Oil India Ltd has reported a ₹703.22-crore net profit for the first quarter of financial year 2018-19. This is 56.19 per cent higher than ₹450.24 crore profit in the corresponding quarter of financial year 2017-2018.

The spurt in profits is on the back of a higher crude oil price. A company statement said the crude oil price realisation stood at $72 a barrel during the quarter. This stood at $48.41 a barrel during the same period of the preceding financial year.

Crude oil production flat lined at 0.84 million tonne during the quarter under consideration. Natural gas production reported a decline to 0.696 billion cubic meters (bcm) in the first quarter

The gas production during the corresponding period of financial year 2017-18 stood at 0.724 bcm.

Hydrocarbon discovery

OIL also reported a hydrocarbon discovery in NELP VI block, KG-ONN-2004/1, Thanelanka-I — the first successful High Pressure High Temperature (HPHT) well that was drilled by the company.

OIL has also been allotted two geographical areas, namely Cachar, Hailakandi & Karimganj Districts and Kamrup & Kamrup Metropolitan Districts in Assam in the recently concluded 9th round of City Gas Distribution (CGD) bidding by PNGRB. These projects are in consortium with Assam Gas Company and GAIL Gas Ltd.