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Oil India Limited
- Oil India Limited (OIL) is a premier Indian National oil
company under the administrative control of Ministry of Petroleum and Natural Gas,
Govt. of India. OIL is engaged in the business of Exploration, Development and Production
of Crude Oil and Natural Gas, Transportation of Crude Oil and Production of LPG.
The Company has over 1 lakh sq. km. of license areas. Oil India Limited is the pioneer in
exploration and production of hydrocarbon in India, has been serving the nation for over four
decades. Oil India is an integrated upstream petroleum company performing the following main
activities:
- Exploration for hydrocarbons.
- Production of crude oil and natural gas.
- Transportation of crude oil to refineries.
- Supply of gas to consumers.
- Extraction and bottling of LPG.
Oil India owns and operates a wide array of facilities and equipment
to carry out seismic and geodetic work, 2D and 3D data acquisition,
processing and analysis, onshore and offshore drilling, oil
and gas field development and production, LPG production and
other ancillary services to make it a fully integrated E&P company.
- The Company has been steadily improving its performance year after
year in the areas of production, sales, accretion to reserves, etc.
The physical and financial performances in the last three years
are as follows:
|
2002-03 |
2003-04 |
2004-05 |
|
Production
Crude Oil (MMT)
Natural Gas (MMSCUM)
LPG (MT) |
2.950
1743.311
54,320 |
3.002
1887
51,500 |
3.196
2009.895
49,500 |
Sale
Crude Oil (MMT)
Natural Gas (MMSCUM)
LPG (MT) |
3.20
1237.300
53,894 |
3.35
1378
51,115 |
3.104
1471.958
50,086 |
Financial Performance
|
Audited
3456.90
2896.83
916.73
130%
42.84
161.53 |
Audited
4028.66
3145.03
949.70
140%
44.38%
188.25 |
Un-Audited
4670.28
4638.03
946.36
Interim 60%*
44.22
217.94 |
*
An interim dividend @60% was paid for the year 2004-05. Final
dividend has not yet been declared. However, as per the past
practice, total dividend in any case will not be less than 30%
of PAT.
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- Oil India, which has traditionally been producing around 3 MMTPA of crude
and 5 MMSCMD of natural gas, has recently embarked on an overall performance-improvement exercise.
It has been successful in arresting the declining trend in production of crude oil from its ageing
fields in the North-East region by application of latest technology land equipment.
It has, in fact, recorded a growth of 20 per cent in the last 18 months. It is worth
mentioning that over the years the Reserve Accretion Ratio for Oil India has consistently been over 1.
The company is optimistic of continuing with its growth plan and expects to achieve 4.00
MMTPA of crude oil and 7 MMSCM of natural gas in the next financial year, i.e.2006-07.
- Asia's first cross-country Pipeline is owned and operated by Oil India.
This 1157 KM long pipeline traverses through three states, viz. Assam, West Bengal
and Bihar, is the lifeline of the North-East as it carries the crude oil, which is
very vital for the survival of the four Refineries in the region.
- The Company is currently in the process of constructing a 660 KM long Product
Pipeline from Numaligarh to Siliguri. The Pipeline, when commissioned in early 2006,
is expected to solve the product evacuation problem of the modern and state-of-the-art
Numaligarh Refinery which has been set up under the Assam Accord with the objective of
creating all-round socio-economic development in the State.
- The Company's operational areas are spread in the states of Assam, Arunachal
Pradesh, Orissa, Rajasthan, Uttar Pradesh and Uttaranchal. Active participation in
the NELP bids has helped the Company to acquire interests in 13 Blocks and with Operatorship
in five of them. Out of the balance eight Blocks, five Blocks are in deep sea, wherein ONGCL
is the operator with participating interest in the range of 15-20%. The Company is
determined to aggressively bid for Blocks offered in the NELP-V Rounds which is due for
closure on 31.5.2005.
- Oil India has identified acquisition of overseas exploration and production ventures
as an essential requirement for fast growth. The Company already has participating interests
in various overseas projects, such as, in Iran, Cote d'lvoire, and Sudan. It has recently
formed a 50:50 strategic alliance with Indian Oil Corporation Limited (IOC) to jointly pursue
exploration and production opportunities abroad and to achieve synergy in the downstream
sector. This consortium has achieved a major breakthrough in its maiden attempt by winning
a Block in the highly prospective Sirte Basin in Libya with the Operatorship for Oil India,
against competitive bidding.
- As a corporate citizen, Oil India has always been and is conscious of its responsibility
towards Socio-Economic Development. The Organization's deep commitment towards this objective
is obvious from the fact that it has adopted a separate Vision Statement for this purpose.
The Company earmarks a substantial amount annually for carrying out socio-economic initiatives,
which also include health care and education, in all the areas where it has operations.
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