New Delhi: Oil India Limited (OIL), country's second largest National 'Navratna' E&P Company, in terms of total proved plus probable oil and natural gas reserves, held its 62nd Annual General Body meeting at its Corporate Office in Noida, on Saturday. The AGM was held on a virtual platform, necessitated by the extraordinary demands of present time.
The AGM started with Sushil Chandra Mishra, Chairman and Managing Director (CMD) and Directors along with Independent Directors welcoming all the shareholders to the AGM.
In his address to the shareholders, the CMD described financial year 2020-21 as a momentous & historical one with OIL completing 62 golden years of its existence. History was scripted on 26th March 2021 when OIL, as part of its diversification strategy enhanced its stakes in Numaligarh Refinery Limited (NRL) to 80.16%, thus, making significant strides towards making OIL a truly vertically integrated company.
It was a matter of pride when two infrastructure projects of the Company were dedicated to the Nation by Prime Minister of India, Narendra Modi on 22nd Feb 2021.
Acknowledged the tremendous support received from all stakeholders during the period of unfortunate Blowout at Baghjan well No 5. The Company ensured immediate steps for capping, killing and abandonment of the well which was successfully completed on 3rd December 2020.
Next, CMD shared the significant highlights of fiscal 2020-21 during which OIL reported revenue of Rs 10,561 crores and profit after tax of Rs. 1,741.59 crores. Company also made 1 (one) gas discovery in Assam and has achieved Reserve Replacement Ratio (RRR) of 1.16 under 2P category and has been maintaining a healthy RRR of more than one consistently.
CMD highlighted that OIL has been awarded a total of 25 (twenty-five) blocks under Open Acreage Licensing Policy (OALP) Round covering a total area of 48,796 sq. km. These acreages are in the state of Assam, Arunachal Pradesh, Tripura, Nagaland, Odisha, Rajasthan and offshore areas in Andaman and Kerala-Konkan. The Company has also been awarded 2(two) blocks, one each in Tripura (47.23 sq. Km) and KG Offshore (93.90 sq. Km), under Discovered Small Field Round-II. This spreads the domestic E&P acreage significantly with Pan India presence and will help in future growth of the Company through successful exploration efforts.
The Company is also taking various other initiatives to boost exploration & development activities and to step up production of Oil and Gas.
Regarding overseas operations, CMD informed that OIL's E & P portfolio is spread over 08 countries covering Russia, USA, Venezuela, Mozambique, Nigeria, Bangladesh, Libya and Gabon. During 2020-21, production from overseas assets corresponding to OIL's participating Interest in these assets stood at 2.10 MMTOE.