DULIAJAN, Sept 25 � Country�s second largest oil major, Oil India Limited, held its 51st annual general body meeting at its field headquarters, here today.
NM Borah, the Chairman and Managing Director while addressing the shareholders, said that fiscal 2009-10 was a year of significant achievements for the company as its annual oil and gas production touched new heights of 3.572 MMT and 2415 MMSCM respectively. The turnover of the company was also the highest so far and stood at Rs 7905 crore, while the profit after tax touched a new peak of Rs 2610 crore - an increase of 20.76 per cent over the previous year. The company also declared the dividend at 340 per cent, which too was the highest so far.
Borah said the company�s elevation to the prestigious status of �Navratna� by the Government of India was another significant achievement of the PSU. He said the company�s maiden IPO, launched during the year, was rated as the most successful in the history of all PSUs of the country with current market capitalisation of about Rs 37,900 crore, and this development has propelled the company to be amongst the top forty most prominent corporate entities in the country.
Welcoming the Government�s recent decision to reform petroleum fuel prices and revise the APM gas price, the CMD said that this would help ease the subsidy burden faced by upstream public sector companies like Oil India and would allow them to generate additional resources to pursue exploration activities.
Outlining the company�s strategy for growth, the CMD said Oil India would continue to focus on core business of E &P and pipeline engineering but would also make selective forays in to hydrocarbon value chain segments. It would spread its wings from North-East to pan India and increase its global presence with a diversified acreage portfolio through acquisitions of overseas E& P assets as vehicle of inorganic growth. At the same time, the company would also endeavour to secure its position as a key player in new initiatives like Coal Bed Methane (CBM), shale gas and other similar opportunities, Borah added.
Giving a review of the overseas activities of the Oil India Limited, Borah said that the company now has overseas presence in nine countries, with acreage of 41656 sq km. He gave a detailed account of the progress made in each of the blocks, and informed that Oil India�s participation as a member of an international consortium in the heavy oil project in Orinoco Heavy Oil Belt, Carabobo in Venezuela, has gone into an advanced stage of production preparedness and the first oil is expected by 2012.
Describing human resource as the company�s most important asset, Borah said company has been undertaking a strategic intervention termed �Breakthrough Performance� for organisational transformation over the last five years. This initiative, focused on transforming the organisation into a learning, vision driven and value governed organisation, has brought in rich benefits.
Giving an account of Oil India�s community social responsibility activities, Borah said, �as a responsible corporate citizen, the focus of our CSR policy is to remain a �People�s Company� with a human face�, and added that the ongoing CSR schemes viz., �Social Welfare Scheme�, �Area Development Scheme� and OIL �SIRD initiatives cover a wide range of activities. These include - construction of roads, developing infrastructure of educational institutions, mobile dispensary and health care services etc. besides promotion of various local agro-based activities.
In recognition of the company�s efforts towards maintaining the highest standards of operational and personal safety, OISD has awarded the prestigious OISD Safety Award in the Oil and Gas Onshore Asset Category, Borah said.
Describing the growth vision of the company, Borah said, �With India�s energy needs projected to grow by 30 per cent in the next five years, the future is indeed exciting and full of promise for the company. Initiatives have been taken towards transformation of OIL to a learning organisation with inherent flexibility to adapt to changes.�
