OIL records highest ever profit of over Rs 3,887 crore in 2021-22 financial year

Government-owned Oil India Limited (OIL) has recorded the highest ever profit of Rs 3,887.31 crores, a growth of 123% from last 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 Crores during the year with a total CAPEX of Rs 4,367 Crore, which was 106% of its target.

Aligned with the national priorities, Oil India is placing a greater thrust on exploration activities thereby attempting to create significant value propositions for the future, said a senior OIL official.

In line with the Government of India’s Hydrocarbon Vision 2030 for Northeast and thrust on reducing imports, Oil India has embarked upon an aspirational target of Mission 4 plus for a significant increase in the 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 the Green Hydrogen economy in India.

Dr. Ranjit Rath, Chairman & Managing Director, Oil India Limited said that Oil India is committed to its quest for enhanced & expedited coverage of exploration acreages and augmented production of Crude Oil & Natural Gas, aligned with the national priorities, the hydrocarbon vision of Government of India and the energy security of the nation.

About the author

Team News Move

Leave a Comment