Oil India pays Rs 518 crore in dividend to government

Oil India Ltd (OIL) has paid a total dividend of Rs 518.65 crore to the government of India during the financial year 2012-13.

S K Srivastava, chairman and managing director of OIL has handed over the cheque of Rs 518.65 crore towards interim dividend at 110% for the financial year to M Veerappa Moily, minister for petroleum and natural gas, the company said in a statement today. 

OIL paid a total dividend of 190% for the year 2011-12 (adjusted for Bonus).

Oil India Limited is the Second Largest Public Sector E&P Company in India and has been able to achieve this record production in its five decade history through increase in drilling efforts, introduction of innovative technologies like horizontal and J-Bend drilling and effective exploration in its areas of operation. OIL is producing at the rate of around 3.72 MTPA of crude oil and 7.22 MMSCMD of Gas from its fields.

OIL has exploration and production acreages of over 1,60,000 sq km pan-India and overseas.