Oil India and NRL report record profits and production spikes

Guwahati: Assam Chief Minister Himanta Biswa Sarma signaled a massive boost for state energy production this week. Both Oil India Limited and Numaligarh Refinery Limited delivered record financial results. They are fueling India's energy security.

Oil India Limited banked a massive Rs 2,870 crore in standalone profit after tax. That is a 2.5-fold increase over the same period last year. A spike in crude oil production and strong prices drove the gain. The company hit a total crude output of 0.950 million metric tonnes. Daily production reached 10,921 tonnes, or 84,109 barrels. Sarma noted, "OIL recorded its highest-ever quarterly Standalone Profit After Tax."

The company consolidated its position with a Rs 4,027 crore profit. This marks 97 per cent year-on-year growth. Operational records fell too. Engineers hit a horizontal displacement of 3,116 metres at an onshore well in Assam. The firm also expanded exploration efforts into the Andaman Basin.

Numaligarh Refinery Limited matched the pace with a 167 per cent jump in profit. The refinery pulled in Rs 1,305 crore. It maintained a gross refining margin of $35.95 per barrel. The facility also kept a tight focus on output with a distillate yield of 87.58 per cent. Sarma praised the teams for strengthening Assam's standing in the national energy sector.