Oil India Limited, India?s second largest oil and gas company as measured by total proved plus probable oil and natural gas reserves and production, presented a cheque for Rs. 315.00 crore to Government of India, as the final dividend @ 150% for the financial year 2007-2008. The Company had earlier paid an interim dividend of 125% amounting to Rs. 262.50 crore during the year. Thus, the total dividend paid to the Government of India for the year 2007-2008 amounts to Rs. 577.50 crore being 275% of the paid up capital of Rs. 210 crore held by the President of India.
The cheque was handed over to Shri Murli Deora, Hon?ble Minister of Petroleum and Natural Gas, Govt. of India, by Shri M. R. Pasrija, Chairman and Managing Director of Oil India Limited, in presence of Secretary P&NG and other dignitaries.
The Company recorded a total income of Rs. 6,795.46 crore and profit after tax of Rs. 1,788.93 crore for the year 2007-08. Net worth of the Company increased to Rs. 7,932.97 crore up by 16% over the previous year?s figure of Rs. 6,849.07 crore even after providing for subsidy of Rs. 2305.09 crore on crude oil and LPG sales to share a part of under recoveries suffered by oil marketing companies. The total dividend paid to the Government of India for the year 2006-2007 was Rs. 546.00 crore, which constituted 260% of the paid up capital of Rs. 210 crore held by the President of India, out of which the first interim dividend was @ 110%.
OIL?s proposed IPO and issuance of shares to employees have been approved by Government of India. The Company is targeting the IPO shortly. OIL is producing at the rate of around 3.50 MTPA of crude oil and 7 MMSCMD of Gas from its fields. OIL has exploration and production acreages of about 1,50,000 sq km pan-India and overseas. It has participated in all the past seven NELP bidding rounds concluded so far, and has now acquired total 21 blocks till NELP VI. Out of these, 14 are onshore and rest 7 are offshore blocks located in the East Coast of the Country.
The Company has overseas presence in seven countries, Libya, Gabon, Nigeria, Yemen, East Timor, Iran and Sudan. OIL has nine Blocks in Libya and it is operator in five of these blocks. These blocks are part of one of the most prolific basins in Libya. In Iran, OIL has 20% PI in Farsi Block. Discovery of oil and gas in the block has been made, which is being evaluated for commercialization.In Gabon, OIL has one block where the first phase of exploration is in progress. One of OIL?s focus areas is to make a selective presence across the oil and gas value chain for balancing its risk portfolio. OIL has increased its stake in Numaligarh Refinery to 26%. OIL also has a 10% stake in the Assam Gas Cracker Project viz. Brahmaputra Cracker and Polymers Ltd. OIL has also signed an MOU with Total, Mittal Energy Investments Pte Ltd., HPCL and GAIL, for participation in the East Coast grassroot Refinery and Petrochemical complex at Visakhapatnam. In the area of services business, OIL is concentrating on the Pipeline sector ? its area of strength. The Company has recently completed its product-pipeline (NRL to Siliguri) which will generate additional gross revenue of over Rs 100 Crore per annum.
The Company has been present in the India oil and gas exploration and production industry for nearly five decades. The Company is primarily engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India.