DULIAJAN, Sept 26 - Oil India Limited (OIL), the country�s second largest oil and gas company in terms of total proved plus probable oil and natural gas reserves, held its 56th annual general meeting at its Field Headquarters here today.
In his address to shareholders, OIL Chairman and Managing Director UP Singh highlighted the achievements in the 2014-15 fiscal year during which crude oil production and condensate (including JV share) was 3.440 MMT as compared to 3.502 MMT during 2013-14 and natural gas production was 2,722 MMSCM as against 2,626 MMSCM during 2013-14. The turnover of the company stood at Rs 9748.23 crore as against Rs 9586.82 crore in the last fiscal, while the Profit after Tax (PAT) was Rs 2,510.20 crore against PAT of Rs 2,981.30 crore during 2013-14. During 2014-15, the company declared the dividend at 200 per cent.
The CMD pointed out that this achievement was in spite of having provided subsidy discounts to the tune of Rs 5,523 crore to oil marketing companies to compensate for their under recoveries in line with the Government�s policy.
Singh also mentioned OIL�s substantial contribution both to the State and Central exchequers in terms of cess, royalty, sales tax, etc. The contribution to the State exchequer during the year was Rs 1,822 crore and that to the Central Government was Rs 3,585 crore.
He said that it was a matter of pride that OIL�s audited annual accounts have �nil� comments from the Comptroller and Auditor General of India for the 13th year in succession.
Giving an overview of the company, the OIL CMD said that at the end of the NELP IX bidding round, as on March 31, 2015, the company was holding Participatory Interest (PI) in a total of 27 NELP blocks out of which OIL has the right of operatorship/joint operatorship in 12 blocks and as non-operator in 15 blocks. In addition, OIL is holding 40 per cent PI in one CBM block in Assam. Exploratory drilling is going on in both the KG basin and Mizoram blocks where OIL is the operator.
Singh said that during the year, OIL made 12 hydrocarbon discoveries of which 11 were in the Upper Assam basin and the 12th is a gas discovery in NELP VI Block KG-ONN-2004/1 in East Godavari district of Andhra Pradesh.
The hydrocarbon reserve accretion during the year was 8.01 MMT (O+OEG) of oil and gas as against 7.98 MMT (O+OEG) of oil and gas in 2013-14.
On OIL�s natural gas production, the CMD said that the company recorded production of 2,722 MMSCM from the Assam, Arunachal Pradesh and Rajasthan fields during the year. The present gas production potential is about 7.50 MMSCMD from the Assam and Arunachal Pradesh fields and about 0.70 MMSCMD from the Rajasthan fields. He added that action is being taken to increase the gas production potential to a level of 10 MMSCMD in the North East for uninterrupted supply of gas to all customers.