I have to increase the efficiency of our operations: OIL India CMD
Interview with Utpal Bora11-08-2016
11-08-2016
Oil India to raise $500-mn loan to finance Rosneft deal
For the remaining part of its share of $1 billion in the deal, Oil India may depend on its cash reserves of more than Rs 10,000 crore07-08-2016
Payment of differential royalty to State of Assam by ONGC and OIL
Oil India Ltd has submitted to BSE a copy of Press Release dated August 04, 2016 titled 'Payment of differential royalty to State of Assam by ONGC and OIL'04-08-2016
ONGC, OIL pay differential royalty on crude oil to Assam
ONGC and Oil India Ltd made a payment of 300.64 crore and 1,149.24 crore respectively to the Assam Government, towards the differential royalty on the pre-discount price between the period Februa...04-08-2016
Govt open to deliberating on merger of oil firms: Dharmendra Pradhan
Minister said with crude oil prices falling, profits and margins of state-owned E&P firms ONGC and Oil India were getting eroded.31-07-2016
Rs 392 cr addl royalty burden on ONGC, Rs 1,100cr on Oil India
State-owned Oil and Natural Gas Corp (ONGC) will have to shell out Rs 392 crore and Oil India Ltd over Rs 1,100 crore after the government ordered them to pay royalty at gross crude oil price and not the net rate they actually realise. "We have to ...22-07-2016
Oil India rating unchanged : Fitch
MUMBAI: Fitch Ratings has said that Oil India's ratings would remain unchanged following the revisions to how royalties on Indian-produced oil is calculated. The rating agency said that the resulting additional payments will lower the headroom under OIL's 'BBB-' standalone credit assessment. OIL's ratings are equalised to that of its majority owner, India (BBB-/Stable). Indian government has said that state-owned upstream oil producers must pay state royalties on the gross value of crude oil produced domestically, instead of the previous method of using the net price after discounts to state-run refiners. The new formula applies retrospectively from February 2014. "Fitch estimates OIL will need to pay a one-time royalty fee of around Rs 11.5 billion; amounting to about a quarter of its projected EBITDA for end-FY17,"the rating agency said. Fitch said that this, combined with payments for acquisitions of a share in Taas Yuriakh and Vankor from Russia's national oil company, Rosneft, will weaken OIL's leverage beyond what is comfortable for its standalone credit assessment, which is net debt/EBITDA of 2 times in FY17. But the leverage will improve in FY18 to below 2 times in the absence of large merger and acquisitions, even though the higher royalty payments will reduce the company's netback. The rating agency said that under the revised formula, OIL India's royalty charges would increase by $ 0.2 per barrel (bbl) at a crude price of around $50 per bbl.20-07-2016
Shareholding for the Period Ended June 30, 2016
Oil India Ltd has submitted to BSE the Shareholding Pattern for the Period Ended June 30, 2016. For more details, kindly Click here20-07-2016
Change in Directorate
Oil India Ltd has informed BSE that in terms of Ministry of Petroleum & Natural Gas (MOP&NG;) Letter dated July 13, 2016, Shri. Utpal Bora has taken over as Chairman and Managing Director of Oil India Limited w.e.f. July 18, 2016 (FN) vice Shri A.P Sawhney, Additional Secretary, Ministry of Petroleum & Natural Gas.18-07-2016
OIL, ONGC slump up to 4% on higher royalty payments
Oil India tumbled 3.57 per cent to hit a low of Rs 360 on BSE. ONGC fell 1.62 per cent to Rs 226.70 on the exchange. Assam will now get crude oil royalty at pre-discounted price similar to Gujarat with effect from February 1, 2014.18-07-2016