Oil Country Tubular Ltd

Oil Country Tubular Ltd

Incorporated in Feb.'85 Oil Country Tubular (OCTL) was promoted by United Steel Allied Industries K Suryanarayana and their associates. T S Sethurathnam is the Chairman and K Suryanarayana is the Managing Director. OCTL has a plant to manufacture the complete range of drill pipes production tubings and casing pipes with a capacity of 25000 tpa. It came out with a rights issue in May '92 to part-finance the increase in the project cost to expand the capacity of casing pipes from 25000 tpa to 50000 tpa and to meet additional margin money requirements all at a project cost of Rs 88.67 cr. The company manufactures drill pipes production tubings casing pipes etc. OCTL has a tie-up with Baker Hughes Tubular Services US. The main clients of OCTL are ONGC and OIL. It has obtained the API monogram from the American Petroleum Institute US for its products after stringent audit procedures. OCTL successfully executed the first export order for drill pipes worth $ 774000 in Jan.'95 for a UK company. The Russian market is one of the largest consumers of OCTL goods.The Company entered into a long term arrangement with Grant Prideco Switzerland for services and purchase of tubular goods manufactured by the company. During 2000-2001 the GOI has allotted 26 Blocks for Development and Exploration to various companies.By allotting these blocks company is expecting a good demand for its products in the domestic market.OCTL has bagged order worth Rs.120 crore from ONGC for supply of drill pipes. The said project is slated to be executed by April2004. It has also got some small orders worth $1 million from Iran and the company is currently executing a $4 million order from Syrian Petroleum Company.