Oil India Limited has reported a ₹ 381.75 crore consolidated profit for the second quarter of financial year 2020-2021. This is lower than the ₹ 661.53 crore consolidated profit reported by the company in the same period of last fiscal. Consolidated total income during the period under review stood at ₹ 2286.82 crore, down from ₹ 3399.81 crore from the comparable period of fiscal 2019-2020. A company statement said the financial performance during the second quarter of fiscal 2020-2021 was adversely affected due to sharp fall in oil and gas price realisations. “Average Crude Oil price realisation during the second quarter of fiscal 2020-2021 was $ 42.74 a barrel which was lower by 30.28 per cent as compared to crude Oil price realisation of $ 61.30 a barrel during the same quarter of fiscal 2019-2020,” the statement said. “Average natural gas price realisation during the second quarter of fiscal 2020-2021 is at $ 2.39 per million British thermal units (mBtu) as compared to $ 3.69 per mBtu in the second quarter of fiscal 2019-2020,” the statement added. Crude oil and gas production was also down to 1.384 million tonne of oil equivalent (mtoe) in the period under review from 1.563 mtoe in the comparable period of last fiscal. Commenting on the financial impact of the Baghjan blowout, OIL said, “The total losses/damages arising out of the blowout can be assessed on successful control of the blowout. However, as on September 30, 2020 an amount of ₹ 227.51 crore has been incurred to control the blowout and the same has been shown as Exceptional Item in the Statement of Profit and Loss.”

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