OIL pays Rs 518.65 cr dividend to govt

NEW DELHI, Mar 7:  Oil India Ltd (OIL), a premier national oil firm, has announced that it has paid a dividend of Rs 518.65 crore to the government for the financial year 2012-13.
In a press release issued here yesterday, the public sector unit said an interim dividend of 110 per cent was declared in January 2013 for the financial year 2012-13.
OIL CMD S K Srivastava handed-over a cheque for Rs 518.65 crores towards interim dividend for the financial year 2012-13  to Minister of Petroleum and Natural Gas Dr M Veerappa Moily in presence of senior officials of the Ministry and OIL.
OIL is the second largest public sector E&C company in India and has been able to achieve this record production in its five decade history through increase in drilling efforts, introduction of innovative technologies like horizontal and J-Bend drilling and effective exploration in its areas of operation, it said.
OIL is producing at the rate of around 3.72 MTPA of crude oil and 7.22 MMSCMD of Gas from its fields. OIL has exploration and production acreages of over 1,60,000 sq km pan-India and overseas, it added.


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