, 6.2% higher on a year-on-year (y-o-y) basis
Its crude oil production in the corresponding period of the last fiscal was 820,000 tonnes
Further, the public sector energy company’s natural gas production rose nearly 10% to 818 million cubic meters. “Oil India Ltd (OIL), registers phenomenal growth in its crude oil and natural gas production with an increase of 6.22% in crude oil while the natural gas production is up by 9.80% in Q1 FY25 vis-a-vis Q1 FY24,” said a company statement.
The increase in production comes at a time when the Centre is looking at increasing India’s oil and gas production in a bid to reduce import dependence. India imports about 85% of its energy requirement.
For the first quarter of FY25, Oil India had reported a consolidated turnover of ₹93.5089 billion, nearly 45.9% higher than ₹64.0876 billion in the same quarter of the last fiscal. Its consolidated net profit rose 44% to ₹20.1630 billion in the quarter ended June from ₹13.9949 billion in the corresponding quarter of FY24.
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