Duliajan, Sept. 15: Oil India Limited, the country’s second largest oil and gas company, has achieved record turnover for the 2011-12 fiscal, as it focused on new areas like non-conventional shale gas and city gas distribution business.
“The turnover of the company is the highest so far and stands at Rs 9863.23 crore, an increase of 18.54 per cent against the last fiscal (2010-11), while the profit after tax touched a new peak of Rs 3446.92 crore, an increase of 19.36 per cent over the previous year. As a result, the company has declared dividend at 400 per cent, which is also the highest so far,” chairman and managing director S.K. Srivastava said at the 53rd annual general body meeting at its field headquarters here today.
Srivastava said the annual oil and gas production touched new heights of 3.847 MMT and 2633.29 million standard cubic metres (MMSCM) respectively.
Improved financial performance has helped the oil major to increase its net worth to Rs 17,721 crore as against Rs 15,602 crore during the previous fiscal, he added.
He said the contribution to the state exchequer during 2011-12 was Rs 1865.53 crore and to the Centre was Rs 3908.62 crore.
Srivastava said the company had achieved gas flare reduction in Assam of 5.94 per cent of production from 7.2 per cent in 2010-11 by collecting low pressure and low volume gas through a low volume gas compression facility on build, own and operate basis.
Speaking about the company’s overseas activities, he said they now had presence in nine countries, with acreage of 38,695 square km. Srivastava said OIL had made seven new oil and gas discoveries in Assam this year.
The announcement comes a day after Centre decided to sell 10 per cent stake in OIL along with three other PSUs — Hindustan Copper (9.59 per cent), MMTC (9.33 per cent) and Nalco (12.5 per cent).