industry

OIL gets 25 blocks under Open Acreage Licensing Policy


Sushil Chandra Mishra, Chairman and Managing Director (CMD) of said that that 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.

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 India presence and will help in 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 production of Oil and Gas.

Oil India Limited held its 62 nd Annual General Meeting on Saturday. As a part of diversification strategy, the Company enhanced its stake in Numaligarh Refinery Limited to 80.16% on 26th March, 2021. This was one of the defining moments of OIL’s corporate journey as an E&P Company making it a truly vertically integrated Company in the oil & gas value chain.

The company reported Revenue of Rs. 10,561.45 crore and Profit after Tax of Rs 1,741.59 crore, Made the highest ever Capex Investment of Rs. 4,655 crore during FY 2020-21, Achieved 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). 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 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 the District of Dhemaji, Assam.

Read More   Larry Culp’s GE Turnaround Plan Is Starting to Take Hold

The CMD acknowledged the tremendous support received from all stakeholders during the period of 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 3rd December 2020.

Regarding overseas operations, CMD informed that OIL’s E & P portfolio is spread over 08 countries covering Russia, 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. The Company received Cumulative Dividends from the producing overseas assets of TAAS-Yuryakh Neftegazodobycha LLC (TYNGD) and Vankorneft of USD 519.4 Mn till 31.03.2021.

In case of Renewables i.e. Solar & Wind power plants, CMD informed that total installed capacity of these plants is 188.10 MW as on 31st March 2021, consisting of 174.10 MW of wind projects and 14 MW of solar projects. Total revenue generated during the year from these assets was Rs.123.08 crore.

OIL’s Pipeline network too contributed to 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. “Our Company is also an active partner in Indradhanush Gas Grid Limited (IGGL) with 20% stake. IGGL has been formed for construction of North-East Gas Grid Pipeline and to improve gas supply connectivity to all the State capitals of eight North Eastern States,” the CMD said.

Read More   Reliance to be lead investor in Germany's NexWafe via solar energy arm, RNESL

Hardeep Singh Puri, Minister of Petroleum & Natural Gas visited Guwahati Refinery. The Union Minister reviewed the operations & performance of major Oil& Gas industries based in the state of Assam & North-East.



READ SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.