Oil India investing Rs1,200cr to revamp pump stations in Assam

Energy major Oil India today said it is investing Rs 1,200 crore to revamp the pump stations of pipelines for carrying crude to refineries in Assam.
Addressing the shareholders during the 55th Annual General Body Meeting at the company's Fields' Headquarters in Duliajan, OIL Chairman and Managing Director S K Srivastava said: "The pumping stations of the trunk pipeline have been operating for over five decades and a revamping of these pump stations is being undertaken at a cost of Rs 1,200 crore."
OIL operates a 1,157 km long crude oil trunk pipeline of 5.5 million tonnes per annum (MTPA) capacity for transporting crude oil produced at oilfields in Upper Assam to the public sector refineries at Numaligarh, Guwahati and Bongaigaon, the company said in a statement.

Srivastava also mentioned about OIL's contribution to both state and central exchequer in terms of cess, royalty, sales tax, etc.
"The contribution to the state exchequer during the year (2013-14) was Rs 1,786 crore and that to the Central government was Rs 4,154 crore," he added.
The turnover of the company stood at Rs 9,612.70 crore in FY'14 as against Rs 9,947.57 crore in the previous fiscal. The profit after tax was Rs 2,981.30 crore in last fiscal compared to Rs 3,589.34 crore during 2012-13.

During 2013-14, the company declared a dividend of 215 per cent, the statement said.
In 2013-14, OIL provided subsidy discounts to the tune of Rs 8,736.85 crore, which was an increase of 10.7 per cent compared to Rs 7,892.17 crore in 2012-13, to oil marketing companies to compensate their under recoveries in line with government policy.

Srivastava also said crude oil production and condensate (including JV Share) was 3.502 MT in FY'14 as against 3.701 MT in 2012-13, while natural gas production was 2,626 MMSCM, which was almost same as 2,639 MMSCM in FY'13.
He also informed that during last fiscal, OIL made a total of seven hydrocarbon discoveries, of which six were in Upper Assam basin and one was in overseas in Gabon in West Africa.
Speaking about OIL's natural gas production, Srivastava said the company achieved production of 2,626 MMSCM from Assam, Arunachal Pradesh and Rajasthan fields during the year.
"The present gas production potential is about 7.35 MMSCMD from Assam and Arunachal Pradesh fields and about 0.70 MMSCMD from the Rajasthan fields," he added.

Giving an overview of overseas activities of OIL, Srivastava said the portfolio comprises of 16 blocks and are spread over 10 countries -- Libya, Gabon, Nigeria, Yemen, Venezuela, USA, Mozambique, Myanmar, Bangladesh and Russia.
In addition, OIL has 10 per cent interest in a product pipeline in Sudan, he added.