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  • 7/27/2019 Investors Presentation FY13 08062013

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    Oil India LimitedPresentation

    Strictly Private and Confidential

    May, 2013

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    Oil India: Brief Overview

    Strong Financials

    Strong Reserve Base

    Integrated O&G Player

    Large Acreage

    Rich Heritage

    Total 2P reserves of over 941 mmboe; with reserve

    replacement ratio of over 123% in FY12

    Presence across Oil & Gas Value Chain (E&P, Transportation

    and Downstream)

    World Class Infrastructure to support growth

    Domestic acreage: 86,729 sq. km over 58 blocks

    International acreage: 38,944 sq. km

    Market cap : Rs. 35,366 cr *

    FY13 Total Revenue: Rs 11,456 cr

    FY13 PAT : Rs. 3589 cr

    Independent Indias first commercial oil discoveries, with the

    first one being made in 1953

    Indias Premier Oil & Gas Navratna Company Engaged in the Exploration, Development,Production and Transportation of Crude Oil and Natural Gas in India

    2

    * Market cap as on 27.05.13

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    OIL Shareholding Structure

    Source: Company Reports.(1) Shareholding data as on 27.05.2013(2) The share price data has been adjusted for the bonus issuance

    Listed on BSE / NSE

    Market Cap: Rs.35,366 crore

    Share price (52 Week High / Low) : Rs.618 / Rs.431

    Number of shares: 601.12 mn

    Key shareholders % Shareholding

    Indian Oil Corporation 4.45%

    Bharat Petroleum Corporation 2.23%

    Hindustan Petroleum Corporation 2.23%

    HSBC Bank (Mauritius) Ltd. 2.68%

    HDFC Standard Life Insurance Company Limited 1.04%

    HDFC Trustee Company Limited-Top 200 Fund 0.90%

    HDFC Trustee Company Limited- HDFC Equity

    Fund0.84%

    ICICI PRUDENTIAL LIFE INSURANCE

    COMPANY LTD0.76%

    GOI

    68.4%

    Others16.0%

    DII

    7.9%

    FII

    7.7

    Dividend FY131st Interim Dividend/Share: Rs.11.002nd Interim Dividend/Share: Rs.12.00

    Final Dividend/share: Rs.7.00

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    1959 1961 19621963 1981 200419991982 2008 20092013

    Evolution and Key Milestones

    LPG plant set-up using TurboExpanderTechnology

    Formed as aJV withBurmah OilCompany

    Transformed intoequal partnershipJV companybetween BurmahOil Company and

    Government ofIndia

    Became a whollyownedGovernment ofIndia enterprise

    Participated firsttime in NELP

    NRL-Siliguri ProductPipeline (660km)commissioned

    OIL enters the field of installation,commissioning and maintenanceof Crude oil pipelines

    Completed construction of a401km pipeline from Duliajan toGuwahati and a 756km pipelinefrom Guwahati to Barauni

    Entered into a MoUwith IOCL forpursuing overseasexploration andproductionopportunities

    IPO in September2009 raising atotal of Rs.27.7 bn

    Received

    Navratna status

    10% OFS by GOI

    "Company of the year" among allNavratna and Miniratna companies atthe PSE Excellence Award

    E&P Company of the Year Award

    by Petrofed for the year 2010-11

    Wind energy project commissioned

    4

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    Integrated Oil & Gas Player

    NRL Numaligarh Refinery Limited.BCPL Brahmaputra cracker and Polymer Limited.DNPL Duliajan-Numaligarh Pipeline Limited.

    PSC for3 blocks has been signed under NELP IX

    Transportation DownstreamProductionExploration

    Crude Oil

    1,157 km pipeline

    ~6MMT capacity

    Multi-product

    660km pipeline;

    1.72MMT capacity

    Overseas Pipeline

    10% stake in 741km

    pipeline (Sudan)

    Natural Gas

    23% stake in 192 km

    DNPL in North East

    Refining & Marketing

    Petroleum Products

    26% equity stake in

    NRL

    Gas Cracker Project

    10% equity stake in

    BCPL

    City Gas Business

    Signed MOU with

    GAIL, HPCL, IOCL andBPCL/ONGC

    50 years of experience

    Advanced recovery

    techniques to maximize

    production

    FY13 Produced 3.7

    MMT of Crude oil:

