Oil India Limited (the "Company"), India's second largest oil and gas company as measured by total proved plus probable oil and natural gas reserves and production (Source: Directorate General of Hydrocarbons or "DGH"), presented a cheque for Rs. 315.00 crore to Government of India, as the final dividend @ 150% for the financial year 2007-2008.
New Delhi, Delhi, India, October 16, 2008 (PRESSbooth.ORG) -- The Company had earlier paid an interim dividend of 125% amounting to Rs. 262.50 crore during the year. Thus, the total dividend paid to the Government of India for the year 2007-2008 amounts to Rs. 577.50 crore being 275% of the paid up capital of Rs. 210 crore held by the President of India.
The cheque was handed over to Shri Murli Deora, Hon'ble Minister of Petroleum and Natural Gas, Govt. of India, by Shri M. R. Pasrija, Chairman and Managing Director of Oil India Limited, in presence of Secretary P&NG and other dignitaries.
The Company recorded a total income of Rs. 6,795.46 crore and profit after tax of Rs. 1,788.93 crore for the year 2007-08. Net worth of the Company increased to Rs. 7,932.97 crore up by 16% over the previous year's figure of Rs. 6,849.07 crore even after providing for subsidy of Rs. 2305.09 crore on crude oil and LPG sales to share a part of under recoveries suffered by oil marketing companies. The total dividend paid to the Government of India for the year 2006-2007 was Rs. 546.00 crore , which constituted 260% of the paid up capital of Rs. 210 crore held by the President of India, out of which the first interim dividend was @ 110%.
O IL's proposed IPO and issuance of shares to employees have been approved by Government of India. The Company is targeting the IPO shortly. OIL is producing at the rate of around 3.50 MTPA of crude oil and 7 MMSCMD of Gas from its fields. OIL has exploration and production acreages of about 1,50,000 sq km pan-India and overseas. It has participated in all the past seven NELP bidding rounds concluded so far, and has now acquired total 21 blocks till NELP VI. Out of these, 14 are onshore and rest 7 are offshore blocks located in the East Coast of the Country.
The Company has overseas presence in seven countries, Libya , Gabon , Nigeria , Yemen , East Timor, Iran and Sudan . OIL has nine Blocks in Libya and it is operator in five of these blocks. These blocks are part of one of the most prolific basins in Libya . In Iran , OIL has 20% PI in Farsi Block. Discovery of oil and gas in the block has been made, which is being evaluated for commercialization. In Gabon , OIL has one block where the first phase of exploration is in progress. One of OIL 's focus areas is to make a selective presence across the oil and gas value chain for balancing its risk portfolio. OIL has increased its stake in Numaligarh Refinery to 26%. OIL also has a 10% stake in the Assam Gas Cracker Project viz. Brahmaputra Cracker and Polymers Ltd. OIL has also signed an MOU with Total, Mittal Energy Investments Pte Ltd., HPCL and GAIL, for participation in the East Coast grassroot Refinery and Petrochemical complex at Visakhapatnam . In the area of services business, OIL is concentrating on the Pipeline sector — its area of strength. The Company has recently completed its product-pipeline (NRL to Siliguri) which will generate additional gross re venu e of over Rs 100 Crore per annum.
The Company has been present in the India oil and gas exploration and production industry for nearly five decades. The Company is primarily engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India . The Company also processes the produced natural gas to extract liquefied petroleum gas. Oil India Limited is present internationally through the exploration of crude oil and natural gas in Gabon , Iran , Libya and Nigeria and was recently awarded exploration blocks in Yemen as part of a consortium. All of the Company's independent proved plus probable oil reserves, as well as a majority of its independent natural gas reserves are located onshore in the Upper Assam basin in the states of Assam and Arunachal Pradesh. Additionally, the Company also has independent natural gas reserves in the Bikaner-Nagaur basin in the state of Rajasthan.
As a public sector undertaking, the Company has been accorded "Mini Ratna Category I" status since 1997 by the GoI ("Government of India") for its operational efficiency and financial strength. Further, in recognition of its performance and consistent achievement of targets negotiated under the memoranda of understanding that the Company enters into with the GoI on an annual basis, the GoI has rated the Company as "Excellent" for fiscal 2004, 2005 and 2006. The Company was also ranked as the best public sector undertaking by the Department of Public Enterprises in its annual survey for fiscal 2006.
Note to Editors:
This PR is Not for release, publication or distribution in or into The United States of America, Australia , Canada or Japan
Oil India Limited is proposing, subject to receipts of requisite approvals, market conditions and other considerations, a public issue of its equity shares and has filed its Draft Red Herring Prospectus ("DRHP") with the Securities & Exchange Board of India ("SEBI"). The DRHP is available on the website of SEBI at www.sebi.gov.in; on the website of the BRLM at www.jmfinancial.in, www.morganstanley.com/indiaofferdocuments, ww.citibank.co.in, www.hsbc.co.in/1/2/corporate/equities-global-investment-banking. This press release does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any equity shares, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. Any potential investor should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the DRHP filed with the SEBI including the section titled " Risk Factors". The Equity Shares of the Company have not been and will not be registered under the U.S. Securities Act 1933, as amended, (the "U.S. Securities Act"), or any state securities laws in the United States. This announcement has been prepared for publication in India only and may not be released in the United States . This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States , and any securities described in this announcement may not be offered or sold in the United States , except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Company will not be registered under the U.S. Investment Company Act of 1940, as amended, and investors will not be entitled to the benefits of that Act.
Contact:
Mr. Sanjay Sehgal
Adfactors PR
Mob: 09873241083
Mr. Arvind jaini Oil India Limited
09818642682
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