oil india ltd share price Directors report


Dear Members,

On behalf of the Board of Directors, I hereby present the 64th Annual Report on the performance of your Company containing Audited Financial Statements together with the Auditors Report and the Comments of the Comptroller and Auditor General of India for the year ended March 31, 2023. It is an honour for the entire OIL Board to share that your Company has been elevated to MAHARATNA status by the Government of India on 4th August 2023.



During the year, the Company has earned highest ever total income of 24,757.85 crore as against 16,427.65 crore in the previous year 2021-22. The Pro?t Before Tax (PBT) in the year 2022-23 was 8,857.04 crore against PBT of 4,986.50 crore in the previous year. The Company had registered highest ever Pro?t After Tax (PAT) at 6,810.40 crore during the FY 2022-23 against 3,887.31 crore in the previous year. PAT for the FY 2022-23 has increased by 2,923.09 crore as compared to 2021-22 due to improved crude oil and natural gas price realization and better production performance. The Net pro?t margin of the Company for FY 2022-23 was 29.26%. a. Key ?nancial ?gures of the Standalone Financial Statements for FY 2022-23 are summarized below:


FY 2022-23 FY 2021-22
Income from Operations 23,272.57 14,530.18
Other Income 1,485.28 1,897.47
EBDITA 11,176.09 7,266.38
Finance Cost 724.19 783.10
Depreciation, Depletion and Amortisation 1,594.86 1,496.78
Pro?t Before Tax 8,857.04 4,986.50
Pro?t After Tax 6,810.40 3,887.31


Interim Dividend 1,572.38 1,003.07
Final Dividend of previous year 542.20 162.66

Re-measurement of the net De?ned Bene?t Plans transferred from Other Comprehensive Income

75.82 251.97

b. Key ?nancial ?gures for our Group Performance [Consolidated] for FY 2022-23 are summarized below:


FY 2022-23 FY 2021-22
Income from Operations 41,038.94 30,011.20
Other Income 719.35 1,142.59
EBDITA 15,991.71 11,754.82
Finance Cost 900.89 940.12
Depreciation, Depletion and Amortisation 1,946.94 1,824.48
Pro?t Before Tax 13,143.88 8,990.22
Pro?t After Tax 9,854.39 6,719.22


Interim Dividend 1,572.39 993.79
Final Dividend of previous year 542.21 162.66

Re-measurement of the net De?ned Bene?t Plans transferred from Other Comprehensive Income

51.08 275.39

c. Financial Performance of our Material Subsidiary – Numaligarh Re?nery Limited

Numaligarh Re?nery Limited (NRL) registered the highest ever PAT since its inception at 3,702.79 crore as compared to 3,561.56 crore in FY 2021-22. It also registered the highest ever revenue from operations during the year at 29,785.60 crore as compared to 23,547.01 crore in the previous year

. d. Capex Performance:

On a group level, Company has made capex investments of 13,076.21 crore during FY 2022-23 including 6,841.41 crore capex investments by its material subsidiary Numaligarh Re?nery Limited and 1,755.27 crore towards OILs proportionate shares in capex of its JVs & Associates.


During the FY 2022-23, crude oil production was 3.176 MMT (inclusive of Companys share from Kharsang and Dirok JVs) as against the production in the previous year 3.010 MMT, which is 5.5% increase over the previous year and highest during the last four years. The improvement in crude oil production was achieved mainly due to arresting decline in old wells with implementation of IOR-EOR efforts such as Hydrofracturing, Cyclic Steam Stimulation in heavy oil reservoir, MEOR, arti?cial lift optimization etc, contribution from new drilling and expediting revival of sick wells. The crude oil sale was 3.067 MMT as compared to 2.911 MMT in the previous year.

As a result of 5.5% increase in crude oil production and increased price realization, revenue from crude oil has increase by 37.63% during the year. The price realization in respect of crude oil was USD 95.47/bbl in the year 2022-23 as against USD 78.96/bbl in the year 2021-22.

(ii) Natural Gas

The Company registered the highest ever natural gas production of 3180 MMSCM (including Companys share of production from Dirok JV) during the FY 2022-23, which is higher than the 3045 MMSCM (including Companys share of production from Dirok JV) in FY 2021-22. The Sale of natural gas during FY 2022-23 is 2457.7 MMSCM which is higher than 2450 MMSCM in FY 2021-22. As a result of higher sales quantity and increased price realization, revenue from natural gas increased by 236.60% during the year 2022-23. The average Natural Gas price realization was USD 7.34/ MMBTU in FY 2022-23 as against USD 2.35 / MMBTU in FY 2021-22.

(iii) Lique?ed Petroleum Gas (LPG)

Lique?ed Petroleum Gas (LPG) of 32,100 metric tons was produced during FY 2022-23 as against 33,240 MT in previous year. The condensate recovered from LPG plant is punched with crude oil which contributed 0.0204 MMT to the total crude oil production of the Company. Sale of LPG during FY 2022-23 was 32232 MT as against 33094 MT in 2021-22. Revenue earned by selling LPG during FY 2022-23 was 210.14 crore as against 186.77 Crore in FY 2021-22 an increase of 12.51%. Revenue from sale of Condensate was 52.15 crore in the FY 2022-23 as against 49.68 Crore in the FY 2021-22.

(iv) Pipeline Operations

During FY 2022-23, Crude Oil Pipeline achieved highest ever throughput of 6.79 MMT as against 6.18 MMT in the previous year. The Naharkatia - Bongaigaon Sector transported 3.04 MMT of Crude Oil for the Company and 0.99 MMT of Crude Oil for ONGC and other producers. The Barauni - Bongaigaon - Guwahati Sector transported 2.76 MMT of Imported Crude Oil for Bongaigaon & Guwahati Re?nery. The Company also transported 1.416 MMT of Petroleum Products through Numaligarh-Siliguri Product Pipeline with pipeline utilization of 82.3 %. The total revenue earned from the transportation business was 649.85 crore in the FY 2022-23 including arrears on account of revision in Pipeline Tariff against 345.18 crore in FY 2021-22.

