State-run Oil India Ltd (OIL) reported a net profit of ₹454.69 crore in the third quarter of the financial year 2017.
This was 18.82 per cent higher than the ₹382.66-crore net profit in financial year 2016.
The higher profits were due to the recovering crude oil price in the domestic and international market. Net realisations for OIL stood at $49.20/barrel, this stood at $42.02/bbl in the third quarter of the financial year 2017.
Crude oil production during third quarter of 2016-17 stood at 0.831 mt, 3.10 per cent higher than production in the third quarter of last fiscal. Natural gas production stood at 0.738 BCM, 4.90 per cent lower than the production in the third quarter of 2015-16.