DURING the 44th Annual General Meeting of Oil India Limited (OIL) held at Bihutali, Duliajan, the Company declared a final dividend at 90% making a total dividend of 130%. The Company recorded an excellent financial performance with a profit after tax of Rs 916.73 crores and a total income of Rs 3, 125.44 crores.

Addressing the shareholders, R. K. Dutta, Chairman and Managing Director informed that the year 2002-2003 which was the first year of a fully deregulated scenario in the petroleum sector, has been one of the best years for the Company in terms of overall performance. Based on the performance, the Company is expected to be rated ‘EXCELLENT’ by Government of India during the year 2002-03 with a best ever composite score.

CMD, OIL mentioned that the Company carried out highest ever seismic survey and drilling. Vibroseis survey was carried out for the first time in the North East which also included few township areas. The Company made a significant discovery in Baghjan in Tinsukia district during the year 2002-03, which would open up a number of exploration prospects. This coupled with other discoveries has led to accretion of highest reserves in the last decade.

During the year, OIL completed the formulation of a strategic and corporate plan and initiated the implementation of the various modules proposed in the strategic and corporate plan including restructuring of the organization with a goal of more than doubling the production level within 10 years time. CMD Dutta said that this goal would be achieved through different strategic and corporate initiatives which includes – (i) sustaining the production in the existing area; (ii) intensive exploration in the logistically difficult and geologically more complex frontier areas and (iii) acquisition of additional exploration blocks/producing properties in India and overseas. Elaborating about OIL’s business endeavours, R. K. Dutta mentioned that OIL acquired  three exploration blocks offered under NELP-III.

During the year, OIL also signed a Memorandum of Understanding (MoU) with ONGC Videsh Ltd. (OVL) for joint acquisition of exploration blocks/ producing properties overseas. An exploration service contract with National Iranian Oil Company in consortium with OVL and IOCL for FARSI Offshore Block in the Persian Gulf of Islamic Republic of Iran was executed during the year. He added that OIL is also looking into acquiring additional prospective blocks by bidding in the NELP-IV round either independently or in consortium. The Company has already signed contracts for 9 (nine) blocks – 2 independently and 7 (seven) in consortium, which includes deep water, shallow water and on land blocks in seven different basins.

OIL is pursuing with OVL to acquire few exploration blocks/producing properties. OVL has confirmed to part with 10 % participating interest in Block No. 24, Syria. OIL is also hopeful of getting blocks/properties in Sudan and Libya. The Company is assured of 10% participation in any exploration and production/gas sector project in Iran in consortium with ONGC, IOC and GAIL, coming under the Indo-Iran Joint Working Group.

Capitalising on its pipeline expertise, OIL has initiated actions for laying a product pipeline from Numaligarh Refinery Limited (NRL) to Siliguri for evacuation of NRL’s products, utilizing its existing pipeline infrastructure.

 Highlighting the significance of the gas sector as another potential area of growth for OIL, which will also boost revenue generation,  R K Dutta mentioned that a market survey has recently been completed for identifying potential customers for full utilization of gas in the NE.

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