Production growth swells Oil India net worth

Production growth swells Oil India net worth
PTI
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First Published: Wed, Jun 03 2009. 03 58 PM IST
Updated: Wed, Jun 03 2009. 03 58 PM IST
New Delhi: Oil India Ltd, the nation’s second-biggest state-run energy explorer, on Wednesday reported a more than 20% jump in net profit at Rs2,161.68 crore in 2008-09 mainly due to increase in oil and gas production.
OIL, which is planning an initial public offering (IPO) by September, reported the highest-ever net profit of Rs2,161.68 crore in 2008-09 as compared to Rs1,790.06 crore in the previous fiscal, a company statement said.
The company’s turnover last fiscal increased to Rs 8,137.87 crore from Rs6,795.46 crore in 2007-08.
“The quantum jump in the total income and net profit was mainly due to the increase in crude oil production from 3.11 million tons in 2007-08 to 3.47 million tons in 2008-09, a 12 per cent jump,” it said, adding, “This is the highest recorded crude oil production of the company till date.”
OIL declared a total dividend of 305% for the year 2008-09. It had paid a dividend of 275% during 2007-08.
The net worth of the company increased to Rs 9,331.02 crore, up 17.5% over the previous year’s figure of Rs7,932.97 crore.
OIL’s proposed IPO and issuance of shares to employees have been approved by the government. “The company is targeting the IPO shortly,” the statement said.
OIL has exploration and production acreages of about 150,000 sq km within India and overseas.
It has participated in all the New Exploration Licensing Policy (NELP) bidding rounds concluded so far, and has now acquired total 25 blocks till NELP-VII. Of these, 17 are onshore and the rest eight are offshore blocks, the statement said.
It also has overseas presence in eight countries — Libya, Gabon, Nigeria, Yemen, East Timor, Iran, Egypt and Sudan.
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First Published: Wed, Jun 03 2009. 03 58 PM IST