(v) Renewable Energy

As on 31st March, 2023, total installed capacity of the Company in respect of renewable energy stands at 188.1 MW, comprising of 174.1 MW of wind energy projects and 14.0 MW of solar energy projects. In addition, Company also has solar plants of 0.906 MW for captive utilization. Your Company generated revenue of 121.96 crore from renewable energy projects during FY 2022-23.

(vi) Operational Performance of NRL

NRL achieved highest ever operational availability at 99.42% and processed highest ever 3091 TMT of crude oil during the year which is 103% capacity utilisation. NRL has embarked on a major integrated re?nery expansion project to augment its capacity from 3 MMTPA to 9 MMTPA. The project also includes setting up of a crude oil import terminal at Paradip in Odisha and laying of about 1630 KM of pipelines for transportation of imported crude oil from Paradip in Odisha to Numaligarh. NRL, in collaboration with two other foreign entities, have incorporated – ‘Assam Bio-Re?nery Private Limited (ABRPL) which is setting up a second-generation bio-re?nery at Numaligarh, Assam to produce 50 TMTPA ethanol from non-food grade feed stock bamboo. The NRL has commissioned a 130 km long and 1 MMTPA capacity product pipeline from Siliguri in West Bengal to Parbatipur in Bangladesh on 18th March, 2023.

C. EXPLORATION HIGHLIGHTS i) Exploration Thrust: Acquiring Acreages

Your Companys In-Country operations are spread over areas in the states of Assam, Arunachal Pradesh, Mizoram, Tripura, Nagaland, Odisha, Andhra Pradesh & Rajasthan and offshore areas in Andaman, Kerala-Konkan

& KG shallow waters. The Company is operating in 02

(two) PEL and 25 (twenty-?ve) PML areas, allotted under the nomination regime in the states of Assam, Arunachal Pradesh and Rajasthan. The Company is currently carrying out exploration activities in 29 OALP blocks in the states of Assam, Arunachal Pradesh, Tripura, Nagaland, Odisha, Rajasthan and offshore areas in Andaman and Kerala-Konkan. The Company also holds Participating Interest (PI) in 06 (six) NELP Blocks with operatorship in 04 (four) Blocks and as non-operator in the remaining 02 (two) Blocks as on 31.03.2023. The Company also has 3 (three) DSF blocks as operator, one block each in Tripura and Krishna-Godavari Shallow Offshore under DSF-II Bid round and one block in Rajasthan under DSF-III Bid round. With acquiring of new acreages of 5063 Sq. KM , the total domestic operating acreages of the Company is 62,911 sq. km as on 31.03.2023.

The strategy of your Company is to consolidate its position as the leading Operator in North-East with the long-term vision to supplement existing domestic reserves portfolio in-line with the Government of Indias vision to intensify exploration in Indian sedimentary basins and increase domestic oil and gas production. The Company has further expanded its acreage base through participation under OALP Bid rounds and DSF round. During the year, the Company was successful in adding four (4) OALP blocks viz. 2 blocks each in Tripura and Assam awarded under OALP-VI and OALP-VII Bid rounds respectively and one DSF block in Rajasthan under DSF-III. The Revenue Sharing Contract (RSC) for the blocks of Tripura, Assam and Rajasthan were signed on 27.04.2022, 28.06.2022 and 09.09.2022 respectively

ii) Exploration Activities and Discoveries

Your Company carried out 1333.32 LKM of 2D and 680.05 sq. km of 3D seismic survey during the FY 2022-23 (i.e an overall effective seismic coverage of 870 Sq . KM considering 1:7 conversion factor.) So far, out of 28 OALP blocks with valid PEL, the Company has completed committed seismic acquisition in 22 OALP blocks, and acquisition is under progress in 1 block and due to resume/commence in 3 blocks after the monsoon break. Seismic commitment in two of the blocks could be partially accomplished due to local problems and statutory clearance related issues.

Your Company drilled 16 (sixteen) exploratory wells and 29 (twenty-nine) development wells during FY 2022-23. Your Company has made 1 (one) oil discovery in Assam which was also brought on production and contributed to 5400 MT of crude oil in FY 2022-23. The Company achieved Reserve Replacement Ratio (RRR) of 1.01 under 2P category. Under OALP regime, the Company has completed drilling of four (4) nos. of exploratory wells in 3 OALP blocks in Rajasthan namely well Soorasar-1 in RJ-ONHP-2017/9

Block, wells South Baghewala-1 & South Baghewala-2 in RJ-ONHPP-2017/8 Block and well Bikaner-1 in RJ-ONHP-2018/2 Block. The Company has also started exploratory drilling in OALP blocks in Assam and Odisha namely well NRB-1 in AA-ONHP-2017/20 Block and well Puri-1 in MN-ONHP-2018/2 Block, respectively. Your Company was bestowed with the Prestigious Federation of Indian Petroleum Industry - FIPI Awards 2022 "Exploration Company of the Year" for its exploration efforts.

Your Company inducted the state-of-art Hybrid Telemetry Seismic Recording Equipment with the capability to record seismic data in cabled and cable-less mode simultaneously. Your Company has carried out the ?rst ever Passive Seismic Tomography (PST) survey that, concluded over Pasighat (OALP-I block) & in Balimara-Tarajan-Jorajan areas during the year. This PST campaign covered approximately 500 sq. km area and continuous data was recorded for a period of 11 months and based on the recorded naturally occurring earthquakes and tremors, sub-surface velocity structure and Poissons ratio volume has been derived over the study area.

