66th AGM of OIL: Company achieves record production, robust financials

A CORRESPONDENT

DIBRUGARH: Oil India Limited (OIL), a Maharatna CPSE, held its 66th Annual General Meeting (AGM) on Thursday.

Addressing the shareholders, Dr Ranjit Rath, Chairman & Managing Director, OIL, reaffirmed OIL’s resolve to build a resilient, diversified and sustainable energy future for India aligning with the national priorities of Atmanirbhar Bharat and Viksit Bharat, as India marches towards achieving energy independence by 2047, as envisioned by the PM of India.

FY 2024–25 was a landmark year for OIL, marked by the highest-ever oil and natural gas production, supported by operational excellence and strategic growth. OIL recorded its highest-ever oil and oilequivalent gas (O+OEG) production of 6.710 MMTOE since inception, along with the highest-ever natural gas production of 3,252 MMSCM.

On the financial front, the Company reported a total income of Rs 23,987 crore (standalone) and Rs 37,830 crore (consolidated), with net profit of Rs 6,114 crore (standalone) and Rs 7,040 crore (consolidated), reflecting strong margins of 27.64% and 19.47%, respectively.

The company also sustained a robust capital investment programme of over Rs 18,000 crore on a consolidated basis while maintaining healthy dividend pay-outs to shareholders.

Innovation remained the backbone to the company’s performance, with cutting-edge technologies of propellant stimulation, fishbone drilling and AI-based reservoir modelling being deployed to unlock reserves,  optimize costs and enhance recovery.

Fully aligned with India’s broader Net Zero 2070 goal, OIL made strong progress toward its Net Zero 2040 target including a 59% reduction in flaring over the previous year, abatement of CO2 emissions, and energy efficiency measures. OIL is scaling up investments in renewables, green hydrogen, biofuels and CBG, alongside transformative projects through Numaligarh Refinery Limited, including a threefold capacity expansion, a 2G bio-ethanol plant, a green hydrogen project and India’s first large-scale Sustainable Aviation Fuel (SAF) facility.

“OIL is well positioned to lead India’s energy journey, from oil and gas to clean, sustainable and technologically advanced solutions, powering the nation’s growth while creating enduring value for generations to come,” Dr Rath concluded.

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