OIL India records highest ever profit in FY 2021-22

FPJ BureauUpdated: Wednesday, September 28, 2022, 01:13 AM IST
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Oil India Limited (OIL), India’s second largest National Exploration & Production Company held its 63rd Annual General Meeting (AGM) on 24th September 2022. During FY 2021-22, Oil India recorded its highest ever Profit After Tax at ₹3,887.31 Crores, a growth of 123% over last year with a substantial increase in Earnings per Share (EPS) at ₹35.85. The company also recorded its highest ever total income at ₹16,428 Crores during the year with a total CAPEX of ₹4,367 Crore, which was 106% of its target.

Aligned with the national priorities, Oil India is placing greater thrust on exploration activities thereby attempting to create significant value proposition for the future. In line with the Government of India’s Hydrocarbon Vision 2030 for NE India and thrust on reducing imports, Oil India has embarked upon an aspirational target of Mission 4 plus for significant increase in 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.

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