Oil India net jumps over 20% in 2008-09

Oil India Ltd, the nation's second-biggest state-run energy explorer, today reported a more than 20 per cent jump in net profit at Rs 2,161.68 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 Rs 2,161.68 crore in 2008-09 as compared to Rs 1,790.06 crore in the previous fiscal, a company statement said.

The company's turnover last fiscal increased to Rs 8,137.87 crore from Rs 6,795.46 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 per cent for the year 2008-09. It had paid a dividend of 275 per cent during 2007-08.

The net worth of the company increased to Rs 9,331.02 crore, up 17.5 per cent over the previous year's figure of Rs 7,932.97 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 1,50,000 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.