OIL chairman and managing director (CMD) Sushil Chandra Mishra on Tuesday said the financial year 2019-20 has been a challenging one with weak global economic growth resulting in weaker demands across the sectors.
While addressing the 61st annual general meeting of Oil India Limited (OIL), Mishra said the lower average crude oil prices, as compared to the previous year, and other factors beyond control affected the company’s activities in the main producing area, especially in the last quarter of 2019-20.
Despite the difficulties, the OIL completed the year 2019-20 on a positive note, leveraging the best of available advantages and building on available opportunities, he said.
The CMD shared the significant highlights of fiscal 2019-20 during which OIL’s annual domestic production of crude oil stood at 3.133 MMT and domestic natural gas production was 2801 MMSCM.
Further, OIL reported revenue of Rs 13,649 crore and profit after tax of Rs. 2,584 crore.
Also, the company recorded its highest ever dividend from overseas business.
He also conveyed that the success of Cyclic Steam Stimulation process implemented in 2018-19 led to a production increase of 168% from OILs Rajasthan Field.
The CMD informed that OIL has drawn up ambitious plans for the future including fast-tracking of exploration in Arunachal Pradesh and developing Baghewala heavy oil field in Rajasthan besides strengthening OILs presence in other sectors of the hydrocarbon industry.
Mishra and OIL directors along with independent directors and shareholders paid tribute to three Oil Indians, who lost their lives while fighting the unfortunate blowout at Baghjan 5 well of OIL.
The CMD reiterated OIL’s commitment to Átmanirbhar Bharat Abhiyan recently launched by the Prime Minister.
With a view to expedite action in this direction, OIL has created a new department INDEG for the development of items indigenously.
The CMD re-assured all shareholders that with OIL’s brilliant track record and rich experience of over six decades, the company shall continue relentlessly in the pursuit of its vision.
For the very first time, the AGM was held on a virtual platform, necessitated by the extraordinary demands of the times.