Oil India Ltd makes Rs 1,741-cr profit in 2020-21

GUWAHATI: OIL (Oil India Ltd) reported revenue of Rs 10,561 crore and profit after tax of Rs 1,741.59 crore in fiscal 2020-21. The company also made one gas discovery in Assam.

OIL, the country's second-largest National 'Navratna' E&P Company, had its 62nd annual general body meeting at its Corporate office in Noida today on a virtual platform.

OIL completed 62 years of existence on February 18, 2021, with an excellent track record of performance

As a part of the diversification strategy, the company enhanced its stake in Numaligarh Refinery Limited to 80.16% on 26th March 2021.

Prime Minister Narendra Modi dedicated two infrastructure projects of the company to the nation on February 22, 2021.

The company set up a Secondary Tank Farm with a Dehydration Facility and an Effluent Treatment Plant Project at Madhuban, Dibrugarh District, Assam at an investment of Rs 490 crore, besides a gas compressor station at Hebeda village, Makum in Assam at an investment of Rs 132 crore.

The company made the highest-ever Capex investment of Rs 4,655 crore during 2020-21. It 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).

The Company is 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, Assam.

 OIL received no comments for its accounts from the Comptroller and Auditor General (CAG) of India for the 19th consecutive year.

It undertook initiatives to effectively prevent the Covid-19 pandemic by contributing Rs 25 crore towards the Prime Minister's Citizen Assistance and Relief in Emergency Situation(PM CARES) Fund in 2020- 21. Further, the company is setting up PSA oxygen plants, provided oxygen compressors, concentrators and oxygen cylinders, besides augmenting healthcare infrastructure at various locations to effectively deal with the Covid-19 pandemic, a press release said.

 The AGM started with Sushil Chandra Mishra, Chairman and Managing Director (CMD) and directors along with independent directors.

The CMD described the financial year 2020-21 as a momentous and historical one with OIL completing 62 golden years of its existence.

The CMD 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 abandoning of the well completed on December 3, 2020, a press release said.

Also Read: Centre approves Rs 1 lakh crore oil & gas projects for North Eastern Region: Hardeep Singh Puri

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