Oil India Ltd (OIL) has earned a profit of Rs 1,340.57 crore during 2002-03, a growth of over 75 per cent more than that of the previous year, and has set a target of doubling its crude oil production to 7 million tonne per annum over a period of 10 years. Its profit after tax has been worked out at Rs 913. 73 crore. The company had surpassed most of its set targets under the MoU signed with the government to accelerate hydrocarbon explorations in the country. While OIL’s existing oilfields were expected to yield between 3-3.5 million tonne per annum in the next 10 years, another 1.5 million tonne were expected from new exploration initiatives in Arunachal Pradesh. OIL also hopes to produce another 2 million tonne of crude oil from other parts of India.
