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Motilal Oswal Report
Oil India Ltd. reported volumes in line with our estimate, while higher opex led to a miss on Ebitda.
It expects oil/gas production of ~3.05 million metric tonnes/~3.2 billion cubic metres in FY22 (factoring in stabilisation of the Baghjan field).
The Baghjan blowout was completely controlled by the middle of November 2020 and Rs 4.5 billion was charged as losses under exceptional items in FY21.
Baghjan is a prominent field and the company expects production to rise with the stabilisation of production (post blowout) and ongoing de-bottlenecking.
Brent prices have spiked to $75/barrel of oil on the back of strong global demand and the speedy lifting of the lockdown/restrictions.
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