Sanjay Barman Roy, President – Exploration & Production (E&P), said the business delivered a steady performance in the second quarter, with overall performance remaining largely unchanged from the previous quarter.

“This has been a steady quarter. Overall performance has been practically flat sequentially,” Roy said.

He added that the company continued to maintain its production levels during the quarter.

Commenting on the impact of disruptions in the Strait of Hormuz (SoH), Roy said the situation affected LNG offtake by nearly 32 million tonnes.

“SoH disruption impact offtake of LNG nearly about 32 million tonnes,” he said.

However, the shortfall in LNG supplies was offset by increased production from other major producing countries, including the US, Canada, Nigeria and Russia.

“Shortfall in LNG was offset by increased production from US, Canada, Nigeria and Russia,” Roy added.

Petrochemicals businesses continued to face pressure in the second quarter amid geopolitical disruptions, concerns over naphtha availability and a decline in domestic polymer demand, Amit Chaturvedi, President, Petrochemicals, said.

Speaking about the quarter’s performance, Chaturvedi said ethane prices remained relatively stable, but naphtha availability continued to be a major concern.