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OIL completes 60 years in business

DIBRUGARH: Oil India Limited (OIL), the country's second-largest national 'Navratna' E&P Company, held its 60th annual general body meeting at its field headquarters in Duliajan on Saturday.

In his address to the shareholders, Chairman and Managing Director, Utpal Bora said that on February 18, 2019, OIL completed 60 years of its establishment. During these illustrious 60 years, the company's crude oil production increased from 0.215 MMT to 3.323 MMT while natural gas production increased from 43.60 MMSCM to 2865 MMSCM. Besides an increase in production, the company achieved many other milestones in all facets of its operations like acquisition of new oil and gas blocks, increase in acreages, the geographical expansion in India and abroad, business diversification into renewable energy and city gas distribution.

The CMD then shared the significant highlights of fiscal 2018-19 during which OIL produced 3.323 MMT of crude oil and 2865 MMSCM of natural gas. Besides the production of crude oil from Assam Assets, the company also produced crude oil from its Rajasthan Asset where Cyclic Steam Stimulation (CSS) was successfully implemented on a pilot scale in the well Baghewala-8 for the first time in India.

OIL's pipeline network and LPG business too contributed to overall revenue of the company. Revenue generated from LPG during the year was Rs 141.53 crore. He also apprised about upgradation job of the pipeline network.

Giving an overview of the company's activities, the CMD mentioned that OIL drilled 11 exploratory wells in the PML areas in Assam and Rajasthan. During 2018-19, OIL was awarded nine blocks under first round of Open Acreage Licensing Policy (OALP) covering a total area of 7907 sq. km, out of which five are in Assam and two each in Arunachal Pradesh and Rajasthan. Under Round II of Discovered Small Field (DSF), two Contract Areas, one each in Tripura and KG Offshore were awarded to the company. This will be the company's first foray in the State of Tripura and also into KG Offshore as an Operator. He further mentioned that OIL had emerged as the biggest winner of oil and gas blocks under OALP rounds II & III by winning 12 blocks out of 32 blocks for which bids were submitted by leading operators.

The CMD next mentioned about diversification of OIL in the field of City Gas Distribution (CGD) and Renewable Energy. During the year, the consortium of Oil India Ltd, Assam Gas Company Ltd and GAIL Gas Ltd won the bids for development of CGD network in Kamrup and Kamrup Metropolitan districts and Cachar, Hailakandi and Karimganj districts under 9th round of CGD bidding.

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