Low Net Realisation, Crude Oil Production Loss Hit Profit: OIL
  • Saba Ashraf
  • Aug 14 2013

August 14: Oil India Limited (OIL) profit has fallen 35% and revenue in the crude oil segment has declined over 20%. T.K. Ananth Kumar, Director Finance at OIL, says the first-quarter earnings missed estimates due to a $9 per barrel drop in net realisations and the production loss in crude oil. We are waiting for government approval to conclude the Mozambique deal, he adds.