OIL declares final dividend of 70%

Shareholders of Oil India Limited (OIL) in their 54th Annual General Meeting held on 21st September, 2013 declared Final Dividend of 70% i. e Rs 7/- per share for the financial year 2012-13 on the Paid up Capital of Rs 601.14 crore.

Earlier Company had paid an Interim Dividend of Rs 11/- per share (@110%) and a Second Interim Dividend Rs 12/- per share (@ 120%) for the year 2012-13.

Total dividend payout for the year 2012-13 is approx. Rs 1803.41 crore on Profit After Tax of Rs 3589.34 crore.

The Dividend cheque of Rs 287.97 crore towards Final Dividend 2012-13 was presented to Shri. M Veerappa Moily, Hon'ble Minister of Petroleum & Natural Gas, Government of India, by Shri. S. K. Srivastava, CMD, OIL, in presence of other officials of MOP&NG and Oil on 15.10.2013.

The Record Date for the Final Dividend was September 13, 2013 and Book closure period was from 14.09.2013 to 21.09.2013 (both days inclusive).

OIL has been present in the Indian oil and gas exploration and production industry for more than five decades. The Company is primarily engaged in the exploration, development, production and transportation of crude oil and natural gas onshore in India. The Company also processes the produced natural gas to extract Liquefied Petroleum Gas (LPG). OIL is present internationally through the exploration of crude oil and natural gas in Gabon, Iran, Libya, Egypt, Yemen, Nigeria, Sudan, Venezuela and in 2012 OIL acquired 20% stake in Carrizo Oil & Gas Inc's liquid rich shale assets in the Niobrara basin in Colorado, USA. All of the Company's independent proved plus probable oil reserves, as well as a majority of its independent natural gas reserves are located onshore in the Upper Assam basin in the states of Assam and Arunachal Pradesh. Additionally, the Company also has independent natural gas reserves in the Bikaner-Nagaur basin in the state of Rajasthan.

In its endeavor to harness Unconventional Energy, OIL commissioned a 13.6MW Wind Turbine plant at Ludhureva in Jaisalmer District in Rajasthan in 2011-12. The Company successfully commissioned additional 54 MW Wind power in Rajasthan during the financial year 2012-13.