DULIAJAN, Sept 24 - Oil India Limited (OIL), country�s second largest oil exploration company, held its 57th annual general meeting at its field headquarters here today.
Addressing the shareholders, OIL Chairman and Managing Director Utpal Bora shared the significant highlights of the fiscal 2015-16 during which the company achieved the highest ever production and sale of natural gas in its history.
The turnover of the company stood at Rs 9,764.87 crore as against Rs 9,748.23 crore, while the profit after tax (PAT) was Rs 2,330.11 crore against PAT of Rs 2,510.20 crore during 2014-15. The company also declared a dividend of 160 per cent for 2015-16.
Bora also mentioned about OIL�s substantial contribution both to the State and Central exchequers in terms of cess, royalty, sales tax, etc. The contribution of the company to the State exchequer during the year was Rs 1,861 crore and that to the Central Government was Rs 3,245 crore.
Bora announced that OIL�s sound financial performance has enabled the company to retain international credit ratings for the third consecutive year � Moody�s �BAA2� (higher than sovereign rating) and Fitch Rating �BBB(-)� (stable: equivalent to sovereign rating).
The OIL CMD informed that during the year, the company made a total of six hydrocarbon discoveries, all of which were in the Upper Assam basin. The company also achieved the all-time highest natural gas production of 2,838 MMSCM during the fiscal, he said, adding, the OIL has started supplying natural gas to the Brahmaputra Cracker and Polymer Ltd (BCPL) during the year for production purposes.
Giving a review of the overseas activities of the company, Bora said that OIL�s overseas E&P portfolio comprises 16 blocks and are spread over 10 countries � Libya, Gabon, Nigeria, Yemen, Venezuela, USA, Mozambique, Myanmar, Bangladesh and Russia. In addition to the above, OIL also has 10 per cent PI in a product pipeline in Sudan.