    39 installations

    1,544 km pipelines

    FY13 Produced 2.64

    bcm of Natural Gas: 26 installations

    583 km pipelines

    Domestic: 65 E&P

    blocks

    International: US,

    Venezuela , Gabon,Egypt, Iran, Libya,

    Nigeria, Timor Leste, and

    Yemen

    New Discoveries: 19

    Small to medium size

    discoveries (reserve size

    less than 30 mn bbls)during last three years

    (FY1012)

    5

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    Our Vision

    Fastest Growing Energy Company with Highest Profitability

    Delight Customers with Quality Products and Services at Competitive Prices

    Learning Organization, Nurturing Initiatives, Innovations and Aspirations withBest Practices

    Team, Committed to Honesty, Integrity, Transparency and Mutual Trust creatingEmployee Pride

    Fully Committed to Safety, Health and Environment

    Responsible Corporate Citizen Deeply Committed to Socio-economic

    Development in its Areas of Operations

    The Fastest Growing Energy Company With a Global Presence Providing Value to Stakeholders

    6

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    Strategic Plan 2020-21

    2012 2020

    Growth

    Decades o fExperience7

    Maintain & Enhance Reserves & Production from Current Fields

    Inorganic Growth (India and Overseas)

    Vertical Integration Along the Oil & Gas Value Chain

    Selectively Diversify in Alternative Energy

    Diversify into Unconventional Hydrocarbons

    Be World Leader in the Field of IOR / EOR

    Accelerated Exploration Initiatives

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    46.1

    15

    346 364381

    415445

    524

    559

    480

    FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11

    Source: BP Statistical Review of World Energy, June 2012.

    Domestic Industry Environment

    Significant Supply Deficit in the Domestic Market (1)

    Total Consumption162.3

    75.1%

    61.1

    24.5%

    Crude Oil (mmtoe) Natural Gas (bcm)

    Deficit Production

    Source: BP Statistical Review of World Energy, June 2012.

    (mmtoe)

    Steady Growth in Domestic Energy ConsumptionDriven by Indias Economic Growth Story

    Energy Sources

    (%)

    Energy Sources India

    Energy Sources Global

    Natural gas

    10%Coal

    53%

    Oil

    29%

    Hydro electricity

    5% Renewables

    2%Nuclear energy

    1%

    Natural gas

    24%

    Nuclear energy

    5%

    Renewables

    2%

    Hydro electricity

    6%

    Oil

    33%

    Coal

    30%40.4

    121.9

    (%)

    Deficit

    Deficit

    8

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    Robust Domestic Fundamentals

    (1) Source: MoPNG.(2) Source: BP Statistical Review of World Energy June 2012.(3) Source: DGH, HEDA report 2010.

    36

    125

    Gas Oil

    BCM mmbpd

    Among largest net

    importers of oil globally

    Dependence on

    Imports in past decade

    Only 22% of India

    well explored (as of

    31 March 2011)

    0.65%of Worlds

    Oil reserves (2)

    0.77% of Worlds

    Gas reserves (2)

    India - the 4th largest

    Energy consumer in

    world (2)

    Robust long-term

    consumption outlook

    Strong Domestic

    Demand

    India Remains a

    Net Importer of

    Crude (1)

    India A Fraction

    of Global

    Reserves (2)

    India

    Significantly

    Under-explored (3)

    % of Total Oil ConsumptionDomestic Consumption Outlook

    2030

    2005

    India: Exploration StatusFY2011

    4.3

    2.6

    Explored

    22%

    Un-explored

    12%

    Initiated

    Explor'n

    44%

    Poorly

    Explored

    22%Imports81%

    9

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    PELNomination

    1,445

    PMLNomination

    5,095JV/PSC (NO)

    316

    NELP(Operator)

    18,464NELP (NO)

    61,296

    Overseas (PI)38,749 CBM

    113

    Domestic Asset Overview

    Blocks Op N/Op Total

    NELP 12 15 27

    Pre-NELPJV - 2 2PEL (Nom) 7 - 7

    PML 21 - 21

    CBM - 1 1

    Total 40 18 58

    Source: Company information.NO Non-operatorPI Participatory Interests

    30%

    85%

    25%

    10%

    50%

    85%

    15%

    10%

    40%AA-ONN

    20%

    10%

    90%KG-ONN

    20%MN-DWN

    40%

    40%

    30%

    20%KG-DWN15%KGDWN

    AN-DWN

    AN-DWN

    KG-OSN

    Strongpresence inprospectiveEast Coast

    +

    60%RJ-ONN

    75%RJ-ONN

    20%AA-ONN

    NELP I-VIII

    Nomination ML(s) / PEL(s)

