Reliance's 3Q Oil, Gas Revenue Drops
India’s Reliance Industries (RIL) January 17 said revenue for the oil and gas segment during the three months that ended December 31, 2018 (3Q2019) dropped 27.5% year-on-year owing to declining volumes.
Revenue for the quarter was rupees 11.82bn ($170mn) versus rupees 16.32bn in the corresponding quarter of previous year. Quarter-on-quarter revenue dropped 10.6%, RIL said.
Domestic production was lower at 13.2bn ft3 equivalent, down 33% year-on-year whereas production in US Shale operations declined by 37% to 21.2bn ft3 equivalent.
RIL’s India CBM production during 3Q was 3.21bn ft3 compared with 2.44bn ft3 during the same quarter of previous year. The average production rate for the quarter was at 0.99mn m3/d, it said.
KG-D6 field, offshore India’s east coast, produced 6.08bn ft3 of natural gas in 3Q, a reduction of 62% on year. There was no crude and condensate production, RIL said. KG-D6 R-Cluster development project is progressing as per plan and drilling and lower completion has been completed for two wells out of six wells. Drilling of third well currently is in progress and first campaign of installation of facilities is also in progress, RIL said.
RIL’s overall 3Q revenue was up 56% year-on-year to $24.6bn; while net profit was up 8.8% year-on-year to $1.5bn driven by higher price realisations in its petrochemical, telecom and retail businesses.