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Oil India Limited earns record profit of Rs 3,887 crore

The 63rd AGM of Oil India Limited announced that the oil giant earned the highest-ever profit of Rs 3,887.31 crore during FY 2021-22.

Oil India Limited

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  25 Sep 2022 3:02 AM GMT

STAFF CORRESPONDENT

DIBRUGARH: The 63rd Annual General Meeting (AGM) of Oil India Limited (OIL) announced on Saturday that the oil giant earned the highest-ever profit of Rs 3,887.31 crore during FY 2021-22.

This represents a growth of 123 per cent over the previous year with a substantial increase in Earnings Per Share (EPS) at Rs 35.85. The company also recorded its highest-ever total income at Rs 16,428 crore during the year with a total capital expenditure (CAPEX) of Rs 4,367 crore, which was 106 per cent of its target.

Aligned with the national priorities, Oil India is placing greater thrust on exploration activities, thereby attempting to create significant value proposition for the future. In line with the Government of India's

Hydrocarbon Vision 2030 for NE India and thrust on reducing imports, Oil India has embarked upon an aspirational target of Mission 4 plus for significant increase in production of Crude Oil and Natural Gas. In this direction, the company recorded the highest-ever record production of natural gas since inception at 3.045 BCM as against 2.642 BCM in 2020-21.

The company also improved its crude oil production at 3.010 MMT as against 2.964 MMT in FY 2020-21.

With a total exploration acreage of 63,097.9 sq km spread across India, including 53,859.20 sq km of acreage acquired under OALP, Oil India is at the cusp of an exciting growth curve in the coming years. This growth trajectory of exploration acreage in Category -II and Category-III basins will enable OIL to expand its footprint to other high-potential regions of India, apart from its current footprints in Assam, Arunachal Pradesh, Mizoram, Tripura, Nagaland, Rajasthan, Odisha, Mahanadi Onshore, Andhra Pradesh, Andaman Offshore, Kerala-Konkan Offshore, and Krishna-Godavari Shallow water.

Oil India commissioned India's first 99.9% pure Hydrogen Pilot Plant in Assam, which is OIL's first significant step towards boosting Green

Hydrogen economy in India.

Dr Ranjit Rath, Chairman & Managing Director of OIL, said at the AGM that Oil India is committed in its quest for enhanced and expedited coverage of exploration acreages and augmented production of crude oil and natural gas, aligned with the national priorities, the hydrocarbon vision of Government of India and the energy security of the nation.

Also Read: New Oil India Limited Chairman and Managing Director Harish Madhav takes charge


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