Tuesday, February 8, 2011

OIL production goes up by 3.30 pc

NEW DELHI, Feb 6 – The Oil India Limited (OIL) has increased crude oil production for third quarter ending December by 3.30 per cent.

Official sources said OIL has produced 0.93 MMT, compared to 0.90 MMT during the same period last year, leading to an increase of 3.30 per cent.

As against last years’ production of 3.572 MMT, OIL has been able to sustain the growth in production and has ramped up its production to current level of 3.76 MTPA rate.

Crude oil and natural gas production had suffered during the first quarter of the year due to NRL shut down. The direct and indirect consequential crude oil production losses due to NRL shutdown was 0.130 MMT. Natural gas production loss due to NRL shut-down was 28.57 MMSCUM. Natural gas production also suffered due to low upliftment by customers.

Numaligarh Refinery Limited (NRL) was shut-down from March 16 last year beyond the scheduled 60 days for major upgradation works to comply with Euro III and Euro IV norms. NRL came back to full stream on June 26 last, after a delay of about 42 days.

The gross income of the company during quarter three was Rs. 2750.75 crore as compared to Rs. 2264.14 crore during the same period last year, marking an increase of 21.49 per cent. The net profit for the period was Rs. 907.98 crore as compared to Rs.717.28 crore, a jump of 26.59 per cent.

Source: The Assam Tribune Online

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