Oil India Limited (OIL) Earnings Call Transcript & Summary

My dear shareholders, respected Board of Directors, good morning to all of you. A warm welcome to our 66th Annual General Meeting of the company, which is being held through virtual mode in compliance with the Ministry of Corporate Affairs as well as SEBI Regulations. For all purpose [indiscernible] this will be deemed to be held at the registered office of the company. As I have been informed that the requisite quorum is present. Now I request Chairman and Managing Director, sir, to take this chair and commence the proceedings.

Thank you. Before I proceed with the agenda of the meeting, I have the pleasure of introducing my esteemed colleagues in the Board. Shri Bhaskar Jyoti Phukan, Managing Director, Numaligarh Refinery Limited; Shri Saloma Yomdo, Director, Exploration and Development; Shri Abhijit Majumder, Director, Finance; Shri Trailukya Borgohain, Director, Operations; Dr. Ankur Baruah, Director, Human Resources; Shri Rohit Mathur, Government Nominee Director and Joint Secretary, Ministry of Petroleum and Natural Gas; Shri Vikas Singh, Government Nominee Director and Director, Ministry of Petroleum and Natural Gas; Shri Balram Nandwani, Independent Director and Chairman, Audit and Ethics Committee; Ms. Pooja Suri, Independent Director and Chairperson, Stakeholders Relationship Committee; Shri Raju Revanakar, Independent Director and Chairman, Nomination and Remuneration Committee; Shri Moti Lal Meena, Independent Director; and Shri Rupjyoti Phukan, President, Chief Executive; and Shri A.K. Sahoo, our Company Secretary. As permitted by Ministry of Corporate Affairs and SEBI, the soft copy of the annual report of the company had been sent through e-mails to the shareholders, whose e-mails are registered with the depository and RTA. The same has also been uploaded on the website of the company and stock exchanges for reference of other shareholders. With your permission, the notice of the meeting, the auditor's report under nil comments of the Comptroller and Auditor General of India, C&AG, which were sent through electronic means are being taken as read.

And now I request Chairman, sir, to address the shareholders, sir.

