DULIAJAN, Aug 17 - Oil India Limited (OIL) held its 60th annual general meeting at its field headquarters here. The company has managed to maintain its growth graph and for the last finalised fiscal has achieved a turnover of Rs 15,170 crore, its highest ever yet.
Addressing the shareholders, the company Chairman and Managing Director Utpal Bora mentioned that on February 18 this year, OIL has completed 60 years of its establishment. During these 60 years, the company�s crude oil production increased from 0.215 MMT to 3.323 MMT, while natural gas production increased from 43.60 MMSCM to 2,865 MMSCM.
Besides increase in production, the company achieved many other milestones in all facets of its operations like acquisition of new oil & gas blocks, increase in acreages, geographical expansion in India and abroad, business diversification into renewable energy, city gas distribution, etc. It is, therefore, a matter of pride for all in being associated with this premier national oil company, Bora said, sharing highlights of fiscal 2018-19 during which OIL produced 3.323 MMT of crude oil and 2,865 MMSCM of natural gas.
Besides production of crude oil from Assam assets, the company also produced crude oil from its Rajasthan asset where cyclic steam stimulation (CSS) was successfully implemented on a pilot scale in the well Baghewala-8 for the first time in India. The initial results of CSS technology has been found to be very encouraging with a production enhancement of about five- to six-fold and which will serve as impetus for monetisation of heavy oil from this field.
The company�s pipeline network and LPG business too contributed to overall revenue of the company. During 2018-19, the crude oil pipeline transported 6.57 MMT of crude oil and the Numaligarh-Siliguri product pipeline transported 1.78 MMT of products with a pipeline capacity utilisation of 103.5 per cent, while total revenue generated from pipeline transportation was Rs 365.34 crore. OIL�s LPG plant processed an average of 1.71 MMSCMD gas and produced 33,730 MT of LPG. Revenue generated from LPG during the fiscal was Rs 141.53 crore. Bora also apprised about upgradation job of the pipeline network.
Besides continuation of exploration activities in the existing blocks, the CMD mentioned that the company has adopted the strategy to acquire new blocks to ensure increase in reserve accretion. During 2018-19, OIL has been awarded nine blocks under first round of Open Acreage Licensing Policy (OALP) covering a total area of 7,907 sq km, out of which five are in Assam and two each in Arunachal Pradesh and Rajasthan. Under Round II of discovered small field (DSF), two contract areas, one each in Tripura and KG Offshore were awarded to the company. This will be the company�s first foray in Tripura and also into KG Offshore as an operator.
Bora also informed that OIL has assisted new entrepreneurs under �Start Up initiative of Government of India� to develop and contribute to overall well-being of the nation as a whole. Till March 31, 2019, the company has funded four start-ups with a commitment of Rs 455.03 lakh.
Giving an account of Oil India�s corporate social responsibility (CSR) initiatives, Bora underlined that OIL�s efforts for achieving inclusive growth is well reflected in its CSR initiatives for all-round development of the people, in areas such as health, education, livelihood generation, placement-linked skill building training, women empowerment, flagship Government of India projects like Swachh Bharat, Pradhan Mantri Ujjwala Yojana for providing deposit-free LPG connections to women belonging to the below poverty line (BPL) families, promotion of rural sports, etc.
