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Oil India's Q1 Rises on Higher Crude Output, Refining Margins

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Oil India reported Q1 earnings on Friday, supported by higher crude oil production and stronger refining margins as the state-run explorer highlighted a new natural gas discovery in the Andaman Basin.

Consolidated revenue from operations rose to 128.86 billion ($1.35 billion) rupees for the quarter ended June 30, compared with 87.50 billion rupees a year earlier.

Standalone revenue from operations rose to 79.58 billion rupees for Q2, compared with 50.13 billion rupees in the year-ago period.

Crude oil remained the energy firm's largest revenue contributor, with segment revenue climbing to 61.21 billion rupees, up from 33.12 billion rupees a year ago.

Natural gas revenue rose to 15.26 billion rupees, compared to 14.69 billion rupees.

Oil India said crude production from its mature oilfields increased to 950,000 metric tons during the quarter, up from 853,000 mt a year ago.

The company achieved its highest-ever daily crude oil production of 10,921 mt, equivalent to 84,109 barrels per day, on June 27.

Its refining subsidiary, Numaligarh Refinery, reported gross refining margins surged to $35.95 per barrel, up from $5.02/bbl, while distillate yield improved to 87.58% from 85.38%.

Oil India said it discovered natural gas at the Vijaya Puram-3 exploratory well in the Andaman Basin, reinforcing the basin's hydrocarbon potential.

The energy firm also completed a highly deviated exploratory well in Assam, achieving a record horizontal displacement of 3,116 meters for an onshore well.

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