    JVC Blocks

    OIL as OperatorJoint+

    Total Area 125,478Sq km

    AA-ONN

    AA-ONN-2009/4

    AA-ONN

    16%AAP-ON

    AA-ONN

    AA-ONN

    MZ-ONN

    WB-ONN

    KG-DWN

    KG-DWN

    AN-DWN

    AN-DWN

    AN-DWN

    10%

    30%

    30%

    MN-OSN

    ASSAM +AP

    30%GK-OSN-2010/1

    AA-ONN 40%

    ASSAM +AP

    Map Not to Scale

    Significant India Presence in Regions with Proven Commercial Production or Known Accumulation of Hydrocarbons

    CY-OSN-2009/2 50%

    AA-ONN-2004/2 100%

    Kharsang 40%

    AS-CBM2008/IV 40%

    AA-ONN 50%

    11

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    With Dominant International Footprint

    6,725sq.km

    2,600sq.km

    25%

    (GSPC)

    EGYPT

    Block 3

    Block 4

    3,500sq.km 20%(OVL)IRAN

    Farsi Offshore

    50 sqkm20%

    USColoradoJulesburg Basin

    1,295sq.km17.5% (Summit)

    NIGERIA

    OPL 205

    3,761sq.km45%GABON

    Shakti

    203sq.km180sq.km

    3.5%

    VENEZUELACarabobo 1 NorthCarabobo 1 Central

    1,853sq.km364sq.km

    12.75%(Medco)

    YEMEN

    Block 82Block 83

    Total Area38,749sq.km

    741sq.km 10%SUDAN

    Pipeline

    Operator

    Area (Sq. km)

    OILs Participating Interest (%)

    Dominant International Footprint with Balanced Presence in Exploration Acreages & Producing Properties

    12

    1,788sq.km12.5%(Reliance)

    TIMOR LISTE

    Block K

    7,087sq.km2,710sq.km6,629sq.km

    50%50%25%(Sonatrach)

    LIBYAArea 86Area 102/4Area 95/96

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    Major Projects

    Mizoram

    MZ-ONN-2004/1

    (NELP-VI)

    Gulf of Mannar

    CY-OSN-2009/2

    ( NELP-VIII)

    Block Shakthi

    (Onshore Gabon,

    West Africa)

    Project Carabobo

    (Onshore, Venezuela)

    Area: 3,213 Sq. Km

    Pre-drilling inprogress, 5 locationsreleased for drilling

    1352 LKM of 2Dseismic surveycompleted.

    3D survey expected tostart soon.

    Area: 1,621 Sq. Km

    Processing ofacquired datacompleted.

    Data sent forInterpretation.

    2D API 511 LKM, 3DAPI 1621 SQKM andthree well 2D and 3Dacquisition andprocessingcompleted.

    Area: 3,761.65 Km

    Less explored, geo-politically stable, oil-rich country

    2 locations releasedfor drilling

    Drilling of third well isin progress.

    Area: 549 Sq. Km

    Pre-drilling inprogress, 4 locationsreleased for drilling.

    Drilling of 1st wellexpected to start byJune end.

    KG Basin

    KG-ONN-2004/1 (

    NELP-VI)

    Two blocks (383sq. km) in Orinocoheavy oil belt inVenezuela.

    Production from

    first well started inDecember,2012

    Current productionfrom three well is1800 bopd.

