The state-run Oil India registered 69.5% profit at Rs. 847 crore in the June quarter compared to last year’s Rs 501.11 crore in the same period. Debt-free Oil India’s net worth stood at Rs 16,500 with cash reserves of USD 2.5 billion.
The jump is due to higher sales of both crude as well as natural gas, the company said.
Oil India now checking the possibility of buying stake of the Gabonian firm Etablissements Maurel et Prom in Africa.
Oil India Director -exploration & development – Baikunta Nath Talukdar said, “The block already has a discovery. We have our own people evaluating it, besides experts from other countries. A decision will be taken on our investments in Gabon in west central Africa after a feasibility study.”