Thank you. Dear valued shareholders, on behalf of the Board of Directors, I take immense pride and pleasure in extending a warm welcome to you all to the 66th Annual General Meeting of your company and share with you the excellent performance, achievements and success stories over the past year. At the outset, I express my deepest gratitude to all our investors and shareholders for your continued trust and support in your company. As India marches towards achieving energy independence by 2047, envisioned by our honorable Prime Minister, Shri Narendra Modiji, your company remains steadfast in aligning its efforts with the national priorities of Atmanirbhar Bharat and Viksit Bharat. Together, we have made tremendous strides in contributing to India's energy security and fostering nation's socioeconomic development. The notice of 66 AGM directors' report and audited accounts have already been circulated. And with your permission, I consider them as read. The annual report of your company for the financial year '24-'25 is available on your company's website, which gives a disclosure of our performance on physical and financial parameters. It contains in detail our achievements during the financial year '24-'25. In the upstream segment of the hydrocarbon value chain and a dedicated team of professionals, your company has consistently pushed the boundaries of excellence, conquering newer realms and advancing its magnificent journey of more than 66 years. Today, your company plays a pivotal role in the country's energy landscape, both in enhanced exploration and expedited production efforts so as to ensure accessible and affordable energy. With respect to strategy, your company's long-term strategy is aligned with its Vision 2040, rests on 6 strategic pillars: number one, strengthening of domestic onshore exploration and production so as to maximize recovery and sustainable growth; number two, expanding offshore capabilities through deepwater exploration and through global partnerships; number three, accelerating the clean energy transition with investments in renewables, green hydrogen, biofuels and compressed biogas initiatives; number four, venturing into critical minerals aligned with the national critical mineral mission; number five, leveraging the digital technologies to enhance operational efficiency; and most importantly, number six, embedding health, safety and environment excellence with strong local community engagement. Together, these pillars position your company as a diversified technology-driven energy major, advancing India's energy security and sustainable future. As of the financial performance, I'm very pleased to share as one of the country's premier national oil company, your company has not only created value for its shareholders, stakeholders, but also contributed significantly to India's economic growth. I sincerely acknowledge and thank all of you, all the stakeholders and shareholders for their continued trust and support, which remains the foundation of our progress. I'm delighted to share that in financial year '24-'25, your company continued its consistent upward trajectory and reported a total income of INR 23,987 crores stand-alone and INR 37,830 crores consolidated. Your company's net profit stood at INR 6,114 crores stand-alone and INR 7,040 crores consolidated with a healthy margin of 27.64% and 19.47%, respectively. On a consolidated basis, capital investments amounted to INR 18,170 crores, which also includes about INR 9,109 crores by our material subsidiary, Numaligarh Refinery Limited, towards its ongoing capacity expansion from 3 million tonnes to 9 million tonnes. In addition, we also invested INR 1,859 crores towards our share of CapEx in our joint venture and associated companies. These results reflect your company's inherent resilience in a volatile market and reaffirm, as you would kindly agree, our commitment to delivering value to all stakeholders. Let me now give you a perspective about the physical performance. Building on our operational excellence and cost optimization, your company achieved multiple record highs in FY '24-'25, while successfully navigating market challenges. Your company recorded its highest ever oil and oil equivalent gas production of 6.710 million metric tonne of oil and oil equivalent since inception, along with the highest ever natural gas production of 3,252 million standard cubic meter. Crude oil production also maintained a consistent year-on-year growth, rising from 3.01 million metric tonne in FY '21-'22 to 3.458 million metric tonne in FY '24-'25. An increase of nearly 15% over 3 years. During the current financial year FY '25, crude oil production grew by 2.95% over the last fiscal as against 3.359% we have reported in '23, '24. This year, we achieved a landmark operational milestone by successfully executing 294 workover operations. This is highest since inception, significantly enhancing our well productivity, optimizing reservoir management and enhancing revenue from natural gas, which witnessed 6.2% increase during the year. Though the crude oil revenues were marginally impacted by the lower global prices, as you all know. Together, these results highlight your company's ability to consistently enhance production and efficiency while maintaining resilience in a volatile energy environment. Let me now give you a quick perspective about exploration and development initiatives. Your company has steadily expanded its operational footprint across diverse geographies in India, reinforcing its role in strengthening the nation's energy base. Today, your company has a presence in key states or rather key hydrocarbon bearing states like Assam, Rajasthan, Andhra Pradesh, Arunachal Pradesh, Tripura and also in Odisha, where our exploration is going on to possibly establish presence of hydrocarbon. In addition to that, we also are having exploration acreages and as we speak, carrying out explorations in offshore waters of Andaman and Nicobar Basin. We are poised to also carry out exploration activities in Kerala Konkan Basin and Krishna Godavari shallow Waters. As on 31st March 2025, your company was operating in 1 petroleum exploration license and 25 petroleum mining lease nominated areas and undertaking exploration in 26 open acreage licensing policy-driven blocks covering 52,298 square kilometers. During the year, your company has carried out 444 line kilometers of 2D seismic survey and 1,151 square kilometer of 3D seismic surveys in nominated petroleum mining leases area and as well as open access licensing blocks that were awarded through the bidding rounds of 1 to 8, demonstrating our strong commitment to accelerating exploration and enhancing India's domestic resource potential. Leveraging its extensive exploration footprint, your company continues to strengthen its reserve base across domestic assets and joint ventures. During the financial year '24-'25, the company added, I must share this with you, 5.8714 million metric tonne of oil and oil equivalent of 2P reserves. And as on 31st March 2025, your company's gas reserves stood at 29.7160 BCM of 1P, 53.7330 BCM of 2P and 63.7830 BCM of 3P, ensuring long-term supply security. Your company has pursued near-field exploration with a focus on making new discoveries close to existing fields, enabling faster monetization and supplementing production from mature assets. During the financial year '24-'25, your company made 2 significant discoveries in the Mechaki Petroleum Mining lease areas in Assam. One is an oil discovery in our well Mechaki-6 and one is a gas discovery in our Mechaki in a well called Mechaki-7. I must share with you in a significant breakthrough, your company has also established presence of