Under Government of India initiative, your Company is entrusted with the responsibility of acquiring 22,500 LKM of 2D seismic data in Andaman deep water offshore. The 2D seismic acquisition and processing of 22,554.75 LKM has been completed and seismic interpretation studies are currently under progress

. iii. Oil and Gas Reserves a. Domestic

Your Company has strong oil and gas reserves base in domestic assets including JVs. The Reserve accrued (EUR 2P) during the year 2022-23 is 5.9474 MMToE. The particulars of oil and gas reserves as on 31.03.2023 are furnished below:


1P 2P 3P

Oil + Condensate Reserves (MMT)

30.2119 70.5614 93.2194

Balance Recoverable Gas (BCM)*

89.6682 138.5074 176.6278
O+OEG (MMTOE) 108.4601 191.0895 247.1200

Based on projected volume of gas under various sales contracts, 1P, 2P and 3P Gas Reserves are 27.7930, 56.3240 and 66.8030 BCM respectively

. b. Overseas

As on 31.03.2023, oil & gas reserves position of 05 (?ve) overseas assets (Companys Proportionate Share) namely License-61 (Russia), Vankorneft (Russia), Taas

Yuryakh (Russia), Petro Carabobo (Venezuela) & Gol?nho-Atum (Mozambique) is as furnished below:


1P 2P 3P

Oil + Condensate Reserves (MMT)

11.5309 29.7247 49.8326
Gas, BCM 12.6122 21.2093 25.2756
O+OEG (MMTOE) 24.1431 50.9339 75.1082


The Authorized Share Capital of the Company is 2000 Crore. The Issued, Subscribed and Paid up Share Capital of the Company is 1084.41 crore comprising of 108.44 crore shares of 10 each. At present, the Government of India, the Promoter of the Company, is holding 56.66% of the total Issued & Paid-up Capital of the Company. The balance 43.34% of the Equity capital is held by Public and others including Bodies Corporate, Mutual Funds, Banks, FPCs and Resident Individuals.


Your Company paid 1st Interim Dividend @ 4.50 per share (i.e. 45% on the paid up equity share capital) amounting to 487.99 crore and 2nd Interim Dividend @ 10.00 per Share (i.e. 100% on paid up equity share capital) amounting to 1084.41 crore for the FY 2022-23. The Board of Directors have recommended a Final Dividend of 5.50 per share (i.e. 55% on the paid-up equity share capital) amounting to 596.42 crore for the FY 2022-23, subject to the approval of the shareholders at the 64th Annual General Meeting of the Company.


The Companys ?nancial prudence is reected in the current credit ratings ascribed by the ratings agencies as given below:


Rating Agency International Rating Remark Statements

Long Term

Moodys Investor Service Baa3 (Stable) At par with Indias Sovereign rating

Long Term

Fitch Ratings BBB- (Stable) At par with Indias Sovereign rating

Long Term

CRISIL CRISIL AAA (Stable) Highest Rating

Short Term

CRISIL CRISIL A1+ Highest Rating

Long Term

CARE Ratings CARE AAA (Stable) Highest Rating

Short Term

CARE Ratings CARE A1+ Highest Rating


The particulars of investment made, loans extended, guarantees and securities provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are provided in the standalone ?nancial statements. (Ref. Note no. 6, 8, 17 & 41 to the standalone ?nancial statements).


All contracts / arrangements / transactions entered by the Company during the year with related parties were in ordinary course of business and at arms length basis. The policy on materiality of related party transactions and dealing with related party transactions may be accessed on the Companys website at www.oil-india.com. Attention is also invited to Note 42.4 to the ?nancial statements and Form AOC-2 attached herewith.


Human Resource Management at OIL embraces a comprehensive approach that centers on fostering a collaborative and productive relationship between the Company and its workforce. Rooted in our tireless commitment to excellence, our HR practices are geared towards sustaining and nurturing a culture of continuous improvement. We ?rmly believe that Human Asset is the catalyst that activates other forms of resource capitals in the Company. Our human resource systems are designed to be responsive to the unique needs and well-being of our workforce.

As on 31st March 2023, our workforce comprises of 6759 individuals, including 1772 executives and 4987 unionized employees. Strategic measures such as policy interventions, transparent and objective HR processes etc drive the contribution of human asset in the Company. To ensure our employees are equipped with the right skills for the dynamic industry landscape, we have emphasized on various upskilling and reskilling initiatives. Contextually relevant training programs enable our workforce to adapt to emerging challenges and embrace technological advancements. We are steadfast in our pursuit of organizational excellence and look forward to a future of continued progress and achievement.


The Company believes that sports is an integral part of all round development of human capital and achieving excellence in sports has real bearing on national prestige and morale. Therefore, employees are encouraged to participate and excel in sports. The Company has actively supported and promoted sports under the umbrella of

Petroleum Sports Promotion Board (PSPB), All India Public Sector Sports Promotion Board (AIPSSPB) and other bodies duly recognized by the Government of India. The Company participated in various sports events in Football, Golf, Cricket etc. during the year.

Some of the glimpses of OIL in sports are:

OILs Football Team was the Winner in the 74th All India Independence Day Cup Football Tournament, Dr. T.Ao Invitational Football Tournament and the 69th Bharat Ratna Lokopriya Gopinath Bordoloi Trophy Football Tournament.

Runner-Up in the ATPA Shield Football Tournament & the 18th Captain Jintu Gogoi Vir Chakra Memorial Invitational Football Tournament.

OILs Football Team also won the 42nd PSPB Inter-Unit Football Tournament & AIPSSCB Football Tournament.

Companys Basketball team emerged as Runner-up in the PSPB Inter Unit Basketball Tournament.

OIL-A & OIL-B team emerged as Winner and Runners-up respectively in the 43rd PSPB Inter Unit Golf Tournament.

