OIL ready for mega-IPOs slatted early next year

Guwahati, Sep 30: Oil India Limited (OIL) CMD M.R.Pasrija has said that the company plans to go public early next year with a mega-IPO being floated to bring in necessary funds for further expansion.

The CMD, while addressing the Annual General Meeting (AGM) at Duliajan last night, said the company has made four more hydrocarbon discoveries in Assam during the first half of 2007-08, while the last fiscal saw the highest ever natural gas production in many years.

In the Annual General Report, it has been stated that there has been three hydrocarbon discoveries during the year. These discoveries were in Baghjan, Barekuri and Santi Area. The first two fields were under delineation and appeared to be larger than initially assessed.

During 2006-7, OIL produced 3.11 MMT of crude oil, 2264 MMSCUM of natural gas and 43750 tonnes of LPG. Natural Gas sale of 1767 MMSCUM was the highest ever.

The production of Gas this year from Assam had also been the highest ever, the report said. During the year under review, OIL also made considerable addition to Oil and Gas reserves. The accretion to recoverable reserve during the year was 10.49MMT, which is the highest during the last one and half decade.

The Company had recorded a total income of Rs. 6007.78 crore and profit after tax of Rs 1639.99 crore for the year 2006-07. Net worth of the Company increased to Rs. 6849.07 crore up by 17% over the previous year's figure of Rs. 5848 crores even after providing for subsidy of Rs 1993.75 crores on crude oil and LPG sales to share a part of under recoveries suffered by oil marketing companies.

UNI