GOVERNMENT SIGNS MOU WITH OIL INDIA
AND BALMER LAWRIE
Government today
signed Memorandum of Understanding (MOU) with two oil PSUs namely
Oil India Limited (OIL) and Balmer Lawrie & Company Limited
(BLC) for the year 2003-04. The MOUs were signed by Shri B.K.
Chaturvedi, Secretary, MOP&NG on behalf of the Government
of India while Shri R.K. Dutta, CMD, OIL and Shri P.K. Bishnoi,
MD, BLC signed on behalf of their respective companies.
OIL has been set
a crude oil production target of 3.2 million tonnes (MMT) for
2003-04 against the likely production of about 3 MMT. The target
for gas production is 1955 MMSCM and the gas sale target is 1430
MMSCM which is higher than the likely production of about 1740
MMSCM and sales of 1200 MMSCM this year. Petroleum Secretary was
informed that OIL is expected to surpass most of the targets set
for the current year i.e. 2002-03. The company acquired exploration
service contract in ‘FARSI’ Block in Iran along with ONGC Videsh
and IOC. It also has participating interest in North Hell Bayou
Prospect in offshore Vermilion Parish, Louisiana (USA). Along
with acquisition of 3 blocks in consortium with ONGC under NELP-III,
OIL has now a total 9 blocks out of which it is operator for 4
blocks.
According to the
MOU signed with BLC, the Government has set a gross margin target
of Rs. 62.23 crore for the company during 2003-04. The gross margin
MOU target for the current year i.e. 2002-03 is Rs. 60.13 crore.
Similarly the target for turnover is up from Rs. 750 crore during
2002-03 to Rs. 775 crore in the coming fiscal.
