OIL INDIA LIMITED
(A Government of India Enterprise)
PRESS RELEASE
Oil India Board in its 433rd Board Meeting held on 13th August, 2013 approved the Q1 FY14
results. Details of Q1 FY14 results are as follows:
I. Performance.
Details Unit
Q1
FY 13-14
Q1 FY 12-13
A. Financial
Gross Income Rs. Crores 2449.43 2805.13
Turnover Rs. Crores 2097.77 2439.63
Net Profit Rs. Crores 609.08 929.93
Earnings per share Rs. 10.13 15.47
Subsidy Rs. Crores 1982.06 2015.52
B.Crude oil Price
Gross Crude oil Price US$/barrel 101.88 109.78
Subsidy/Discount US$/barrel 56.00 56.00
Net Price US$/barrel 45.88 53.78
Gross Crude Oil Price Rs/Barrel 5698.12 5939.27
Subsidy/Discount Rs/Barrel 3132.08 3029.60
Net Price Rs/Barrel 2566.04 2909.67
Ex rate Rs 55.93 54.10
C.Production
Crude oil * MMT 0.903 0.946
Natural Gas BCM 0.657 0.626
Oil + Oil equivalent
of Gas
MMTOE 1.560 1.572
D.Sales
Crude oil * MMT 0.865 0.935
Natural Gas BCM 0.522 0.485
Oil + Oil equivalent
of Gas
MMTOE 1.387 1.420
*Includes OIL’s production in joint ventures.
II. Physical Performance.
a) The crude oil production during Q1 FY14 was 0.903MMT as compared to
0.946MMT during Q1 FY13.
b) The natural gas production at 657MMSCM during Q1 FY14 is higher by
4.95% as compared to 626MMSCM during Q1 FY13.
c) Crude oil sales during Q1 FY14 was 0.865 MMT as compared to sales of
0.935 MMT in Q1 FY13. Sale of Natural Gas has increased by 7.63% to 522
MMSCM during Q1 FY14 as compared to 485 MMSCM during the Q1 FY13.
d) The decrease in crude oil production and sales quantity is due to certain
bandhs and blockades which affected operations in Q1 FY14.
e) In Libya, OIL has 25% PI in Area 95/96 where Sonatrach is the operator
(50% PI, with the other 25% with IOCL). Well No 1 was spudded in
December 2012 and discovery was made with the well producing 3050 bopd
of light oil(44.5 API). In the Third well also we have encountered 400 ft of
gas pay in tight sand+. 3D seismic is also being carried out in the 3rd phase
of the MWP and over 1000 Sq Km data acquired.
f) In Gabon, where OIL is the operator, a discovery has been made in the third
well that we drilled. The first two wells drilled in the block, failed to encounter
any commercial hydrocarbon and were abandoned. The third well
encountered two prospective zones. On testing the 2nd sand, the well
produced oil and gas. This is the first discovery of OIL in a overseas venture
as an operator.
g) In Venezuela, in the Carababo Basin asset, accelerated early production
from first development well started since 27th Dec 2012. Current production
from three wells is 1800 bopd and it is expected to reach 90000 bopd by the
end of 2015.
h) Oil India Limited, along with ONGC Videsh Limited, on 25th July, 2013, has
signed a definitive agreement with Videocon Mauritius Energy Limited to
acquire 100% of shares in Videocon Mozambique Rovuma 1 Limited, the
company holding a 10% participating interest in the Rovuma Area 1
Offshore Block in Mozambique for US$2.475 Bn. This investment provides
an early entry for OIL into one of the world’s largest natural gas assets, a
super giant gas field.
i) OIL has agreed to acquire 49% stake in Assam Petrochemicals Ltd.
j) The Company made two discoveries in Assam during the Q1.
II. Financial Highlights:
• During Q1 FY14, Rupee has depreciated against USD by 3.38% - from ` 54.10
in the Q1 FY 13 to ` 55.93 in Q1 FY14. This has resulted in additional revenue
of ` 61.27 crore and ` 12.72 crore in respect of Crude Oil and Natural Gas
respectively.
