Oil India announces unprecedented profits on soaring oil prices

State-owned Oil India Ltd on Friday reported its highest ever quarterly net profit in the three months ending March, with the price nearly $100 a barrel of oil produced and sold.

The net profit of Rs 1,630.01 crore in January-March was almost double the profit of Rs 847.56 crore in the same period last year, OIL (Finance) Director Harish told reporters. Madhav here.

Indeed, the company earned $98.08 for every barrel of crude oil produced and sold in the fourth quarter of fiscal 2022, up from $59.80 a barrel a year ago.

For the full 2021-22 financial year (April 2021 to March 2022), the company also reported its highest ever profit of Rs 3,887.31 crore, or Rs 35.85 per share, from Rs 1,741 .59 crore, or Rs 16.06 per share, in the prior financial year.

Revenue increased by 27% in the fourth quarter to reach Rs 4,972.91 crore and by 55% in FY22 to reach Rs 16,427.65 crore.

“This is the highest quarterly and annual net profit on record, as well as the highest quarterly and annual revenue,” he said.

The country’s second-largest oil and gas explorer fetched $2.35 per million in British thermal unit gas prices in 2021-22, down from $2.09 per mmBtu in 2020-21.

He said the company achieved the highest ever natural gas production of 3.04 billion cubic meters in 2021-22, a 15.25% increase from last year. Natural gas production in the fourth quarter of 2021-22 also increased by 13.1% compared to the corresponding period last year.

Crude oil production in 2021-22 increased by 1.6% to 3.01 million tonnes. In the fourth quarter, oil production rose 4.2% year-on-year.

The firm made two new hydrocarbon discoveries during the year in the Tinsukia district of Assam.

The company’s board has recommended a final dividend of Rs 5 per share for FY22. It had previously paid an interim dividend of Rs 9.25 per share for the same financial year. The total dividend for the year will be Rs 14.25 per share.

OIL Chairman and Managing Director SC Mishra said the company has become the first company in the country to commission a 100KW capacity pilot plant for the production of green hydrogen in Assam.

The plant is based on anion exchange membrane (AEM) technology for the production of green hydrogen with a purity of 99.99%.

OIL has also entered into collaborations with start-ups for the development of green hydrogen utilities.

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