----- Original Message -----
Sent: Monday, September 25, 2006 6:11
AM
Subject: [Assam] OIL INDIA LIMITED: A
silent,consistent & determined performer
OIL INDIA LIMITED: A silent, consistent & determined
performer and most of the officers & workers are
ASOMIYA
MONDAY 25 SEPTEMBER 2006
Net Worth of the company increased to Rs 5,848 crore, up by 24
%
OIL records highest ever profit
From our
Reporter
TINSUKIA, Sept 24: Oil India Limited held its 47th annual general
meeting at Duliajan on Saturday.
The total income for the year 2005-06
reached a new high at Rs 6,037 crores (up by 46 per cent as compared to Rs
4,125 crore for the previous year). The profit before tax of Rs 2,674 crore
(up by 65 per cent as compared to Rs 1,623 crore for the previous year) and
similarly the profit after tax at Rs 1,690 crore ( a 59% increase as compared
to Rs 1,062 crore for the previous year).
Net Worth of the company
increased to Rs 5,848 crore ( a 24 per cent increase over the previous year of
Rs 4,711 crore) even after providing for discount of Rs 977.49 crore on crude
oil and LPG towards the sharing of under recoveries suffered by oil marketing
companies. Based on these excellent financial results, the OIL recommended a
final divided of 80 per cent on the paid up capital over and above the two
interim dividend of 110 per cent and 75 per cent paid earlier. The total
dividend of 265 per cent for the year works out to Rs 567.11 crore which is
the highest so far.
The company also made the highest ever contribution
both to the State exchequer and the Central exchequer in terms of cess,
royalty, sales tax, etc. The contribution to the State exchequer during the
year was Rs 1081.68 crore and that to the Central exchequer was Rs 2209.00
crore.
Addressing the shareholders, OIL CMD MR Pasija gave a detailed
account of the companys overall performance, highlighting the initiatives
undertaken for overall growth of the Company in exploration, production as
well as in the related field like E&P services, selective diversification
in the oil and gas value chain.
Pasrija mentioned that OIL recorded the
highest growth in the production of oil plus oil equivalent gas amongst the
upstream companies in India for the second year in succession. Increase in
production of oil and gas coupled with high crude oil price resulted in the
company crossing the tumover of USS 1.25 Billion for the first time. OIL also
successfully completed drilling of the deepest onshore horizontal well in
India, which resulted in increasing the productivity to almost three
times.
Elaborating on some of the achievements in the bygone financial
year, Pasrija said the company continued with the increasing trend in crude
oil production and recorded the highest ever crude oil sale (3.16 MMT) since
inception.
The gas production (2.27 BCM) and sales (1.74 BCM) showed a
remarkable increase of 13 per cent to 18 per cent respectively from the level
of last year. OIL also recorded oil and equivalent gas production growth of 6
per cent, which is the highest amongst all the upstream companies in
India.
The increases in crude oil and gas sales together with recent trend
in crude oil prices resulted in growth in total income of about 46 per cent.
Special focus on 3D seismic survey enabled OIL to acquire 889.00 km of 3D
seismic data during the year in addition to acquiring 1143.75 GLKM of 2D
data.
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