At the outset on behalf of the Board of Directors of Oil India Limited I thank youfor your continued support and present OIL's Annual Report for the year 2019-20. YourCompany has completed 61 years of its existence on 18th February 2020 and hasmaintained excellent track record of performance throughout.
Certain major developments during the year have had positive impact on the current andfuture business scenario of your Company. On the domestic front your Company successfullyparticipated in the Open Acreage Licensing Policy (OALP) bid rounds II & III withaward of 12 blocks with an area of 34230 Sq.Km. This spreads our domestic E&P acreagesignificantly and will help in future growth of the Company through successful explorationefforts. Your Company has become the first Operator to commence exploration activities asper the Committed Work Programme (CWP) in OALP Blocks awarded in first bid round and hasalso completed seismic CWP in two of the blocks. In overseas business the Mozambique LNGproject has attained final investment decision which will facilitate commencement andcompletion of the project activities on a faster pace. Your Company maintained trackrecord 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 beyondthe control of the management and which had adverse impact on Company's performance.Certain socio-political developments and related protests affected oil and gas productionand other operations of the Company. The spread of Covid-19 had unprecedented impact onthe demand of petroleum and petroleum products due to global lock downs and sharpcontraction in the economic activities worldwide. This led to sharp slump in crude oilprices since March 2020 the effect of which is still continuing. Another major setbackfaced by your Company is the Blow out in one of the gas wells in the prolific Baghjan oilfields towards the end of May 2020. With lot of efforts by the committed team of OILalong with support from ONGC and experts from overseas we have been able to completefirst step in the well control operations by successfully placing the BOP Stack. We arecontinuing our efforts for well-killing operations which we expect to complete veryshortly.
In spite of certain adversities faced by the Company your Company reported soundfinancials with revenue of Rs.13649 crore and Profit after Tax of Rs.2584 crore during2019-20. Other significant events and highlights of 2019-20 are detailed in the AnnualReport.
I would like to take this opportunity to reiterate your Company's commitment towardspursuing the highest standards of Corporate Governance. We have always been proud of ourrobust and transparent processes and structures in place. Our Corporate Governancepractices meet the stipulations of Regulators including DPE Guidelines.
Your trust in the Company had provided us lot of encouragement and reassurance. We havebeen committed and shall remain so in managing the risk of the business and to the futuregrowth of Company to ensure maximum value creation for our stakeholders. Let me re-assureyou that we shall leave no stone unturned in our efforts to make the organization to beproud of.
Chairman & Managing Director