Millennium Post

S K Srivastava to take over as OIL Chairman

S K Srivastava, head of upstream oil regulatory authority DGH, will take over as the Chairman and Managing Director of India's second biggest state-owned exploration firm, Oil India Ltd. on 1 May 2012.

Srivastava, 56, was Director (Operations) at OIL before he was appointed Director General, Directorate General of Hydrocarbons (DGH), in February 2010.

The Cabinet Committee on Appointments (ACC) approved the appointment of Srivastava as the head of OIL, the only state-owned oil firm in the country that has seen an upward trend in crude oil and natural gas production.

Srivastava, who beat B N Talukdar, Director (Exploration & Development), OIL, for the top job, will replace N M Borah, who retired today upon attaining the superannuation age of 60 years.

OIL, whose primary assets are in the North-East, has reversed the general decline in crude oil production over the past few years. The company, which produced 3.57 million tons of oil in 2010-11, ended the FY-12 with 3.85 million tons of output. This year, it is likely to reach 3.94 million tons, and possibly even 4 million tons.

The oil ministry had appointed Srivastava as the temporary head of DGH to replace controversial V K Sibal in October 2009. He was formally appointed DG, DGH in February 2010.

At OIL, Srivastava would have a tenure of three years and two months till June 2015, when he attains the superannuation age of 60 years.
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