For the financial year 2012-13, the central government received a dividend of Rs 518.65 crore from state-run exploration firm Oil India (OIL).
Minister for Petroleum and Natural Gas M Veerappa Moily received the cheque from SK Srivastava, Chairman and Managing Director of OIL towards interim dividend at 110 percent for the financial year, the company said in a statement.
OIL paid a total dividend of 190 percent for the year 2011-12 (adjusted for Bonus). Oil India is the second Largest Public Sector E&P company in India and has been able to achieve this record production in its five decade history through increase in drilling efforts, introduction of innovative technologies like horizontal and J-Bend drilling and effective exploration in its areas of operation.
OIL is producing at the rate of around 3.72 mn tpa of crude oil and 7.22 mmscmd of gas from its fields. OIL has exploration and production acreage of over 160,000 sq km pan-India and overseas.
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