Oil India’s crude oil output jumps 6.22%, natural gas production up 9.80% in Q1 FY25

New Delhi: Despite a decline in India’s overall crude oil production, Oil India Limited (OIL) has registered a jump of 6.22 percent in its crude oil output in Q1 of FY2024-25, said the PSU in a statement on Monday. It also added that its natural gas production has gone up 9.8 percent in the June quarter of FY25. “Oil India Limited (OIL), the youngest Maharatna CPSE of Govt. of India, registers phenomenal growth in its Crude Oil and Natural Gas production with an increase of 6.22 percent in crude oil while the Natural Gas production is up by 9.80 percent in Q1 FY25 vis a vis Q1 FY24,” said Oil India.

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Declaring its financial results for the quarter ended June 30, 2024 on August 8, OIL reported a Profit After Tax (PAT) of Rs 1,466.84 crore for Q1 FY25, with the contribution to the exchequer, in the form of Special Additional Excise Duty (SAED), at USD 10.27/bbl in Q1 FY25 compared to USD 2.59/bbl in Q1 FY24, amounting to Rs 507.75 crore in Q1 FY25 vis-a-vis Rs 113.55 crore in Q1 FY24. A provision of Rs 203.90 crore is kept towards Service Tax/GST on Royalty during Q1 FY25. The average Crude Oil price realisation for Q1 FY25 stood at USD 84.89/bbl, a 10.46 percent increase from USD 76.85/bbl for Q1 FY24.

OIL’s group’s consolidated turnover for Q1 FY25 is Rs 9,350.89 crore, up from Rs 6,408.76 crore in Q1 FY24. The consolidated Profit After Tax for Q1 FY25 is Rs 2,016.30 crore, compared to Rs 1,399.49 crore for Q1 FY24.

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