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    Overseas acquisitions Focus and Available Resources

    Balanced overseas portfolio

    Acquire producing/development

    /discovered blocks

    Both, Oil & Gas Offshore/Onshore

    Individual Target Production level upto

    30,000 boe/d

    Operatorship in On-shore blocks

    Joint operator/Active non-operator in

    off-shore blocks

    Dedicated Multifunctional Team pursuing

    M&A opportunities

    Utilising Expertise of International M&A

    Advisers and Technical consultants to

    identify and pursue opportunities

    Adequate Knowledge Base/

    Technical and Commercial capabilitiesacross Organisation

    Strong Financial Resources

    (Cash/Borrowing Capability)

    IOCL as Partner International network/

    complete Value chain

    Active and Focused Management Support

    for M&A

    Focus for Overseas acquisitions Available Resources

    17

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    International Acquisition Strategy

    International Strategy

    Prepared by International consultants and adopted by Board

    Seek to acquire exploration acreages / producing properties

    Employ capital in the midstream and downstream, limited for

    the purpose of creating additional value in the upstream

    A Two Period Strategy:

    OIL focuses its international efforts to:

    Launch platforms for international core areas

    Acquire companies/enter partnerships as a non-operator

    Build skills in new onshore, offshore and gas plays

    Make organizational change to operate assets

    Sustain its core areas as an Asset manager

    Acquire companies and enter partnerships to grow its

    core areas launched in Period I

    Develop partnerships with technology companies to

    achieve efficiencies

    International Partnerships and Alliances

    Implement its acquisition strategy utilizing joint ventures withother leading players in the industry

    Partnering strategy with potential midstream and downstreaminvestments in order to retain focus on capital employed inE&P

    SustainandGro

    wP

    eriod

    BuildPer

    iod

    SustainandGro

    wP

    eriod

    18

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    Significant Reserve Base and Production Scale

    Total Reserves (1) Proved and Developed Reserves Split by Type

    Consistent Reserve Replacement Ratio Over One Steady Production Growth

    (mmbbl)

    Source: Company InformationNote: (1) Data as of April 1, 2012.

    Proved developed reserves of approximately 225 mn barrels and natural gasreserves of 199 mn barrels

    2.04

    1.69 1.65 1.42 1.23

    FY08 FY09 FY10 FY11 FY12

    Crude OIL

    5.10 5.60 5.90 5.906.8410.30 9.40 9.70 8.40 8.41

    FY08 FY09 FY10 FY11 FY12

    Production Accretion Accretion

    1P Reserves represent:

    10Years current production of Crude Oil 12Years current production of Natural Gas 11Years current production of O+OEG

    19

    473

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    8.10

    11.04

    12.72

    20.21

    FY08 FY09 FY10 FY11

    2.62

    4.26

    3.46

    4.47

    5.19

    FY08 FY09 FY10 FY11 FY12

    IOR/EOR Initiatives

    Improvement in Production

    (in mm bbl)

    26

    Improvement in crude oil reserve

    (in mm bbl)

    OIL has made investments in excess of Rs.2425 crore

    in IOR/EOR initiatives during last five years

    O G f

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    Excellent Oil and Gas Infrastructure

    Two 2D and

    One 3D Seismic

    crew

    Six

    Logging Trucks

    14 W/over Rigs11 Drillings

    Rigs

    72 Production

    Installations

    5,000km O&G

    Pipelines

    ~150k KL

    Crude Storage

    Source: Company presentation

    Infrastructure to Support E&P Activities Production and Storage Facilities

    In-house Expertise and Integration across Energy Infrastructure

    20

    P A V l Ch i

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    Presence Across Value Chain

    In-House Expertise

    Seismic API

    (2D and 3D)

    Drilling

    Wireline

    Logging

    Field

    Development

    Production

    Transportation

    IOR/EOR Field/Reservoir

    Management

    OIL is a fully self-serviced E&P company

    21

    D t O ti

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    OIL intends to continue an active strategy of vertical integration into downstream sectors such as refining,processing, distribution and retailing, cracking and fractionation of gas

    This vertical integration strategy is aimed at to achieve following objectives

    Diversification of revenue sources

    Improving profitability by extending operations into higher-margin segments of the product value chain

    26% equity stake in Numaligarh

    Refinery Limited (NRL).

    The other equity holders in NRL

    are BPCL and the Government ofAssam

    MOUs with HPCL, BPCL, ONGC

    and IOC for laying, building,

    operating or expanding city gas

    distribution networks.

    Commissioned Wind Energy

    Project in Rajasthan.

    LNG: MOU with Kakinada

    Seaports

    10% equity stake in Brahmaputra

    cracker and Polymer Limited

    (Assam)

    Process natural gas, naphtha orany other petroleum product

    Distribute and market

    petrochemical products in India

    and abroad

    Refining and Marketing City Gas / LNG projectsGas cracker Project

    Downstream Operations

    22

    St G t Li k

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    Strong Government Linkage

    Government Owned Enterprise and continued government support evidenced by the recently awarded

    Navratna status to the company making it more autonomous.