Companys Mens, Womens and Veteran Team emerged as Runners-up in the 4th PSPB Inter-Unit Squash Tournament.

Companys Volleyball team emerged as Runner-up in the PSPB Inter-Unit Volleyball Tournament.

Billiards & Snooker Team emerged as winner and runner-up in Individual Snookers and Billiards Non-professional Category in the PSPB Inter unit Billiards & Snooker Tournament.

Badminton Team secured 2nd Position in the Mens Open Doubles in the PSPB Inter-Unit Badminton Tournament.

Mens Team emerged as winners in the AIPSSCB Table Tennis Tournament.


The Company complies with the directives of the Government of India for priority sections of the society. The representation of various priority sections in executive and unionized employees categories in the Company as on 31st March, 2023 is as under:


SC ST OBC Minority PWD Women
Executives 264 164 493 128 39 216
451 797 2243 287 108 273


715 961 2736 415 147 489



The Company is committed towards prevention of sexual harassment of women at workplace and takes prompt action in the event of reporting of any such incidents. The Company has in place mechanism for prevention of sexual harassment in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. In this regard, Internal Complaints Committees (ICCs) have been constituted at various oces of the Company to deal with sexual harassment complaints, if any, and to conduct enquiries.

The disclosure regarding complaints under the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 during the FY 2022-23, is as under:

Sl. no.

Particulars Number of complaints


Number of complaints ?led during the FY Two (02)


Number of complaints disposed of during the FY Two (02)


Number of complaints pending as on the end of the FY NIL


In compliance with the SEBI (LODR) Regulations, 2015, the Management Discussion & Analysis Report, Corporate Governance Report and Business Responsibility and Sustainability Report have been furnished as a part this Annual Report. Your Company also complies with the Corporate Governance Guidelines enunciated by the Department of Public Enterprises, Government of India. Your Company has published the Business Responsibility and Sustainability Report [BRSR] which is hosted on the website on the Company on the link https://www.oil-india.com/Document/Financial/ BusinessResponsibilitySustainabilitReport20222th1108 pdf

12. RTI ACT, 2005

The Company has implemented Right to Information Act, 2005 in order to provide information to citizens while maintaining accountability & transparency. The Company, being a Public Authority as de?ned in Sec 2(h) of the Act, is required to discharge all the obligations under the Act. To carry out the tasks outlined in the Act, each sphere has a designated Central Public Information Ocer (CPIO), Central Assistant Public Information Ocer (CAPIO) and Appellate Authority. In line with the Government directives, the RTI Cell is successfully processing and disposing RTI Applications through the Government portal namely, RTI Online. The RTI section on the Companys website is also being maintained and updated with all disclosable information as per the proactive disclosure under the RTI Act. During FY 2022-23, the Company received 1095 including applications carried over from the previous FY under the RTI Act. In most of the applications and appeals, it was ensured that the reply/order was issued within the stipulated period of 30 days.

RTI Status for FY 2022-23 (as on 31.03.2023) :

Total Applications

Applications Disposed Pending Applications First Appeals before Appellate Authority Appeal disposed off Pending Appeals
1095 1066 29 152 131 21


The Company puts continuous efforts for increased use of Ocial Language Hindi in ocial work in line with the Ocial Language Policy/Act/Rules/Orders of the Govt. of India. Hindi Workshops were conducted regularly so as to enable ocers and employees to work in Hindi conveniently and eciently. Quarterly Meetings of Ocial Language Implementation Committee were held regularly. The responsibility of the Chairmanship of Duliajan Town Ocial Language Implementation Committee (TOLIC) was also borne by the Company. Half-yearly meeting of TOLIC were organised as per schedule of Department of Ocial Language. Executives/ Employees were encouraged to attend Hindi Training Classes and to write more and more words in Hindi through Incentive Scheme formulated by the Company. Total of 267 Nos. of ocers and employees took training of Hindi through Hindi classes and workshops in Ocial Language Section. 37 ocers and employees passed and were given incentives as per Company rules. To Propagate Ocial Language Hindi, amongst employees, TOLIC members and students, various literary competitions were held during Hindi Month Celebration. New initiative of Hindi section

i.e. Aaj Ka Shabd is being prepared and published in OIL web daily.

The Company has been awarding "OIL Shreemanta Shankardev Fellowship for Comparative Studies of Literature (Assamese and Hindi)" to Hindi research fellows of the Guwahati University since 2003. This fellowship is given by the Company to a selected research fellow of the university every year for the comparative studies of Literature. The amount for fellowship and other facilities are at par with University Grant Commission (UGC) fellowship.

The Company bagged the Second Petroleum Rajbhasa Shield for the year 2021-22 for best implementation of Ocial Language in oce jobs.

Annual programme of Ocial Language Hindi for the FY 2022-23, which was issued by Departments of Ocial Language, Ministry of Home Affairs, Govt. of India, was circulated to all Spheres/ Departments of the Company and regular monitoring and reviewing jobs are being done in Quarterly Meeting with Departmental representatives. In–House Hindi Journal "OIL KIRAN" was published regularly. In-House Journal "OIL NEWS" was published in Trilingual form i.e. Assamese, Hindi and English.


The Company adheres to the Public Procurement Policy for MSEs. The Budgeted and actual procurement of goods and services from MSEs during the FY 2022-23 are as under :

S. No

Particulars Status as on 31.03.2023


Budgeted procurement of goods and services from MSEs 750.00 crore


Actual procurement of goods and services from MSEs (including MSEs owned by SC/ ST entrepreneurs) 1357.43 crore


Percentage of procurement of goods and services from MSE (including MSEs owned by SC/ 50.52%
ST entrepreneurs) out of total procurement excluding high- technology items

Total procurement of goods and services during FY 2022-23 as per guidelines of MoP&NG and recorded in ‘Sambandh Portal is 2,686.92 crore and as above the total procurement through MSEs during FY 2022 23 is 1,357.43 crore which is 50.52% of total procurement through ‘Sambandh Portal.