hydrocarbon for the first time in the north bank of the Brahmaputra in Assam through the exploratory well called Kobochapori-1. This finding is expected to provide strong impetus to our ongoing North Bank exploration campaign and opens up a new Vista for future exploration program. On the drilling front, I'm extremely pleased to share that your company spudded about 70 wells, out of which we completed 57 wells during the financial year '24-'25, out of which we had 22 exploratory wells and 35 development wells, supported by a strong fleet of 21 rigs operating across Assam, Rajasthan, Mahanadi Basin and in Andaman offshore. The introduction of integrated drilling services has significantly enhanced efficiency, enabling faster completion of deeper wells. With drilling activity expected to increase in the coming years, your company is planning to expand its rig fleet to meet future requirements. Guided by robust geoscientific studies validated by international experts, the company has already identified several such prospective drilling locations across all its active basins. Looking ahead, your company is preparing to implement multilateral drilling. That's a new technology we are implementing in the prolific Barekuri field in Assam in next 2 months to effectively address the land scarcity challenges. This advanced technology, as you would appreciate, enabling multiple branches from a single wellbore will reduce surface footprint of our drilling effort, will improve reservoir access, will enhance production rates and also more importantly, lower environmental and infrastructure costs strengthening both operational efficiency and sustainability in our efforts. Let me give you a quick insight about the technology interventions and the research and development initiatives of your company. Some of the key technological interventions which are significant in the upstream part of the hydrocarbon value chain are being currently adopted in your company, which includes adoption of a software tool called PaleoScan and adoption of some high-end geophysical exercises called passive seismic tomography and low-frequency passive seismic interpretation tools. We are also adopting a software tool called KronosFlow, which helps us for our reservoir modeling. As part of our production enhancement effort, we have introduced something called fishbone drilling system in our Baghewala oil field in Rajasthan. And simultaneously, we are also adopting something called barefoot well completion in our Baghewala oil field. And we have also adopted something called propellant stimulation technology, and all of them have actually helped us to enhance our production efforts. Your company's R&D center located in our field headquarter, Duliajan, continues to focus on applied research to deliver innovative field-oriented solutions across the oil and gas value chain, which not only includes the production, not only includes the exploration efforts, but also for our efforts for pipeline. The key domains include exploration and petroleum geochemistry, flow assurance strategies, development of oilfield chemicals, petroleum biotechnology and well stimulation techniques aimed at enhanced recovery. These initiatives are designed to address operational challenges, improve efficiency and maximize recovery from both mature and new fields through our near-field exploration campaign, reinforcing your company's position as a technology-driven upstream player. We also have a center of excellence for energy studies in Guwahati and which has evolved as a hub for advanced research, driving both enhanced recovery from mature fields and the company's energy transition agenda with focus areas spanning reservoir modeling, basis analysis, enhanced oil recovery, and various geological studies and petroleum system modeling. Our center of excellence and energy studies is also spearheading studies in carbon capture and sequestration, geothermal energy, critical minerals and natural hydrogen. A state-of-the-art core repository, I must share this with you, integrated with an advanced geological laboratory is being developed to further strengthen the upstream value chain of hydrocarbon exploration and focused research in critical minerals. Through collaborations with academia like IITs and universities, research institutes like CSIR Labs, focused attentions with start-ups and incubation centers like IIMs and IITs and various industry bodies. The Center of Excellence and Energy Studies is positioning your company at the forefront of technology-driven exploration, development and production and more specifically, our path to net zero initiatives. Let me now quickly give you a brief about our overseas business. Your company maintains a strong presence in overseas producing and development assets across Russia, Venezuela and Mozambique through various joint ventures with national and international oil companies. These assets contribute significantly to your company's reserves and production portfolio. With cumulative production of 2.097 million tonnes of oil and oil equivalent during FY '24-'25, primarily from Russia. A highlight of the year was the robust dividend flow from Russian assets amounting to USD 942 million, which represents over 91% of our original investment received as dividends from our Vankorneft and Taas-Yuryakh assets, where we expect the full recovery in the current year, that is coming year. In Mozambique, as you all know, your company has invested in the world scale LNG project, which will establish 13.12 MMTPA of low-carbon integrated 2-train LNG facility. With improved security condition as we expect the project is likely to restart in the second half of 2025 and is well positioned to meet the growing demand of the Indian gas market. As part of our net zero 2040 initiative, we are actually doing progressing steadily through our zero flaring initiative goal and through targeted measures. Most notably, we have installed 11 gas compression facilities to recover and utilize the low-pressure flare gas, and we have been successfully monetizing it. We have also implemented, as you all know, an evacuation pipeline from Kumchai in Arunachal Pradesh, which is a prolific gas field to Kusijan near Duliajan in Assam to handle 0.1 million standard cubic meter per day of gas, high-pressure gas daily. And the pipeline capacity is about 1 million standard cubic meter, which has helped us reduce significantly the routine flaring and has also enhanced gas utilization and enhanced lower emission. As a signatory to the oil and gas decarbonization charter, which your company signed during the last COP, your company has also committed to collective industry action to reduce greenhouse emission and achieve net zero goals. Let me now give you a brief outline of the renewable energy portfolio as part of our strategy and commitment. Your company has literally transformed into a diversified energy company. I'm very happy to share that, as you all know, your company has created a new wholly owned subsidiary called Oil India Green Energy Limited. And the compressed biogas initiatives, the solar and green wind energy initiatives, green hydrogen initiatives and carbon capture and sequestration initiatives are being pursued by your company. As a matter of diversification, the company has diversified into critical minerals aligned to the critical national critical mineral mission. Which will offer us a sustainable growth opportunity and is supporting the Government of India's mission to promote affordable, sustainable and clean energy solutions. As you all know, your company has a set target to establish 25 compressed biogas plants across the country. A key milestone in this road map was achieved on 2nd October 