    2nd Largest Public Sector E&P company

    Contributed Rs.68 bn to the exchequer in the FY201112

    Management Independence

    A Navratna company with liberty to take financial decision upto Rs.10 bn, ability to raise Rs.30 bn

    Board power has been enhanced to USD 600mn for acquisition.

    Contributions to Exchequer

    (Rs. in bn)

    Note: (1) Others include Service Tax, Custom Duties.(2) Others include PEL Fees and Electricity Duties.

    Central Government State Government

    11.

    5

    13.

    5

    13.

    4

    3.5 5

    .0

    5.

    0

    0.

    2

    0.

    1

    0.

    1

    FY10 FY11 FY12

    Royalty VAT/Sales Tax Others

    (1)

    31.3 39.114.2 15.2 18.6

    39.1

    23

    Pl tl dit

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    Plan outlay expenditure

    1210

    16321557

    1743

    2050

    2890

    FY08 FY09 FY10 FY 11 FY 12 FY 13

    Rs/crore

    Significant Investment Lined Up

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    21

    32

    FY13 FY14

    1,795

    500

    FY13 FY14

    XIIth 5year Plan: Rs.1,90,030 mn

    3D Seismic Surveys Development DrillingExploratory Drilling

    19

    38

    FY13 FY14

    Significant Investment Lined Up

    Annual Plan 201314: Rs.35,809 mn

    Exploration

    32%

    Development

    21%

    Capital

    Equipment

    17%

    Overseas

    17%

    Investments

    1%Survey

    12%

    Substantial Increase in Exploratory and Development Drilling Planned

    24

    No. of wellNo. of wellSq km

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    Operating Performance

    25

    Crude Oil and Natural Gas Production

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    2,415

    2,352

    2,633 2,639

    FY10 FY11 FY12 FY 13

    25.5725.67

    27.53

    26.21

    FY10 FY11 FY12 FY 13

    Crude Oil and Natural Gas Production

    Crude Oil Production Natural Gas Production

    (in mm scm)(in mm bbl)

    26

    Attractive Cost Structure

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    Attractive Cost Structure

    (US$/boe)

    OIL has the Advantage of Low Finding and Development Costs

    OIL's integrated oil and gas infrastructure enables the company to manage costs efficiently by optimizing manpower costs, using in-

    house services, adapting cost-saving technology, effectively using geological data and expertise

    Source: Company Information.

    Crude Oil Production Cost Natural Gas Production CostUSD / MMBTUUSD/Barrel

    1.14 1.23

    1.271.38

    6.80 7.247.62 8.23

    1.22

    27

    2.82

    3.803.80

    4.024.22

    5.45 5.51 5.19

    FY09 FY10 FY11 FY12 FY13

    Finding Costs F&D Costs

    5.1 5.2 5.32 5.855.67

    1.35 1.611.97 2.11

    2.19

    0.250.270.330.430.35

    FY09 FY10 FY11 FY12 FY13

    Raising Cost Depreciation Depletion

    0.89 0.940.96 1.02 0.89

    0.170.19

    0.22 0.270.25

    0.080.08

    0.09 0.080.08

    FY09 FY10 FY11 FY12 FY13

    Raising Cost Depreciation Depletion

    8.11

    2.4.11

    2.99

    N t l G P i i

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    Natural Gas Pricing

    Natural Gas Price at USD 4.2/mmbtu for 10000 Cal (inclusive of royalty) was last approved in

    May,2010.

    OILs cost of natural Gas production is around USD 3.06/mmbtu.

    Cost of exploration and Development in NELP block is much higher.

    To make Natural Gas production attractive, there is need for price revision.

    Govt. formed Rangarajan committee for reviewing pricing of Natural Gas.

    The committee had recommended Natural Gas price as average of :

    Net back Price of Indian LNG import at well head of exporting countries

    Average price prevailing at major natural gas market.

    For every USD one increases in Natural Gas Price:

    OILs PAT will improve by ~Rs 220 crore.

