OIL holds its 64th Annual General Meeting
Noida: Oil India Limited, a fully integrated oil & gas Maharatna CPSE held its 64th Annual General Meeting (AGM) on September 9, 2023. Dr Ranjit Rath, Chairman & Managing Director (CMD) in his address to the shareholders, thanked all investors and shareholders for their continuous trust & investment in the company leading OIL to join the league of Maharatna CPSEs of the Country.
Dr Rath in his address highlighted the achievements of the OIL on various fronts including the production of Crude Oil and natural gas which recorded a growth of 5.5 per cent (3.18 MMT) and 4.4 per cent (3.18 BCM) respectively.
The company registered the highest-ever standalone profit after tax (PAT) in FY 2022-23 at Rs 6,810 crore, a growth of 75.20 per cent YoY while the consolidated PAT was also the highest ever at Rs 9,854 crore, a growth of 46.66 per cent year-on-year.
He mentioned that marching towards fulfilling the vision of UrjaAtmnirbharta for a New India, OIL’s strategy is to consolidate its position as the leading operator in the country with the long-term vision to supplement the existing domestic reserves portfolio in line with the Government of India’s vision to intensify exploration in Indian Sedimentary Basins and increase domestic oil and gas production.
The Company has increased its total operating acreage to 62,911 Sq Km. Aggressive exploration of the company led to a new hydrocarbon discovery during the year in the Sesabil area in the Assam Shelf Basin.
Oil India Limited has 2P reserve base of 191 MMTOE and 51 MMTOE of Oil & Oil Equivalent of Gas respectively in domestic assets and overseas assets.
Speaking to the shareholders, Dr Rath highlighted that following the clarion call of the Prime Minister, OIL has set for itself an ambitious target of transforming itself to a ‘Net-Zero’ emission company by 2040 through a range of initiatives, including adopting cleaner energy sources, investing in renewable energy projects and implementing advanced technologies to minimie greenhouse gas emissions for which about Rs 25,000 crore is envisaged to be invested by 2040.
Acknowledging the indomitable spirit, resilience and determination of OIL’s Energy Warriors, Dr. Rath expressed gratitude to the Ministry of Petroleum & Natural Gas, Central and State Governments and other esteemed stakeholders of OIL.
