----- 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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