Total Procurement of goods and services by the Company during FY 2022-23 is 5725.12 crore. Procurement of

Goods and services through GeM portal during the year FY 2022-23 as per GeM is 2,136.75 crore which is 37.32% of total procurement.


The Vigilance Wing is headed by Chief Vigilance Ocer (CVO), who functions as a link between the Central Vigilance Commission (CVC), the Central Bureau of Investigation (CBI) and the Management and acts as an advisor to Head of the organization on Vigilance matters. Vigilance basically functions under three facets:

(i) Preventive

(ii) Punitive and

(iii) Surveillance & Detection. Preventive Vigilance: This calls for constant review of roles, procedures and practices for re?ning and improving the system thereby reducing scope for corruption and also leading to better operational results. To strengthen this facet of Vigilance framework, during the FY 2022-23, several system improvement measures were recommended and implemented on the basis of scrutiny of various Contracts & Purchases ?les, inspections of installations both periodic and surprise, intensive examinations of high value projects/works done internally. Additionally, policy matters were also taken up for improvements like amendment in Delegation of Powers, Integrated Purchase Manual, Conduct Discipline and Appeals (CDA) Rules, etc. to name a few. Extensive use of technology through E-procurements, E-payments, Bill tracking system etc. has further emerged as effective tools of preventive vigilance. To create awareness and to sensitize employees about the Company rules and regulations, nineteen

(19) in-house awareness programs were conducted in various spheres of the organization. The programs included "Keep in Touch" (KIT), Catch Them Young (CTY) and "Vigilance Sensitization". Further, management has been advised to regularly conduct induction and mid-career training programs on preventive vigilance.

One major event towards Preventive Vigilance is observance of "Vigilance Awareness Week" (VAW). During the FY, in line with the directives of CVC, as a precursor to VAW 2022, a 3-month campaign on Preventive Vigilance & Internal Housekeeping was launched across the Company from 16th August – 15th November 2022. The campaign was focused on six areas viz. Property Management, Asset Management, Record Management, Technological Initiatives, Updation of Guidelines / Circulars and Disposal of Complaints.

The VAW 2022 was observed from 31st October – 6th November 2022 across the Company on the theme "Corruption free India for a developed nation". The week started with the Integrity Pledge, which was administered by the CMD and the CVO to all employees in an event streamed live across all spheres / oces of the company. A special issue of Vigilance in-house journal "InTouch" was also released on the occasion of VAW 2022. Several activities were conducted both within and outside the Company. Some of these activities include Talks by eminent personalities, Training, Seminar/ Webinars, Workshops, Quiz, Debate, etc. In addition, several competitions in nearby schools and colleges were also organized Vendors Grievance Redressal Camp

/ Awareness Programs and Gram Sabhas were also organized in different spheres of the Company, enabling the stakeholders to redress their problems.

In addition to above, continuous efforts are on to imbibe ethical behaviour by encouraging everyone to take the online "Integrity Pledge". The link for online "Integrity Pledge" has been made available on Companys website and can be easily accessed by the employees, their families, vendors/contractors/stakeholders.

Punitive Vigilance: This function involves complaints handling, investigations, monitoring of disciplinary cases, etc. Based on complaints received by the organization from various sources including the CVC and the concerned Ministry, investigations are done and taken to their logical conclusion. For effective and timely disposal of disciplinary cases, management has been advised to conduct training on the role of inquiry ocers & presenting ocers among ocers at different levels of the organization. As and when required, assistance is also extended to the CBI in the investigation of cases entrusted to them. During the FY 2022-23, 01 vigilance case (disciplinary proceeding) involving 04 ocials was handled, orders of the Disciplinary Authority were awaited as on 31st March, 2023.

Surveillance & Detection: This function includes conducting regular & surprise inspections, CTE Type intensive examination of projects / works, besides carrying out scrutiny of annual property returns, audit paras, etc. During the FY 2022-23, several inspections / examination / scrutiny in all spheres of the Company were carried out and observations or ?ndings were appropriately taken up with the management.


The Research & Development team of the Company provides techno economically feasible and practical solutions to frequently encountered oil?eld problems. Over the years, Company has developed expertise and competence in the core oil?eld operational and applied research in the areas of geochemistry, oil?eld chemicals, ow assurance, oil ?eld operations - well stimulation, IOR/EOR and petroleum microbiology which has bene?tted the Company immensely.

R&D Department of the Company is also working in alternate sources of energy including Green Hydrogen. The Department has initiated efforts to set up a state of-the-art Nanotechnology Laboratory to develop newer technologies in oil?eld operations like drilling and enhanced oil recovery. The Department is also setting up a Geomechanics Laboratory to study the geo-mechanical aspects of rock formations that will help in drilling through dicult sub-surface regimes. As technological up-gradation, state of the art equipment have been procured and successfully put into service, which would help in developing effective research based solutions. In the present global scenario, knowledge-based assets or Intellectual Property Rights (IPRs), especially patents, have special signi?cance for organizational growth and competitiveness. Realizing this, the R&D unit of the Company has been engaged in patenting activities and has been granted several patents both nationally and internationally.

Your Company has also entered into a MoU with Birbal Sahni Institute of Palaeosciences (BSIP), Lucknow to undertake Bio stratigraphic studies for paleo stratigraphic reconstruction and with Texas A&M Engineering Experiment Station (TEES) for collaboration in exploration and production of hydrocarbons.

Company has invested 1.42% of its consolidated Pro?t Before Tax on various R&D and Innovative initiatives.


