Oil India Limited holds its 55th Annual General Body Meeting Duliajan News, September 27: Oil India Limited, country’s second largest national oil and Gas Company in terms of total proved plus probable oil and natural gas reserves, held its 55th Annual General Body meeting at its Field Headquarters, here today. In his address to the shareholders, Chairman and Managing Director, Shri S K Srivastava shared the significant highlights of fiscal 2013-14 during which Crude oil production and Condensate(including JV Share)was 3.502 MMT as compared to 3.701 MMT during 2012-13 and Natural Gas production was 2626 MMSCM which is almost same as 2639 MMSCM during 2012-13. The turnover of the Company stood at Rs 9612.70 crore as against Rs 9947.57 crore in the last fiscal while the Profit after Tax (PAT) was Rs 2,981.30 crore against PAT of Rs 3,589.34 crore during 2012-13. During 2013-14 the Company declared dividend at 215%. The CMD pointed out that this achievement was in spite of having provided subsidy discounts to the tune of Rs 8,736.85 crore which is an increase of 10.7 % as compared to Rs 7892.17 crore during 2012-13, to Oil Marketing Companies to compensate for their under recoveries in line with Government policy. Shri Srivastava also mentioned about OIL’s substantial contribution both to the State and Central exchequer in terms of Cess, Royalty, Sales Tax etc. The contribution to the State Exchequer during the year was Rs 1786 crore and that to the Central Government was Rs 4154 crore. He also mentioned that it is a matter of great pride that OIL’s audited annual accounts have “Nil” comments from the Comptroller and Auditor General of India for the Twelfth year in succession. Shri Srivastava announced that OIL’s sound financial performance has enabled the Company to obtain International credit ratings - Moody’s “BAA2” (higher than sovereign rating) and Fitch Rating “BBB-“ (Stable) (equivalent to sovereign rating). Giving an overview of the Company’s scenario, Shri Srivastava mentioned that at the end of NELP IX bidding round, as on 31.03.2014, OIL is holding Participatory Interest (PI) in 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% PI in one CBM Block in Assam. . Exploratory drilling has commenced in both KG Basin and Mizoram blocks where Oil India is the operator. Sri Srivastava informed that during the year OIL made a total of seven hydrocarbon discoveries of which six were in the Upper Assam basin and one overseas in Gabon in West Africa. Hydrocarbon reserve accretion during the year was 7.98 MMT (O+OEG) of oil and gas as against 9.78 MMSKL (O+OEG) of oil and gas in the year 2012-13. Speaking about OIL’s natural gas production, the Chairman apprised that the Company achieved production of 2626 MMSCM from Assam, Arunachal Pradesh and Rajasthan fields during the year. The present gas production potential is about 7.35 MMSCMD from Assam and Arunachal Pradesh fields and about 0.70 MMSCMD from the Rajasthan fields. Shale/non-conventional gas has emerged as an area of interest. The Government of India has granted permission to OIL for exploration and exploitation of Shale Oil & Gas in five nomination acreages of which four are in Assam and one in Rajasthan. LNG is another area where the Company is actively trying to enter into. OIL operates a 1157 KM long Crude Oil Trunk Pipeline of 5.5 MMTPA capacity that transports crude oil produced from oilfields in Upper Assam to the public sector refineries at Numaligarh, Guwahati and Bongaigaon. The Pumping Stations of the Trunk Pipeline have been operating for over five decades and a revamping of these Pump Stations is being undertaken at a cost of Rs 1200 crore. Giving a review of the overseas activities of Oil India Limited, Shri Srivastava said that OILs overseas E & P portfolio comprises of 16 blocks and are spread over 10 countries covering Libya, Gabon, Nigeria, Yemen, Venezuela, USA, Mozambique, Myanmar, Bangladesh and Russia. In addition to the above, OIL has 10% PI in a product pipeline in Sudan. Sri Srivastava informed that OIL along with Indian Oil Corporation Limited (IOCL) has jointly acquired 4% Participating interest in Area 1 Rovuma Field in Offshore Mozambique by acquiring the shares of Videocon Mozambique Rovuma 1 Limited. During 2013-14, the OIL-OVL consortium was also awarded two shallow offshore Blocks SS-04 and SS-09 in the Bangladesh Bid Round-2012. Further, OIL together with its consortium partners, won two offshore blocks in bidding round announced by Government of Myanmar. Another overseas achievement of OIL is the completion of acquisition of 50% shareholding of Worldace Investments Ltd., a Cyprus based wholly owned subsidiary of M/s. Petroneft Resources Ltd. which owns License 61 in Tomsk region in Russia. It is a producing block and marks OIL’s entry into Russia and a significant contribution to company’s overseas E&P portfolio. Sri SK Srivastava then gave an overview of OIL’s focus on renewable energy as part of which the Company, since 2012-13, has commissioned 67.6 MW of Wind Energy Power plants in Rajasthan. In its endeavor to harness Solar Energy, the Company successfully commissioned a 5.23 MW Solar Power plant at Ramgarh in Rajasthan during the financial year 2013-14. Reiterating OIL’s commitment to the preservation of the environment & ecology, sustainable development and enrichment of the quality of life of employees, customers and the community around its operational areas, Shri Srivastava mentioned that as a company engaged in E&P activities, OIL pays utmost importance to Health, Safety & Environment (HSE) and has a robust HSE policy. OILs commitment to HSE performance is also reflected through one of its vision statements - Oil India is fully committed to Safety, Health & Environment.” Giving an account of Oil India’s Corporate Social Responsibility activities, Sri Srivastava underlined that, OIL since inception has engaged itself directly with local communities, identifying their basic needs, and integrating their needs with business goals and strategic intent. OIL earmarks 2% of its net profit for CSR activities, he said. During 2013-14, OIL introduced “OIL Shikshya Ratna Puraskar” for recognizing the all-round contribution of the teaching fraternity from provincialised schools and colleges within the districts of Tinsukia and Dibrugarh and awarded 5 teachers under the scheme. Under OIL Super 30 project for free IIT Coaching, a new Super 30 Coaching Centre was opened at Dibrugarh which will benefit the underprivileged students of the area. In addition the Company has launched a project OIL-Kamdhenu for establishing a dairy business in Assam to enhance milk production and provide employment opportunities. Shri Srivastava also informed that OIL was honored with, amongst others, Best Employer, India 2013 award by M/s Aon Hewitt, The Aon Hewitt Voice of Employee Award, Public Sector Enterprises, India 2013, the reputed “EFI (Employers’ Federation of India) national award for excellence in employee relations.” The CMD of Oil India Limited concluded by re-assuring all shareholders that the Company shall always make sincere endeavors in continuing the efforts to maintain OIL as a world class organization, in line with the Company’s Vision.
Posted on: Sat, 27 Sep 2014 16:23:14 +0000
Trending Topics
Recently Viewed Topics
© 2015