Oil India also achieved its highest-ever daily crude production and announced a natural gas discovery in the Andaman Basin, alongside a record horizontal drilling milestone in Assam, highlighting its exploration and production momentum.
State-run Oil India (OIL) on Friday reported a consolidated net profit of around ₹4,027 crore in Q1 FY27, a growth of 97 per cent y-o-y, aided by higher crude oil production as well as robust profits declared by its subsidiary Numaligarh Refinery (NRL).On a sequential basis, the consolidated net profit of the exploration & production (E&P) company rose by more than 66 per cent.OIL’s consolidated total income was higher at around ₹13,236 crore in Q1 FY27 compared to ₹10,515 crore in Q4 FY26 and ₹9,006 crore in Q1 FY26.Its consolidated total expenses were also higher at ₹8,094 crore in Q1 FY27, up from ₹7,812 crore in Q4 FY26 and ₹17,225 crore in Q1 FY26.Higher crude output and NRL performance drive growthIn its efforts to ensure the Nation’s Energy Security, Oil said it produced 0.950 million tonnes (mt) of crude oil from its mature oilfields in Q1 FY27, up from 0.853 mt in Q1 FY26.On June 27, 2026, OIL achieved its highest-ever daily crude oil production of 10,921 tonnes (or 84,109 barrels).“OIL’s material subsidiary NRL achieved a robust 167 per cent growth in profit after tax (PAT), rising to Rs 1,305 crore in Q1 FY27 from ₹488 crore in Q1 FY26 with a gross refinery margin (GRM) of $35.95 per barrel vis-à-vis $5.02 and Distillate Yield of 87.58 per cent vis-à-vis 85.38 per cent,” it added in a statement.Exploration milestones in Andaman Basin and AssamDuring the quarter under review, the company reported the discovery of natural gas in the Vijaya Puram-3 exploratory well in the Andaman Basin, reaffirming the basin’s hydrocarbon potential. Further, the company completed a highly deviated exploratory well, achieving the highest-ever horizontal displacement of 3,116 meters in an onshore well in Assam.Published on August 7, 2026
