In the Capital Market


The first year of the Seventh Plan has seen OIL find two new oilfields in Assam, at Tinkhong-Tinali and at Rajgarh. OIL has now spread operations beyond the north east of India to Orissa onshore and offshore, Rajasthan, and is expected to start drilling offshore in the Andamans in May 1986. Onshore seismic surveys has taken a lead in OIL's performance record. Against a revised estimate of 1600 line kms in Assam and Arunachal Pradesh, OIL has shot 2295 line kms in Rajasthan, the achievement over the target of 4200 line kms is reflected as 116 per cent. In onshore drilling, OIL has for the first time crossed the six digit metreage figure to drill 110,217 metres against an estimated 108,860 metres, thus achieving 101 per cent of the target. The metreage drilled last year was 85,614 metres. The performance in offshore drilling has been 101 per cent against the revised estimate of 8,500 metres. OIL's production target for crude oil from Assam and Arunachal Pradesh was revised to 2.73 million tonnes, and the achievement for 1985-86 in both production and delivery to the refineries was 98 per cent. There was, however, a shortfall by 11 per cent of the delivery of associated natural gas as the consumers did not utilise the gas as per their commitments. In 1985-86, the production and delivery of LPG touched 102 per cent of the revised target of 42,000 tonnes. OIL's net profit before tax and interest is estimated to be Rs 128.45-erore, profit after interest but before tax is Rs 122 crore and that after tax, Rs 67 crore. The company's whereas now it has increased to Rs 356.27