Catapulted in 2016 with the "Startup India" movement, OILs SNEH (Startup Nurturing and Holding) program has matured in leaps and bound and has now completed its 7th phase of Startup induction. With a sector agnostic approach, OIL has a portfolio of Startups to solve business problems in multiple sectors. The agglomerate consists of Startups delivering solutions to oil & gas industry, battery components recycling, mobility solutions with hydrogen as fuel, app based fuel delivery, robotics, carbon capture, euent treatment & bio technology. In the year 2022-23, OIL implemented SNEHs 6th and 7th phase of Startup entries. Startup Ohm Clean Tech Pvt Ltd, Pune, working in the ?eld of "Liquid Organic Hydrogen Carrier (LOHC) based Hydrogen Storage & Transportation system for mobility applications & Design and development of 9-M Hydrogen Fuel Cell e-bus", Minimines Cleantech Solutions Private Limited (MCSPL), Jaipur working on "Sustainable Recycling of Li-Ion Battery" and Universally Green Technology Private Limited working on "Carbon Capturing and Utilization" were embraced under the umbrella of SNEH.

The prestigious Institution IIT Bhubaneswar joined hands with OIL through its arm Research and Entrepreneurship Park as an incubation center to bolster the OIL Startup programme. OIL also disbursed an amount of 6.31 Cr. from its Startup fund during the year 2022-23.

OIL & NRL organized a Startup investors summit on 4th November 2022 at Guwahat

i. The Startup Investors Summit 2022-23, conceived to be the ?rst of its kind conuence of startups organized in the Northeast region. Under the umbrella of SNEH along with the association of our Incubation partners IIT Guwahati, IIT Bhubaneswar and Guwahati Biotech park, the archipelago of Eleven

(11) OIL Startups are driving and striving to bring extraordinary solutions to the Indian industry which is manifested through several accolades & awards won by the Startups. Startup Beta Tanks Robotics and Caliche won the Best Startup awards at IEW (India Energy Week) 2023. Startup Mini Mines was the winner of the FLCTD (Facility for Low Carbon Technology Deployment) Accelerator program 4, for providing a sustainable and ecient Lithium-ion battery recycling clean-tech solution. The same Startup is also selected for ANIC-AIM 2.0 grant (Atal New India Challenge is a agship program of Atal Innovation Mission, NITI Aayog.).

The Company completed the beta-phase demonstration of a Hydrogen Fuel Cell e-bus developed through its startup program SNEH. Prime Minister Shri Narendra Modi agged off the hydrogen fuel cell e-bus at the India Energy Week (IEW) in Bengaluru on 6th February, 2023.


A. MATERIAL SUBSIDIARY i. Numaligarh Re?nery Limited

Numaligarh Re?nery Limited (NRL) was incorporated on 22nd April, 1993 and is a Schedule ‘A Miniratna Category-I CPSE having a 3 MMTPA Re?nery at Numaligarh in Golaghat district of Assam. As part of its diversi?cation strategy, as on 31.03.2023 the Company holds 69.63% stake in NRL. Govt. of Assam and Engineers India Limited hold 26% and 4.37% stake in NRL respectively. The Company is the promoter and has management control of NRL.

B. SUBSIDIARIES i. Oil India International Pte. Ltd.(OIIPL)

OIIPL, a Singapore based wholly owned subsidiary of the Company, holds 33.5% stake each in Vankor India Pte. Ltd (VIPL), Singapore and Taas India Pte. Ltd. (TIPL), Singapore which in turn hold 23.9% and 29.9% in

Russian entities namely, JSC Vankorneft and LLC TYNGD respectivel

y ii. Oil India Sweden AB

Oil India Sweden AB is a wholly owned subsidiary of the Company. It holds 50% shareholding in IndOil Netherlands BV, Netherlands which holds 7.0% Participating Interest (PI) in the Venezuelan Asset namely PetroCarababo S.A.

iii. Oil India International B.V (OIIBV)

OIIBV, Netherlands is a wholly owned subsidiary of the Company. OIIBV holds 50% stake in WorldAce Investments Limited, Cyprus which held 100% stake in Stimul T, a Russian legal entity. Stimul -T has ?led for bankruptcy on 10th May 2023 due to adverse operational and ?nancial circumstances. iv. Oil India Cyprus Ltd.

The Company held 76% of the share capital of Oil India Cyprus Ltd. The balance 24% was held by Oil India Sweden AB. This Company was primarily formed for funding loan by OIL in the Venezuelan Asset, namely PetroCarababo S.A. The Company has been wound up and struck off from the ocial registry in Cyprus on 23rd September 2022.

v. Oil India (USA), Inc.

Oil India (USA), Inc. was a wholly owned subsidiary of the Company. It held 20% stake in Niobrara shale oil and gas asset in USA. On 14th January, 2022 the entire stake of Oil India (USA), Inc. in the shale asset has been divested. Subsequent to the divestment, on 2nd May, 2023, the subsidiary company was wound up after compliance of applicable US laws.

vi. Oil India International Limited (OIIL)

OIIL, wholly owned subsidiary was under the process of Voluntary Liquidation as per the extant provisions of the Companies Act, 2013. National Company Law Tribunal [NCLT] vide its order dated. 31.07.2023 pronounced that OIIL stands dissolved from the date of the order.


i. Brahmaputra Cracker and Polymer Ltd (BCPL)

BCPL owns a Petrochemical Complex at Lepetkata, Dibrugarh, Assam for production, distribution and marketing of petrochemical products. The Company holds 10% equity share capital in BCPL. GAIL (India) Limited, Government of Assam and Numaligarh Re?nery Limited hold 70%, 10% and 10% equity share capital respectively.

ii. DNP Ltd.