• Due to lower international crude oil price, the gross crude oil price realisation for
Q1 FY14 is 7.20% lower to US$ 101.88/bbl, as compared to US$ 109.78/bbl in
Q1 FY13. Due to continuation in subsidy at USD 56/bbl, in spite of lower
international crude price, the net crude price realisation during Q1 FY14 is
14.69% lower at US$ 45.88/bbl as compared to US$ 53.78/bbl during the same
period previous year.
• The turnover for Q1FY14 is ` 2097.77 crore as compared to ` 2439.63 crore
during the corresponding quarter last year, showing a decrease of 14.01%. The
decrease in turnover is mainly because of lower net crude oil price realisation to
the extent of ` 325.91 crore.
• During Q1 FY14, subsidy to the Oil Marketing Companies (OMCs) has
decreased by 1.66% to ` 1982.06 crore from ` 2015.52 crore during the
corresponding period last year due to lower crude oil production. The subsidy
has affected the PAT for Q1 FY14 by ` 1123.03 crore.
• PAT for the Q1 FY14 has decreased by 34.50% to ` 609.08 crore from `929.93
crore during Q1 FY13, primarily due to lower net crude price realisation.
IV. Awards
The Company has received the following awards recently:
• ‘Golden Peacock Environment Management Award’ for the year 2013
• Most Efficient Navratna PSU by Dalal Street Investment Journal
• Conferred with the Greentech HR Award 2013 under Gold Category for
outstanding achievement in “Training Excellence” for the 2nd consecutive
year.
• Corporate Excellence Award 2013 instituted by Star of the Industry Group in
the category of Best Investor Relations
• Governance Now PSU Award in the category - Human Resource Utilization
V. Corporate Social Responsibility
As a leading Corporate Citizen, OIL has been undertaking varied social and
community welfare initiatives towards development of the local communities of
OIL’s operational areas in line with its CSR vision “OIL is a Responsible Corporate
Citizen deeply committed to socio-economic development in its areas of operation.”
OIL’s exemplary CSR initiatives focusing on the key areas of education,
healthcare, capacity building, livelihood generation and the overall development of
basic infrastructure have touched many a lives in and around its operational areas.
(A Government of India Enterprise)
PRESS RELEASE
Oil India Board in its 433rd Board Meeting held on 13th August, 2013 approved the Q1 FY14
results. Details of Q1 FY14 results are as follows:
I. Performance.
Details Unit
Q1
FY 13-14
Q1 FY 12-13
A. Financial
Gross Income Rs. Crores 2449.43 2805.13
Turnover Rs. Crores 2097.77 2439.63
Net Profit Rs. Crores 609.08 929.93
Earnings per share Rs. 10.13 15.47
Subsidy Rs. Crores 1982.06 2015.52
B.Crude oil Price
Gross Crude oil Price US$/barrel 101.88 109.78
Subsidy/Discount US$/barrel 56.00 56.00
Net Price US$/barrel 45.88 53.78
Gross Crude Oil Price Rs/Barrel 5698.12 5939.27
Subsidy/Discount Rs/Barrel 3132.08 3029.60
Net Price Rs/Barrel 2566.04 2909.67
Ex rate Rs 55.93 54.10
C.Production
Crude oil * MMT 0.903 0.946
Natural Gas BCM 0.657 0.626
Oil + Oil equivalent
of Gas
MMTOE 1.560 1.572
D.Sales
Crude oil * MMT 0.865 0.935
Natural Gas BCM 0.522 0.485
Oil + Oil equivalent
of Gas
MMTOE 1.387 1.420
*Includes OIL’s production in joint ventures.