2024 when the Honorable Prime Minister of India virtually inaugurated the groundbreaking ceremony of 4 CBG plants located in Assam. That is Tinsukia, Sivasagar, Jorhat and Guwahati. Further, I'm very happy to share that your company has made significant headway in its compressed biogas initiative. With land acquired at 6 strategic locations in 2 states, Assam and Odisha, where we have our significant presence, the tendering and bid evaluation for 5 CBG plants are underway. Your company's journey from a strong base of 188 megawatts towards an ambitious goal of 2 gigawatt by 2040 is marked by incorporation of a wholly owned subsidiary called OGEL. Your company, in collaboration with Assam Power Generation Corporation is setting up, as you all know, a 25-megawatt solar PV plant in Namrup, Assam. Similarly, your company in collaboration with Himachal Pradesh Power Corporation Limited has also started developing a 1-megawatt green hydrogen plant at Dabhota, Nalagarh, Himachal Pradesh. As you all know, as the oldest pipeliner in the country, with respect to our pipeline business portfolio, in FY '24, '25, the crude oil pipeline achieved a record transportation volume of 7.14 million metric tonne of crude oil, surpassing the previous year's volume of 6.712 million metric tonnes and marking the highest ever throughput. The Digboi-Narkatia-Bongaigaon sector transported 3.306 million metric tonne of crude oil for the company, and we also transported 1.024 million metric tonne of crude oil for ONGC. The Barauni-Bongaigaon sector transported 2.789 million metric tonne of imported crude oil for Bongaigaon refinery through our reverse pumping facility. Your company also transported 1.574 million metric tonne of petroleum products through Numaligarh-Siliguri product pipeline with a pipeline utilization, you will be very happy to note of about 91.46%. And this is being done by Oil India Limited for our major material subsidiary of Numaligarh Refinery for product evacuation. The total revenue earned from transportation business was INR 572 crores. This is also another feather in our cap grow during the FY '24-'25 against INR 534 crores during the previous year. As you all know, your company also has a mandate to not only encourage the MSME sector, but also enhance procurement from MSME sector. I'm very happy to share that during FY '24-'25, your company recorded a total procurement of INR 3,114 crores on the Sambandh Portal, out of which INR 1,790 crores, representing 57.49% was sourced from micro and small enterprises. Which is far exceeding the mandated 25% target for the third consecutive year. Your company is also proud to have surpassed the benchmark for women-led enterprises, reinforcing its commitment to inclusive growth. Through continuous vendor development programs, collaborative workshops and partnership workshop with MSME authorities and supportive policy interventions, your company continues to nurture a broader participation of -- and empower entrepreneurs across the diverse sections of the society. I'm very happy to share with respect to the performance of our major material subsidiary, that is Numaligarh Refinery. In FY '24-'25, Numaligarh Refinery, our material subsidiary, once again delivered outstanding performance by achieving more than 100% capacity utilization through processing of 3,066 TMT of crude oil, the second such achievement in the last 3 years with distillate yield of 86%, the highest among PSU refineries in India and key units like the diesel hydrotreating and hydrocracker operating above capacity. NRL set new benchmarks in operational efficiency. On the strategic project front, the flagship refinery project of NRL, which will enhance the capacity from 3 million to 9 million metric tonnes is progressing steadily. I'm very happy to share with each one of you. In a significant milestone, the Honorable Prime Minister of India on 14th of September, the last Sunday, inaugurated the 2G bioethanol plant, which is using bamboo as a feedstock at Numaligarh, the first of its kind in the world, in the presence of Honorable CM of Assam, Honorable Union Minister for Ports and Shipping and Honorable Union Minister of Petroleum and Natural Gas. As you all know, the 1,635-kilometer Paradip-Numaligarh crude oil pipeline with a 600 TKL crude oil import terminal at Paradip will significantly strengthen our crude logistics or supply chain and work is going on at breakneck speed. Further, at NRL, a 200 KTPA of sustainable aviation fuel project at Paradip based on HEFA technology route is also under study, which will position your company among the pioneers in producing cleaner fuels for the aviation sector. NRL is also pioneering cleaner energy solution. And as we speak, the development of a 2.4 KTPA green hydrogen plant targeted for commissioning in 2025 is underway. These initiatives underline NRL's role as a true growth engine for your company, spearheading refining, biofuels and green hydrogen agenda. On a very positive note, I must also say our honorable PM of -- Sri Narendra Modiji in presence of Honorable CM of Assam and Union Minister of Ports and Shipping and Union Minister of Petroleum and Natural Gas also laid the foundation stone of another flagship diversification initiative of NRL, that is a 360 KTPA of polypropylene unit involving INR 7,000 crore investment juxtaposed to the existing refinery in NRL. As part of our focused attention on critical minerals, recognizing the strategic importance of critical minerals in the clean energy era, your company has embarked on a meaningful diversification beyond hydrocarbon portfolio. This foray not only strengthens your company's portfolio, but also directly supports Atmanirbhar Bharat by securing essential resources for renewable energy, electric vehicle and national defense. In FY '24-'25, your company secured its maiden critical mineral block rich in graphite and vanadium at a place called Phop in Arunachal Pradesh, making a significant step into the mining for future-ready resources. During FY '24-'25, your company participated in the bidding process for the Jorkian-Satipura-Khunja Amalgamated Potash and Halite block in Rajasthan. While the results were awaited as on 31st March 2025, your company has secured the block thereafter, marking a strategic addition to its portfolio of having a potash mine, which is a 100% import substitution initiative. Further, reinforcing this commitment, your company has signed MOUs with various service providers, companies like KABIL, MECL and IREL to jointly explore, develop and process critical minerals, both domestically and abroad. These partnerships bolster India's mineral security and affirms our company's role in supporting the nation's transition to advanced technologies and a self-land energy future. Let me share the credit ratings of your company. based on the intrinsic financial strength and financial prudence as well of your company, which is getting reaffirmed by the highest long-term and short-term ratings from CRISIL and CARE in the domestic market. Internationally, Moody's Baa3 stable and Fitch BBB stable have rated your company at par with India's sovereign rating, underscoring our financial stability and credibility in the global energy sector. As you all know, pursuant to our Digital Drive 1.0, we are pursuing our digital transformation agenda, and this continues to be a key enabler for our growth and efficiency in whatever we are doing in our company. Under the first phase, as you all know, DRIVE, the digital readiness for innovation and value in E&P, your company successfully implemented 11 digital initiatives, including AI-enabled drone surveillance for our assets in Upper Assam and the cross-country pipelines, including