Oil India Limited (A Government of India Enterprise) Registered Office "Duliajan, Assam
Total Page：16
File Type：pdf, Size：1020Kb
a:tTt:lH $f:st:ll F&lfq2;s (~~ <fiT~) ~~: <iW~I"'I'1t ~ o Oil India Limited (A Government of India Enterprise) Registered Office "Duliajan, Assam 'tffiG. OJ. 19, ~ 16-~, ~-201 301 ~ ~ Plot No. : 19, Sector 16-A, Noida-201 301, Uttar Pradesh ~ / Telephone: 0120-2419000 ~ / Fax: 0120-2488310 CIN : L11101AS1959GOI001148 't-m-r / E-mail: [email protected], aatfli$G / Website: www.oil-india.com Ref. No. OILiSEC/32-33/NSE-BSE Dated: 05.09.2020 National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Department of Corporate Service Plot no. CIl, G Block, Phiroze Jeejeebhoy Towers Bandra-Kurla Complex Dalal Street Bandra (E) Mumbai - 400 001 Mumbai - 400 051 Scrip: OIL Scrip: 533106 Sub: Annual Report of the Company for the year 2019-20 Ref: Regulation 34 of SEBI (LODR) Regulations, 2015 Sir I Madam, Pursuant to Regulation 34 of the SEBI (LODR) Regulations, 20] 5, we are enclosing herewith the Annual Report of the Company for the year 2019-20. The Annual Report is also hosted on the Company's website at www.oil-india.com and on the website of e-voting Agency, National Securities Depository Limited at www.evoting.nsdl.com. The above is for your information & records please. Thanking you, Yours faithfully, For Oil India Limited (A.K. Sahoo) Company Secretary & Compliance Officer End: As above COPY to: 1. National Securities Depository Limited Trade World, A wing, 4th Floor, Kamala Mills Compound, Lower Parel, Mumbai - 400013 2. Central Depository Services (India) Limited Marathon Futurex, A-Wing, 25th floor, NM Joshi Marg, Lower Parel (East), Mumbai - 400013 3. KFin Technologies Private Limited, RTA Selenium Building, Tower-B, Plot No. - 31 & 32, Financial District Nanakramguda, Serilingampally, Hyderabad, Rangareddi Telangana, India 500032 ŏŏŏŏ ŏŏ ŷ ŷ ņńŅōďņń } } } } } } } }~ } } } } } Ċ } } Ċ } } }Ċ}} } } ~ } } }} } } Ċ ~} Ċ}}Ċ }} ď } }}} CHAIRMAN'S MESSAGE Dear Members, At the outset, on behalf of the Board of Directors of Oil India Limited, I thank you for your continued support and present OIL's Annual Report for the year 2019-20. Your Company has completed 61 years of its existence on 18th February, 2020 and has maintained excellent track record of performance throughout. Certain major developments during the year have had positive impact on the current and future business scenario of your Company. On the domestic front, your Company successfully participated in the Open Acreage Licensing Policy (OALP) bid rounds II & III with award of 12 blocks with an area of 34,230 Sq.Km. This spreads our domestic E&P acreage significantly and will help in future growth of the Company through successful exploration efforts. Your Company has become the first Operator to commence exploration activities as per the Committed Work Programme (CWP) in OALP Blocks awarded in first bid round and has also completed seismic CWP in two of the blocks. In overseas business, the Mozambique LNG project has attained final investment decision which will facilitate commencement and completion of the project activities on a faster pace. Your Company maintained track record of receiving "Nil Comments" on its accounts from the Comptroller & Auditor General of India for 18th consecutive year. Your Company also witnessed certain external events during the year which were beyond the control of the management and which had adverse impact on Company's performance. Certain socio-political developments and related protests affected oil and gas production and other operations of the Company. The spread of Covid-19 had unprecedented impact on the demand of petroleum and petroleum products due to global lock downs and sharp contraction in the economic activities worldwide. This led to sharp slump in crude oil prices since March, 2020, the effect of which is still continuing. Another major setback faced by your Company is the Blow out in one of the gas wells in the prolific Baghjan oil fields towards the end of May, 2020. With lot of efforts by the committed team of OIL along with support from ONGC and experts from overseas, we have been able to complete first step in the well control operations by successfully placing the BOP Stack. We are continuing our efforts for well-killing operations which we expect to complete very shortly. In spite of certain adversities faced by the Company, your Company reported sound financials with revenue of Rs.13,649 crore and Profit after Tax of Rs.2,584 crore during 2019-20. Other significant events and highlights of 2019-20 are detailed in the Annual Report. I would like to take this opportunity to reiterate your Company's commitment towards pursuing the highest standards of Corporate Governance. We have always been proud of our robust and transparent processes and structures in place. Our Corporate Governance practices meet the stipulations of Regulators including DPE Guidelines. Your trust in the Company had provided us lot of encouragement and reassurance. We have been committed and shall remain so in managing the risk of the business and to the future growth of Company to ensure maximum value creation for our stakeholders. Let me re-assure you that we shall leave no stone unturned in our efforts to make the organization to be proud of. Jai Hind Sd/- (S.C.