DNP Ltd. was incorporated with the main objective of acquisition, transportation and distribution of natural gas. The Company holds 23% equity share capital of DNP Ltd. Assam Gas Company Limited and Numaligarh Re?nery Limited hold 51% and 26% equity share capital respectively

. iii. Assam Petro-Chemicals Limited (APL)

The Company is holding 48.80%, Government of Assam along with its owned entities is holding 51.11% and others are holding 0.09% of equity shares of APL. Assam PetroChemicals Limited commissioned a 500 TPD Methanol plant on 14th April, 2023. It is also implementing a 200 TPD Formaldehyde project. The Formaldehyde project is planned to be commissioned in the beginning of the year 2024

. iv. Indradhanush Gas Grid Limited (IGGL)

IGGL formed by ?ve petroleum sector PSUs viz. OIL, ONGC, IOCL, GAIL and NRL (holding 20% each) is implementing North-East Gas Grid Pipeline to improve gas supply connectivity to all the eight North Eastern States of India.

v. HPOIL Gas Private Ltd. (HPOIL)

HPOIL was incorporated on 30th November, 2018 with equal equity participation from OIL and HPCL to develop CGD Networks in Ambala-Kurukshetra and Kolhapur Geographical Areas (GAs). Project implementation work is in progress. As at the end of March, 2023, HPOIL is operating 18 CNG stations & 13298 PNG connections at Ambala- Kurukshetra and 22 CNG stations & 19554 PNG connections at Kolhapur.

vi. Purba Bharati Gas Private Limited (PBGPL)

PBGPL was incorporated on 19th November, 2019 with equity participation of 26% each from OIL and GAIL Gas Limited and 48% from Assam Gas Company Limited. PBGPL has been formed for development of CGD network in Kamrup-Kamrup Metropolitan Districts and Cachar, Hailakandi and Karimganj Districts of Assam. PBGPL has started domestic pipe natural gas supply in Cachar, Hailakandi and Karimganj Geographical Area (GA). It is also operating 01 CNG station at Guwahati.

vii. Suntera Nigeria 205 Ltd.

The Company holds 25% stake in Suntera Nigeria 205 Ltd., Nigeria pursuant to a Share Purchase Agreement (SPA) signed with Suntera Resources Ltd., Cyprus and Indian Oil Corporation Limited (IOCL) on August 31, 2006. Suntera Nigeria 205 Ltd. was incorporated with the objective to engage in the petroleum business including exploration production and development of crude oil and natural gas in Nigeria.

viii. Beas Rovuma Energy Mozambique Ltd. (BREML)

The Company holds 40% share in BREML. BREML holds 10% Participating Interest in the Rovuma Area 1 Offshore Block in Mozambique. BREML was incorporated in British Virgin Islands but has been redomiciled to Mauritius on 23rd January 2018.

ix. IndOil Netherlands B.V

The Company through its wholly owned subsidiary Oil India Sweden AB, owns 50% of the shares in Indoil Netherlands B.V which in turn holds 7% equity shares in Petrocarabobo S.A. (joint venture Company) for Project Carabobo-1, Venezuela.

x. WorldAce Investments Ltd.

The Company through its wholly owned subsidiary Oil India International B.V (OIIBV) holds 50% share in WorldAce Investments Ltd, a Company incorporated in Cyprus. WorldAce Investments Ltd. holds 100% share in LLC Stimul-T, Russia. Stimul -T has ?led for bankruptcy on 10th May 2023 due to adverse operational and ?nancial circumstances.

xi. Vankor India Pte. Ltd. (VIPL)

The Company through its wholly owned subsidiary Oil India International Pte. Ltd (OIIPL) holds 33.5% share in VIPL, a Company incorporated in Singapore on 20th May, 2016. VIPL holds 23.9% share in JSC Vankorneft, Russia which holds two producing licenses in Eastern Siberia, Russia.

xii. Taas India Pte. Ltd. (TIPL)

The Company through its wholly owned subsidiary Oil India International Pte. Ltd. (OIIPL) holds 33.5% share in TIPL, a Company incorporated in Singapore on 23rd May, 2016. TIPL holds 29.9% shares in LLC "TYNGD", Russia which holds two producing licenses in Eastern Siberia, Russia.

xiii. LLC Bharat Energy Oce

LLC Bharat Energy Oce, Moscow is a consortium of ?ve Indian petroleum sector PSUs (OIL, ONGC, GAIL, IOCL and EIL) with equal shareholding. LLC Bharat Energy Oce was registered on 18th October,2021. The Company holds 20% equity in LLC Bharat Energy Oce through its overseas wholly owned subsidiary, Oil India International Pte. Ltd. (OIIPL), Singapore.


In accordance with Section 134 of the Companies Act, 2013 and the applicable Accounting Standards, Audited Consolidated Financial Statements for the year ended 31st March, 2023 of the Company and its subsidiaries forms part of this Annual Report.

A report on the performance and ?nancial position of the subsidiaries, associates and joint venture companies of the Company as per the prescribed form (Form AOC-1) of the Companies Act, 2013 also forms part of this Annual Report.

The Complete Annual Reports of subsidiaries of the Company are available on the Companys website.


Your Directors have made necessary disclosures as required under various provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015. Information on the Conservation of Energy, Technology Absorption, Foreign Exchange Earnings & Outgo etc. as required under Section 134 of the Companies Act, 2013 and the Rules made thereunder is given in the Annexure-I to this Report.

In view of the exemption given by Ministry of Corporate Affairs to Government Companies from applicability of Section 197 of the Act, the details of the employees who drew remuneration exceeding the limits laid down in the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not annexed to the Report.

Further, during FY 2022-23, there was no order or direction of any court or tribunal or regulatory authority either affecting Companys status as a going concern or which signi?cantly affected Companys business operations. No applications were made during the ?nancial year and no proceedings are pending against the Company under the Insolvency and Bankruptcy Code 2016 (31 of 2016). The Company complies with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).


