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Current prices of crude oil "comfortable" for country and company, says Oil India

"Both India and our company are comfortable at USD 60 to 65, as the cost of production margin is reasonably good then. If the price is USD 65 to 70, we can recover our cost of production of USD 63," CMD Utpal Bora told reporters here.


PTI Last Updated at 04 Aug 2018, 21:08 IST India
Current prices of crude oil "comfortable" for country and company, says Oil India

Oil India Ltd today said the current prices of crude oil are "comfortable" for both the country and the state-owned company.

"Both India and our company are comfortable at USD 60 to 65, as the cost of production margin is reasonably good then. If the price is USD 65 to 70, we can recover our cost of production of USD 63," CMD Utpal Bora told reporters here.

Bora said when international prices of crude rise, it is good for the company, but not so for the country, as 80 percent of the required supply is imported. To a query on the future of crude prices, he said, "No expert can predict how much it will rise or fall, as the price of crude is very volatile.

It had risen to even USD 148 some years ago, and in February 2014, the price dropped to USD 27 per barrel." About its overseas investments, he said its two projects in Russian fields were paying dividends and return on investments coming in.

Referring to Assam, Bora said for the supply of domestic piped gas in Guwahati and its adjoining areas, Silchar and Hailakandi towns, an NE joint venture has been formed with OIL, Indian Oil Corporation, GAIL and Numaligarh Refinery. CNG filling stations would also be set up to control pollution, he added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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