II. Physical Performance.
a) The crude oil production during Q1 FY14 was 0.903MMT as compared to
0.946MMT during Q1 FY13.
b) The natural gas production at 657MMSCM during Q1 FY14 is higher by
4.95% as compared to 626MMSCM during Q1 FY13.
c) Crude oil sales during Q1 FY14 was 0.865 MMT as compared to sales of
0.935 MMT in Q1 FY13. Sale of Natural Gas has increased by 7.63% to 522
MMSCM during Q1 FY14 as compared to 485 MMSCM during the Q1 FY13.
d) The decrease in crude oil production and sales quantity is due to certain
bandhs and blockades which affected operations in Q1 FY14.
e) In Libya, OIL has 25% PI in Area 95/96 where Sonatrach is the operator
(50% PI, with the other 25% with IOCL). Well No 1 was spudded in
December 2012 and discovery was made with the well producing 3050 bopd
of light oil(44.5 API). In the Third well also we have encountered 400 ft of
gas pay in tight sand+. 3D seismic is also being carried out in the 3rd phase
of the MWP and over 1000 Sq Km data acquired.
f) In Gabon, where OIL is the operator, a discovery has been made in the third
well that we drilled. The first two wells drilled in the block, failed to encounter
any commercial hydrocarbon and were abandoned. The third well
encountered two prospective zones. On testing the 2nd sand, the well
produced oil and gas. This is the first discovery of OIL in a overseas venture
as an operator.
g) In Venezuela, in the Carababo Basin asset, accelerated early production
from first development well started since 27th Dec 2012. Current production
from three wells is 1800 bopd and it is expected to reach 90000 bopd by the
end of 2015.
h) Oil India Limited, along with ONGC Videsh Limited, on 25th July, 2013, has
signed a definitive agreement with Videocon Mauritius Energy Limited to
acquire 100% of shares in Videocon Mozambique Rovuma 1 Limited, the
company holding a 10% participating interest in the Rovuma Area 1
Offshore Block in Mozambique for US$2.475 Bn. This investment provides
an early entry for OIL into one of the world’s largest natural gas assets, a
super giant gas field.
i) OIL has agreed to acquire 49% stake in Assam Petrochemicals Ltd.
j) The Company made two discoveries in Assam during the Q1.
II. Financial Highlights:
• During Q1 FY14, Rupee has depreciated against USD by 3.38% - from ` 54.10
in the Q1 FY 13 to ` 55.93 in Q1 FY14. This has resulted in additional revenue
of ` 61.27 crore and ` 12.72 crore in respect of Crude Oil and Natural Gas
respectively.
• Due to lower international crude oil price, the gross crude oil price realisation for
Q1 FY14 is 7.20% lower to US$ 101.88/bbl, as compared to US$ 109.78/bbl in
Q1 FY13. Due to continuation in subsidy at USD 56/bbl, in spite of lower
international crude price, the net crude price realisation during Q1 FY14 is
14.69% lower at US$ 45.88/bbl as compared to US$ 53.78/bbl during the same
period previous year.
• The turnover for Q1FY14 is ` 2097.77 crore as compared to ` 2439.63 crore
during the corresponding quarter last year, showing a decrease of 14.01%. The
decrease in turnover is mainly because of lower net crude oil price realisation to
the extent of ` 325.91 crore.
• During Q1 FY14, subsidy to the Oil Marketing Companies (OMCs) has
decreased by 1.66% to ` 1982.06 crore from ` 2015.52 crore during the
corresponding period last year due to lower crude oil production. The subsidy
has affected the PAT for Q1 FY14 by ` 1123.03 crore.
• PAT for the Q1 FY14 has decreased by 34.50% to ` 609.08 crore from `929.93
crore during Q1 FY13, primarily due to lower net crude price realisation.
IV. Awards
The Company has received the following awards recently:
• ‘Golden Peacock Environment Management Award’ for the year 2013
• Most Efficient Navratna PSU by Dalal Street Investment Journal
• Conferred with the Greentech HR Award 2013 under Gold Category for
outstanding achievement in “Training Excellence” for the 2nd consecutive
year.
• Corporate Excellence Award 2013 instituted by Star of the Industry Group in
the category of Best Investor Relations
• Governance Now PSU Award in the category - Human Resource Utilization
V. Corporate Social Responsibility
As a leading Corporate Citizen, OIL has been undertaking varied social and
community welfare initiatives towards development of the local communities of
OIL’s operational areas in line with its CSR vision “OIL is a Responsible Corporate
Citizen deeply committed to socio-economic development in its areas of operation.”
OIL’s exemplary CSR initiatives focusing on the key areas of education,
healthcare, capacity building, livelihood generation and the overall development of
basic infrastructure have touched many a lives in and around its operational areas.
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