real-time monitoring of drilling and production operations and advanced analytics for improved decision-making. Building on this foundation, we have recently launched DRIVE 2.0 to establish a state-of-the-art command and control center, create a robust IT and OT integration framework, a strong cyber risk management for which we have collaborated C-DAC under Ministry of Information and Technology. And accelerate the adoption of Industry 4.0 technologies that will redefine efficiency, safety with a focus on cybersecurity and sustainability. These initiatives reflect your company's commitment to harnessing digital innovation as a core driver of operational excellence and future resilience. I must share our thoughts about the human capital, the main asset of Oil India Limited. Your company reaffirms its commitment to people as a core driver of value creation. We have adopted best-in-class HR practices to build an engaged and empowered workforce. In keeping with diversity, equity and inclusion principles. Today, women comprises 7.8% of the workforce across all roles in your company. The company has also accelerated its organizational transformation by embedding strategic HR interventions such as structured training calendar, technical competency frameworks and succession planning processes, aligned with our long-term vision. We remain committed to nurturing a diverse and skilled workforce that will steer your company confidently through the energy transition. As part of our ESG commitment, I must share with you that the company has reaffirmed its commitment to becoming a net zero energy company by 2040. Wherein ESG forms a core philosophy. In FY '24-'25, your company advanced this road map through the launch of Project Santulan through adoption of 25 decarbonization initiatives and the establishment of India's first climate Academy in the upstream sector, wherein we have trained over 40 executives as climate champions. In FY '24-'25, your company made a significant leap in its decarbonization journey by achieving a 59% reduction in flaring compared to the previous year, translating to an abatement of 278,000 tonnes of CO2 emissions. The company also registered 601 hectares under green credit program of Ministry of Environment and Forest and improved its international ESG rating with the S&P Global ESG score doubling from 22 to 44. Given the trust which Government of India has given on a gas-based economy, your company is actively expanding its presence in the city gas distribution sector, strengthening clean energy access across multiple regions. HPOIL, O-I-L, your company's joint venture with HPCL operates 30 CNG stations and services 21,000 PNG connections as well in Ambala-Kurukshetra. While also managing 29 CNG stations and 38,914 PNG connections in Kolhapur. Similarly, another JV called Purba Bharati Gas Private Limited has enhanced energy accessibility in Assam by commencing domestic pipe natural gas supply and commissioning 4 CNG stations in Cachar Geographical Areas and 11 CNG stations in Kamru Geographical Areas. Another JV, Northeast Gas Distribution Company Limited, which is a JV of Oil and Assam Gas Company Limited continues to spearhead CGD projects across the North Bank of Assam and Northern and Southern geographical areas of Tripura. In the 12th CGD bidding round, your company secured 2 geographical areas, one in Nagaland through its joint venture with HPCL, that is HOGPL and the other in Arunachal Pradesh through its upcoming JV with BPCL. With these additions, your company, along with its joint venture entities is now authorized in 9 geographical areas across the country, each with specific work programs mandated for timely execution, further strengthening its presence in India's city gas distribution landscape. A quick brief on CSR initiatives. Your company remains deeply committed, as you all know, to fostering inclusive and sustainable growth in partnership with the local communities around its operational areas and beyond. Guided by the principle of shared prosperity, your company's CSR initiatives span health care, education, skill development, sustainable livelihoods, empower -- women empowerment, clean drinking water and sanitation, rural sports, preservation of art, culture and heritage as well as environmental sustainability and relief and rehabilitation. This year, in the HSE front, we continue to offer our commitment on health, safety and environment. which remains a cornerstone of the corporate values, ensuring well-being of our employees, contractors, partners, communities and the environment. I'm very happy to say this year witnessed the best ever lost time injury frequency rate, that is LTIFR of 0.071, demonstrating a strong safety culture and E&P operations. Your company has completed the Phase 1 of its HSE transformation plan, which is called Project Coverage, covering perception survey, gap analysis and competency assessment and is now progressing with Phase 2 of the project focused on implementing a robust HSE management system for enhanced safety and environmental compliance. Your company will be very happy to note continues to nurture innovation and entrepreneurship culture through its flagship start-up initiative called SNEH, S-N-E-H. I'm very pleased to share that one such start-up nurtured by Oil India Limited, UGREEN Technology Private Limited supported under SNEH was recognized among India's top 5 start-ups at Avinya '25 Energy Startup Challenge during India Energy Week 2025 and ranked among the top 3 start-ups at Electraverse during ELECRAMA, the world's largest electric and electronics industry exhibition. Let me now reaffirm that your company remains committed to the highest standards of corporate governance, transparency and accountability, ensuring that stakeholder interests always remain paramount to us. The corporate governance policies of our company meet the stipulations of regulators, including the guidelines issued by the Department of Public Enterprises, Government of India. When I address to all of you, acknowledgment is one of the most important segment, and I would like to offer that on behalf of the entire Board of Directors. I extend my heartfelt gratitude to the central and state governments for their invaluable guidance and support and advice, which has really been instrumental in strengthening your company's leadership position in the energy sector. I place on record my deep appreciation to the Ministry of Petroleum and Natural Gas, Government of India for their firm support, constructive guidance and goodwill that have enabled seamless progress in our efforts for exploration and oil and gas production. I further extend my gratitude to the Ministry of Environment, Forest and Climate Change to Ministry of Mines, Government of India for their support in advancing our sustainability and critical mineral initiative. I'm equally grateful to the state governments of Assam, Arunachal Pradesh, Mizoram, Tripura, Nagaland, Odisha, Andhra Pradesh and Rajasthan as well as to the local government authorities in the Krishna Godavari, Kerala Konkan and Andaman offshore regions for their continued cooperation in facilitating our operations. I extend my sincere thanks to our investors, our shareholders for their enduring confidence in your company's vision and strategy. With your trust and the dedication of the employees of Oil India Limited, together with the strong support of the government, your company is well positioned to lead India's energy road map from oil and gas to clean, sustainable and technologically advanced energy solutions. Together, we will continue to empower the nation's growth, strengthen energy self-reliance and create enduring value for generations to come. Jai Hind.