    OILs contribution to exchequer will be increased by ~Rs 254 crore ~Rs 78 crore to State

    Govt and ~Rs 176 crore to Central Govt

    Sharing of Subsidy by Upstream Companies

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    200910 201011 2011-12 2012-13

    ONGC 11,554 24893 44,465 49,421

    OIL 1,549 3293 7,352 7892

    GAIL 1,326 2111 3,183 2687

    Total 14,430 30297 55,000 60,000

    200910 201011 2011-12 2012-13

    ONGC 80% 82% 81% 81%

    OIL 11% 11% 13% 14%

    GAIL 9% 7% 6% 5%

    Total 100% 100% 100% 100%

    Sharing of Subsidy by Upstream Companies

    Rs. in crore % Sharing

    % SharingRs. In cr.

    Realised Price (USD/Barrel)

    Gross Realized Price Realized Price after Subsidy/Discount Net Realized Price

    28

    68.5

    86.1

    114.7109.6

    119.7111.4

    56.2 58.5 59.8 53.6

    38.9

    55.4

    39.8 41.4 42.5

    33.124.9

    34.7

    FY 10 FY 11 FY 12 FY13 Q4 FY12 Q4 FY13

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    Financial Performance

    29

    Growing Revenue and Profit

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    72,414 79,05683,206

    98,632 99,476

    FY09 FY10 FY11 FY12 FY 13

    35,68043,800 48,050

    61,110 61,234

    FY09 FY10 FY11 FY12 FY13

    Growing Revenue and Profit

    Source: Company financials

    30% 31% 31% 33%

    50%

    FY09 FY10 FY11 FY12 FY13

    EBITDA

    Dividend Payout Ratio

    Revenue

    Net Profit

    (Rs.mn)(Rs.mn)

    (As a % of Profit)(Rs.mn)

    30

    21,61726,105

    28,87934,469 35,893

    FY09 FY10 FY11 FY12 FY 13

    Leverage Remains Low

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    g

    Source: Company financials

    Book Value Per Share

    Total Equity

    Earnings Per Share

    Total Debt

    (in Rs.)(in Rs.)

    (Rs.mn)(Rs.mn)

    31

    101114 120

    143

    60

    FY09 FY10 FY11 FY12 FY 13

    436572

    649738

    320

    FY09 FY10 FY11 FY12 FY13

    FY13 EPS is based

    on post bonus issue

    share capital

    93,310

    137,637

    156,019

    177,213

    FY09 FY10 FY11 FY13

    192,115

    FY12

    565375

    10,143

    101

    FY09 FY10 FY11 FY13FY12

    10,578

    FY13 Book Value is

    based on post bonus

    issue share capital

    Guidance: FY14

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    2013-14

    (Target)

    Crude oil production 3.95 MMT

    Natural gas production 2,740 mmscm

    Increase in Exploratory and Development Drilling Meterage

    Increase in Work Overs

    Enhanced Water Injection

    Endeavour to Enhance LPG production through NGL Recycling

    Endeavour to Reduce Gas Flaring by Inducting LNG Technology

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    Awards and Accolades

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    OIL was awarded the prestigious BUSINESS LEADERSHIP AWARD in OIL & GAS

    SECTOR by NDTV Profit on 7th January 2012.

    E&P Company of the Year Awardat the Petrofed Oil & Gas Industry awards for the year

    2010-11

    First Prize forOil Industry Safety Award in Oil & Gas Assets (Onshore) Category

    Motivational Leadership Awardfor 201011 at the World HRD Congress

    Best Environment Management and Sustainable Development Award by Indian

    Chamber of Commerce

    Gold Award in Petroleum Sector for Outstanding Achievement in Safety Management by

    the Greentech Foundation

    Greentech HR Gold Award 2012 for training excellence

    Performance Excellence Award 2011by Indian Institute of Industrial EngineeringGolden Peacock Awardfor CSR for 2012

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    Conclusion

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    Steady and sustained Growth

    Sound Financial Health

    Strong operating track record

    More than 5 decades of E&P expertise

    Spreading its wings: NE - Pan India - Global

    Large prospective E&P acreage

    Pioneer in Pipeline transportation

    Entry into Offshore/ Deep Water Blocks

    Entry into discovered assets in Venezuela, Acquisition thrust continues

    Diversifying into new areas. Core Focus remains in E&P

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    Thank You