OIL Gets 25 Blocks Under Open Acreage Licensing Policy: OIL Chief

GUWAHATI: The country’s Navratna” Oil India Ltd (OIL) has been awarded a total of 25 blocks under Open Acreage Licensing Policy (OALP) Round covering a total area of 48,796 sq. km, OIL’s chairman cum managing director (CMD) Sushil Chandra Mishra said addressing the 62nd annual general meeting of oil giant held at its corporate office in Noida on Saturday.

These acreages are in the state of Assam, Arunachal Pradesh, Tripura, Nagaland, Odisha, Rajasthan and offshore areas in Andaman and Kerala-Konkan. The Company has also been awarded two blocks, one each in Tripura (47.23 sq. Km) and KG Offshore (93.90 sq. Km), under Discovered Small Field Round-II. This spreads the domestic E&P acreage significantly with Pan Pan India presence and will help in the future growth of the Company through successful exploration efforts. The Company is also taking various other initiatives to boost exploration & development activities and to step up the production of Oil and Gas.

He said the 2020-21 fiscal is a momentous & historical one with Oil India Ltd (OIL) completing 62 golden years of its existence.

“History was scripted on March 26 2021 when OIL, as part of its diversification strategy enhanced its stakes in Numaligarh Refinery Limited (NRL) to 80.16%, thus, making significant strides towards making OIL a truly vertically integrated company,” Mishra said.

“Inter-co managerial/leadership services to attract 18% GST It was a matter of pride when two infrastructure projects of the company were dedicated to the nation by Prime Minister Narendra Modi on February 22,” Mishra said.

“Acknowledged the tremendous support received from all stakeholders during the period of an unfortunate blowout at Baghjan well No 5. The company ensured immediate steps for capping, killing and abandonment of the well which was successfully completed on December 3 2020,” he said.

Mishra shared the significant highlights of fiscal 2020-21 during which OIL reported revenue of Rs 10,561 crore and profit after tax of Rs. 1,741.59 crore. The company also made 1 gas discovery in Assam and has achieved Reserve Replacement Ratio (RRR) of 1.16 under 2P category and has been maintaining a healthy RRR of more than one consistently,” he said.

The company is also taking various other initiatives to boost exploration & development activities and to step up the production of Oil and Gas. Regarding overseas operations, Mishra informed that OIL’s E & P portfolio is spread over 8 countries covering Russia, the USA, Venezuela, Mozambique, Nigeria, Bangladesh, Libya and Gabon. During 2020-21, production from overseas assets corresponding to OIL’s participating Interest in these assets stood at 2.10 MMTOE. He said.

He said the company has made the highest ever Capex Investment of Rs. 4655 crore during 2020-21 fiscal.

The oil major has achieved the highest ever 2D seismic acquisition during the year (13,103 LKM) and 2nd highest ever 3D seismic acquisition during the year (2,104 sq km) and became the first operator to commence seismic data acquisition in OALP-V block (Biswanath district in Assam).

The company also became the first operator to complete the seismic acquisition in any OALP Block in the country as per the committed work programme, by completing the seismic acquisition in North Bank OALP Block in Dhemaji district of Assam.

OIL’s pipeline network too contributed to the overall revenue of the company and during 2020-21, the trunk pipeline transported 5.97 MMT of crude oil and the Numaligarh-Siliguri Product Pipeline transported 1.699 MMT of petroleum products. Total revenue generated from Pipeline transportation stands at  Rs 361.45 crore during the year, he said.

“Our Company is also an active partner in Indradhanush Gas Grid Limited (IGGL) with 20% stake. IGGL has been formed for the construction of North-East Gas Grid Pipeline and to improve gas supply connectivity to all the state capitals of eight Northeastern states,” Mishra said.

He focused that in the age of exponentially growing technologies, the company is taking major strides towards the proliferation of these cutting edge digital technologies across its E&P activities with the objective of enhancing efficiency, productivity and safety. A focused programme called DRIVE was launched through which certain high impact technological innovations were identified, which are now in various stages of implementation, particularly in areas of drilling, production, maintenance, logistics and procurement.

The annual general meeting was held on a virtual platform, necessitated by the extraordinary demands of the present time.

The meeting started with Mishra and directors along with independent directors welcoming all the shareholders to the meeting.

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