Thank you, sir. With respect to e-voting, just I would like to inform the members that in line with the provision of the Companies Act 2013, the company had provided e-voting facility to its members to cast their vote on the resolution proposed in the notice of this Annual General Meeting provided by National Security Depository Limited. The remote e-voting was open from 14 September 2025, 10 a.m. to 17th September 2025, 5 p.m. Those members who are present in the AGM and could not cast their vote on the resolution through remote e-voting are eligible to vote through e-voting system during this meeting also. The company has appointed Shri A.N. Kukreja of Messrs A.N. Kukreja & Co. to conduct the scrutiny of e-voting. She is also present in this meeting through VC. The representative of joint statutory auditors, secretarial auditors, cost auditors have also joined this meeting through VC. I like to inform the members that there are 4 resolutions under ordinary business and 9 resolutions under special business, which have been proposed for approval of the shareholders in the notice of this AGM. With your permission now I am reading out the resolutions. Ordinary Business, Resolution #1 is ordinary resolution. Resolved that the audited financial statements, including consolidated financial statements of the company for the year ended 31st March 2025, together with the report of the Board of Directors, report of the auditors and comments of the Comptroller and Auditor General of India be and are hereby received, considered and adopted. Next, resolution #2 as ordinary resolution. Pursuant to the provisions of the Company Act 2013 and in accordance with the recommendation of Board of Directors, final dividend at the rate of INR 1.50 per share, that is 15% of the paid-up share capital of the company for the financial year ended 31st March 2025 to be paid to those members whose names appear on the company register of members and as for the beneficial owners position received from NSDL and CDSL as at the close of working hours on 4 September 2025, that is the record date and is hereby approved. Resolution #3 as ordinary resolution. Resolved that Shri Saloma Yomdo, DIN 10696034, Director Exploration and Development, whose office is liable to retire by rotation and being eligible, has offered himself for reappointment be and is hereby reappointed as Director of the company. Now we move to next item resolution #4 as ordinary resolution. Resolved that pursuant to the provision of Section 1395, Section 142 and other applicable provisions of the Companies Act 2013, the Board of Directors of the company be and each hereby authorized to fix the remuneration fees of the statutory auditors of the company appointed by the Comptroller and Auditor General of India for the financial year 2025 and '26. Now I move to the special business. Resolution #5 as ordinary resolution. Resolved that pursuant to the provision of Section 152 and 161 read with other applicable provisions, if any, of the Company Act 2013 as amended and rules made thereunder, including any statutory modification or reenactment thereof for the time being in force Regulation 17 of SEBI listing obligations and Disclosure Requirement Regulation 2015 and provisions of any other guidelines issued by relevant authorities. And Articles of Association of the company, Shri Abhijit Majumder, DIN 10788427, was appointed as additional Director and designated as Director Finance by the Board of Directors with effect from 20th November 2024 to hold office up to this Annual General Meeting and in respect of whom the company has received a notice in writing from a member under Section 160 of the Act be and hereby appointed as Director Finance of the company liable to retire by rotation. Resolution #6, ordinary resolution. Resolved that pursuant to the provision of Section 152 and 151 read with other applicable provisions, if any, of the Companies Act 2013 as amended and rules made thereunder, including any statutory modifications or reenactment thereof for the time being in force Regulation 17 of SEBI listing obligation and Disclosure Requirement Regulation 2015 and provision of any other guidance issued by relevant authorities and Articles of Association of the company, Shri Trailukya Borgohain, DIN 10788428, who was appointed as an additional Director and designated as Director operation by the Board of Directors with effect from 17 December 2024 to hold office up to this Annual General Meeting and in respect of whom the company has received a notice in writing from a member under Section 160 of the Act be and is hereby appointed as Director Operations of the company liable to retire by rotation. Next Resolution #7. This is ordinary resolution, resolves that pursuant to the provision of Section 152 and 161 other applicable provisions, if any, of the Companies Act 2013 as amended and rules made thereunder, including any statutory modification or reenactment thereof for the time being enforce regulation 17 of SEBI listing obligation and disclosure requirement Regulation 2015 and provisions of any other guidelines issued by relevant authorities and Articles of Association of the company that Dr. Ankur Baruah, DIN 10927299, who was appointed as Additional Director and designated as Director Human Resources by the Board of Directors with effect from 16 April 2025 to hold office up to this Annual General Meeting and in respect of whom the company has received a notice in writing from a member under Section 160 of the Act B and is hereby appointed as Director Human Resources of the company liable to retire by rotation. Resolution #8, as special resolution resolved that pursuant to the provision of Section 149, 150, 152 and 161 read with Schedule 4 and any other applicable provisions, if any, of the Companies Act 2013 as amended and rules made thereunder, including any statutory modifications or reenactment thereof for the time being in force Regulation 17 read with Regulation 25 2A of SEBI Listing Obligation and Disclosure Requirement Regulation 2015 and provisions of any other guidelines issued by relevant authorities and Articles of Association of the company. Shri Balram Nandwani, DIN 00356119, who was appointed as an Additional Director and designated as an Independent Director by the Board of Directors with effect from 28 March 2025 to hold office up to this Annual General Meeting. And in respect of the company has received a notice in writing from a member under Section 160 of the Act B and is hereby appointed as an Independent Director of the company for a period of one year that is 28 March 2025 to 27 March 2026 and not liable to retire by rotation. Resolution #9. This is also a special resolution resolved that pursuant to the provision of Section 149, 150, 152 and 161 read with Schedule 4 and any other applicable provisions, if any, of the Companies Act 2013 as amended and rules made thereunder, including any statutory modification or reenactment thereof for the time being in force Regulation 17 read with Regulation 25 2A of SEBI Listing Obligation and Disclosure Requirement Regulation 2015 and provisions of any other guidelines issued by relevant authorities and Articles of Association. Shri Raju Revanakar, DIN 09398201, who was appointed as an Additional Director and designated as an Independent Director by the Board of Directors with effect from 28 March 2025 to hold office up to this Annual General Meeting and in respect of whom the company has received a notice in writing from a member under Section 160 of the A, B and is hereby appointed as Director of the company for a period of one year that is 28 March 2025 to 27 March 2026 and not liable to retire by rotation. Resolution #10, this is also special resolution resolved that pursuant to the provision of Section 149, 150, 152 and 161 read with Schedule 4 and any other applicable provisions, if any, of the Companies Act 2013 as amended and rules made thereunder including any statutory modifications or reenactment thereof for the time being in force Resolution 17 read with Regulation 25 2A of SEBI Listing Obligation and Disclosure Requirement Regulation 2015 and provisions of any other guidelines issued by relevant authorities and Articles of Association of the company. Ms. Pooja Suri, DIN 03077515, who was appointed as an Additional Director and designated as an Independent Director by the Board of Directors with effect from 28th March 2025 to hold office up to this Annual General Meeting. And in respect of whom the company has received a notice in writing from a member under Section 160 of the Act B and is hereby appointed as an Independent Director of the company for a period of 1 year, that is from 28 March 2025 to 27 March 2026 and not to liable to retire by rotation. Now move to next item Resolution #11, that is a special resolution resolved that pursuant to the provision of Section 149, 150, 152 and 161 read with Schedule 4 and any other applicable provisions, if any, of the Companies Act 2013 as amended and rules made thereunder including any statutory modifications or reenactment thereof for the time being in force Regulation 17 read with Regulation 25 2A of SEBI Listing Obligations and Disclosure Requirement Regulation 2015 and provisions of any other guidelines issued by relevant authorities and Articles of Association of the company. Shri Moti Lal Meena, DIN 11111214, who was appointed as an Additional Director and designated as an Independent Director by the Board of Directors with effect from 17 May 2025 to hold office up to this Annual General Meeting and in respect of whom the company has received a notice in writing under Section 160 of the Act B and is hereby appointed as an Independent Director of the company for a period of 3 years, that is 17 May 2025 to 8 May 2028, and not to liable retire by rotation. Next Resolution #12, this is ordinary resolution resolved that pursuant to Section 148 and all other applicable provisions of the Companies Act 2013 and the company's Audit and Auditors Rule 2014 including any statutory modifications or reenactment thereof for the time being in force the remuneration as set out in the note statement annex to the notice convening this meeting. Messrs Shome & Banerjee , Cost Accountant the cost auditor appointed by the Board of Directors of the company to conduct the audit of the cost records of the company for the financial year 2025, 2025 B and is hereby ratified. Next Resolution #13, this is an ordinary resolution resolved that pursuant to provision of Section 204 of the Companies Act 2013 read with Rule 9 of the companies appointment and remuneration of managerial personnel Rule 2014 and the Regulation 24 A of SEBI Listing Obligation and Disclosure Requirement Regulation 2015, including any statutory modifications or reenactment thereof for the time being in force and recommendation by the Board of Directors of the company Messrs VAP & Associates Company Secretary firm registration P2023UP098500 B and is hereby appointed as secretarial auditor of the company for a term of 5 years that is for the financial year '25-'26 to '29- '30. The remuneration as set out in the statement annex to the notice convening this meeting reserves further that Board of Directors or any other person authorized by the Board be and is hereby authorized to do all such acts and carry out necessary things as a necessary or deem to give it to the [indiscernible] resolutions. Thank you. Now I invite the members to raise their queries on the agenda items of the meeting only. As informed by Company Secretary, there are 33 members who have been duly registered as speakers for this meeting. The time allowed to each speaker would be about 3 minutes. Now I would request the moderator to proceed with the queries of the shareholders.

