Millennium Post

OIL will invest Rs1,200 crore to revamp Assam pump stations

Addressing shareholders during the 55th annual general body meeting at the company’s Fields’ Headquarters in Duliajan, Assam, OIL Chairman and Managing Director S K Srivastava said, ‘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 1,200 crore.’

OIL operates a 1,157-km crude oil trunk pipeline of 5.5 million tonnes per annum (mtpa) capacity for transporting crude oil produced at oilfields in upper Assam to public sector refineries at Numaligarh, Guwahati and Bongaigaon, the company said in a statement. Srivastava also referred to  OIL’s contributions to both the state and central Exchequer in terms of cess, royalty, sales tax, etc.

‘The contribution to the state Exchequer during the fiscal year 2013-14 was Rs 1,786 crore and that to the Central Government was Rs 4,154 crore,’ he added. The turnover of the company stood at Rs 9,612.70 crore in 2013-14 against Rs 9,947.57 crore in the previous fiscal.

The profit after tax was Rs 2,981.30 crore in last fiscal compared to Rs 3,589.34 crore during 2012-13. During 2013-14, the company declared a dividend of 215 per cent, the statement said.

In 2013-14, OIL provided subsidy discounts to the tune of Rs 8,736.85 crore to oil marketing companies (OMCs) to compensate for their under-recoveries in line with the Government’s policy.

This was an increase of 10.7 per cent compared to Rs 7,892.17 crore in 2012-13
Srivastava also said that crude oil production and condensate (including JV Share) was 3.502 mt in 2013-14 against 3.701 mt in 2012-13 while natural gas production was 2,626 mmscm, which was almost the same as the 2,639 mmscm achieved in 2012-13. He also informed that during last fiscal, OIL made a total of seven hydrocarbon discoveries, of which six were in the upper Assam basin and one was overseas in Gabon, west Africa.

Speaking about OIL’s natural gas production, Srivastava said that the company achieved production of 2,626 mmscm from the 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,’ he added.

Giving an overview of the overseas activities of OIL, Srivastava said that the portfolio comprises of 16 blocks and is spread over 10 countries — Libya, Gabon, Nigeria, Yemen, Venezuela, the USA, Mozambique, Myanmar, Bangladesh and Russia. In addition, OIL has a 10 per cent interest in a product pipeline in Sudan, he added.
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