M/s V. Singhi & Associates, Chartered Accountants and M/s P.A. & Associates, Chartered Accountants were appointed as Joint Statutory Auditors for the FY 2022-23 by the Comptroller & Auditor General of India (C&AG). The Statutory Auditors have audited the Accounts of the Company for FY 2022-23 and submitted the Report to the Company. The C&AG has given "NIL" comments on Financial Statements 2022-23 of the Company.

The Cost Audit Report for the FY 2021-22 given by M/s. Shome & Banerjee, Cost Accountants was ?led within the statutory time limit. For the FY 2022-23, M/s Dhananjay V. Joshi & Associates, Cost Accountants are the Cost Auditor of the Company. The report will be ?led within the stipulated time frame.

M/s P.P. Agarwal & Co., Practicing Company Secretaries were appointed as the Secretarial Auditor of the Company for FY 2022-23. The Secretarial Audit Report con?rming compliance to the applicable provisions of the Companies Act, 2013, SEBI (LODR) Regulations, 2015, SEBI Guidelines and all other relevant rules and regulations relating to Capital Market except the Board Composition is annexed as Annexure-II to this Report. As a measure of good corporate governance, the Secretarial Audit Report of our material subsidiary is also annexed hereto.


As required under the provisions of the Companies Act, 2013, the Annual Return for the FY ended March 31, 2023 in the prescribed form MGT-7 has been prepared and hosted on the website of the Company at the following weblink: https://www.oil-india.com/Document/Financial/ AnnualReturn20222th1108.pdf


During the FY 2022-23, the following recognitions and awards/accolades were conferred upon the Company:

Federation of Indian Petroleum Industry - FIPI Awards 2022 "Exploration Company of the Year" and Special Commendation for "Initiatives in Promoting Hydrogen Company of the Year".

‘Award for Institution Building at 13th Edition of Asias Best Employer Brand Awards 2022.

‘Legal Department of the Year (PSU) in the 8th Edition of India Legal Summit & Awards 2022 organized by Biz Integration and supported by Society of Indian Law Firms (SILF) and Singapore International Arbitration Society.

ET Ascents National Award for Excellence in CSR & Sustainability in the category Best Overall Excellence in CSR.

"PLATINUM AWARD" under Apex India Green Leaf Award 2021 for Environment Excellence in Petroleum Exploration Sector.

"GOLD AWARD under " Grow Care India Occupational Health & Safety Award 2022 ".

"PLATINUM AWARD" under Apex India Occupational Health & Safety Award 2022 in Petroleum Exploration Sector.

Asian CSR Leadership Awards

9th CSR Times Award 2022 for CSR in Skill Development.

Best Employer Brand Award in HR in the ?eld of exemplary Human Resource practices.

Energy and Environment Foundation Global Safety Awards 2023 to OILs Secondary Tank Farm (STF) – Madhuban.

First and only PSU which has shifted to Management Audit Reporting System (MARS) – A SAP based review and reporting system, Developed by OIL under SAP ECC6.

OILs Team was awarded the 1st Prize at the paper writingcompetitionfortheirpaperon‘Organisational Restructuring in OIL - Change Management through Strategic Industrial Relations at the prestigious 1st Global Industrial Relations Summit-2023 organised by the All India Organisation of Employers (AIOE) in collaboration with FICCI and supported by ILO and EY as knowledge partners.

North East Best Employer Brand by World HRD Congress.


The Company being a Government Company, the provisions of Section 134 (3)(e) and Section 134(3)(p) of the Companies Act, 2013 regarding policy on Directors appointment and remuneration, annual evaluation of the performance of the Board, Committees and individual directors are not applicable in view of the Gazette noti?cation dated 05.06.2015 issued by the Government of India, Ministry of Corporate Affairs granting exemptions to Government Companies.

Further, the said noti?cation also exempted Government Companies from the provisions of Section 178 (2) which requires performance evaluation of every director by the Nomination & Remuneration Committee. Similar exemption in the SEBI (LODR) Regulations, 2015 for listed CPSEs is awaited.


a. In terms of Letter No. CA-31014/1/2021-PNG (37607), dated 02nd September, 2022 issued by Ministry of Petroleum & Natural Gas (MoP&NG), Shri Ashok Das (DIN: 09631932) was appointed as Director (Human Resources) on the Board of the Company w.e.f. 02nd September, 2022. b. In terms of Letter No. CA-31032/1/2021-PNG-37493 dated 16th May, 2023 issued by Ministry of Petroleum

& Natural Gas (MoP&NG), Ms. Mamta, Director (E&S), MoP&NG [DIN-09641369] ceased to be Govt. Nominee Director on the Board of Company w.e.f. 16th May, 2023.


Pursuant to the requirement under Section 134

(5) of the Companies Act, 2013 with respect to Directors Responsibility Statement, it is hereby con?rmed that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures; i

i. the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the FY and of the pro?t and loss of the Company for that period; ii

i. the directors have taken proper and sucient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. the directors have prepared the annual accounts on a going concern basis;

v. the directors, have laid down internal ?nancial controls in the Company which are adequate and are operating effectively; and v

i. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.


Your Directors thank the customers, vendors, investors, Auditors, bankers and employees of the Company for their continued support during the year. Your Directors place special appreciation for the contribution made by the employees at all levels. The consistent growth of the Company was made possible by their hard work, solidarity, co-operation and support. Your Directors acknowledge the guidance and support of the MoP&NG, all other Ministries and Agencies in Central and State Governments and place their sincere thanks.

For and on behalf of the Board of Directors
Dr. Ranjit Rath
Place: Noida Chairman & Managing Director
Date : 08.08.2023 DIN: 08275277