Registered speaker shareholders would be invited to share their views in a sequential order. We humbly request all the speaker shareholders to abide by the allotted timeframe, please. To begin with sequence #1, we have Bharat Moolchand Shah.

[Foreign Language]

At sequence #4, we have Shri Manoj Kumar Gupta. Kindly share your views.

Hello. Good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I've joined this meeting from my residence City of Joy, Kolkata. I feel proud to be a shareholder of Oil India Limited. And I thanks to you and your entire team of management for the excellent result of the company for the year '24-'25. And I thanks to the Company Secretary and his entire team for help us to join this meeting through VC. And I thanks to you for giving -- given a landmark speech and landmark presentation for the shareholders that you have covered entire thing which we are surrounding in the mind of investors. You have not left anything to -- for the shareholders that they can ask from you because we were waiting from 1 year that we will ask to the Chairman. But we have covered everything from present and future. Sir, your smiling face says something that you are -- you will look after the shareholder and the employees. And sir, recently, our beloved and visionary and inspiring Prime Minister, Shri Narendra Modi-ji has visited Assam in the last -- in 14th September, and he has given a landmark foundation stone for our company to nation. So when do you expect to complete entire project? And what will be the total cost of that project? And how you will incur that project cost, sir? And sir, what's your future plan? How you will reward to the employees and the investors? And how you will face the competition? And sir, in your opening remarks, you said you have plotted a new company, Oil India Green Energy. So what's your plan in that regard for future? Have you any plan to list that company in stock market like as NTPC and others? So what's your plan in that regard? Can you throw some highlights that can we expect under your leadership that we will get some shares of Oil India Green Energy as a shareholder of Oil India? And sir, how is our Rajasthan project is going on? And what's your plan for Odisha? You have stated a few words about the Odisha. With this, I strongly support all the resolutions. And I believe that there will be no impact of tariff on our company. And I believe that by next week, tariff issue will be resolved because now the U.S. is under pressure because our beloved Prime Minister is never under pressure [Foreign Language].

