Political interference destroys Oil India's finances – 22 Jun 2021

Oil India Ltd made a PBT of a mere Rs 700 crore in the previous year.

It has spent Rs 7000 crore buying up NRL, which an ill-suited investment, particularly as the NRL works on a 50% excise duty subsidy that may get removed once GST is levied on petroleum products.

Then again, it also ended up buying up the Assam government's share worth Rs 1687 crore

Then it has a problem investment in Venezuela

To top it all, its big investment in the LNG project off the coast of Mozambique is in serious trouble as insurgents have stopped work there

Running short of money, OIL is sending out feelers to other companies to partner in its OALP investments while it is talking to ONGC for join development of some of its Upper Assam assets