OIL general manager(pipeline) S C Barua said that increased production of crude oil and natural gas coupled with an increase in prices had resulted in record total earnings of Rs 4,097 crore (Rs 40.97 billion) for the company.
The profit before tax at Rs 1623.14 crore (Rs 16.23 billion) represented an increase of 9.55 per cent over the previous year and the profit after taxes was Rs 1061.68 crore, up 12 per cent over the previous year.
Besides, OIL has also provided a subsidy of Rs 705 crore (Rs 7.05 billion) in the form of discount on the price of crude oil and LPG, Barua said.
The total volume of crude produced during the year 2004-05 was 3.20 million metric tonnes registering a 6.60 per cent growth, while natural gas production recorded an all time high of 2,010 million standard cubic metres (mmscum) and the sale of 1,472 mmscum was the highest ever.
OIL for the first time recorded a drilling meterage of over 1.50 lakh metre, an increase of 41 per cent over the previous year and has struck oil in three new structures in Dibrugarh which will double production in next five
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