We request you to conclude your view, sir.

And sir, I strongly wish you all the best for coming festival and I thanks to your company secretary, sir.

Now, we will call sequence #5, Shri Gagan Kumar, you may turn on your video.

Am I Audible?

You are audible, sir. Kindly share your views.

Yes, meeting started with good morning and now it's afternoon. So good afternoon, Mr. Chairman, Board of Directors and fellow shareholders. Myself Gagan Kumar, I'm joining this meeting from Delhi. First of all, I would like to mention that I had requested for a hard copy of annual report, which I received well in time. And I'm very happy to share that I do not have any questions pertaining to accounts. So my 1 or 2 general queries to the management is using of AI in our operation in percentage. And my second question is what is our future strategy to maintain or to enhance our margins. And last but not the least, I would like to thanks our CFO, CS and entire secretarial team for maintaining higher standards of corporate governance. So not at the time of AGM or EGM, always, we are welcome if we have any query. We are just a mail away. So I'm sure you have the great team of R&D, marketing, sales. But as an investor, our concern is with CS and CS team, and we are very happy for this dynamic team you gave us. Thank you so much for this opportunity.

Thank you, sir. Next speaker shareholder at sequence #6 is Ms. Devender Kaur, Madam Devender Kaur. Kindly share your views now.

Am I audible?

You are audible, ma'am. Kindly share your views now.

[Foreign Language]

We move to the next speaker shareholder, at sequence #8, we have madam H.S. Patel. Kindly share your views now.

Thank you very much. Thank you. Respected Chairman, our Chairman and Managing Director, Mr. Ranjit Rath. Excellent job, excellent work done by you. God bless you. Thank you very much. I also take into account the eminent Board of Directors on the Board, Mr. CFO, Director of Finance, Mr. Abhijit Majumder; and our most favorable Company Secretary, Mr. A.K. Sahoo. Mr. Sahoo, I'm very much happy and pleased to be a shareholder of this company. I'm grateful for the annual report that you have submitted. It is very transparent, helpful and your dedication and professionalism and commitment in doing this annual report is excellent, very effectively communicated to us. Thank you. This is the 66th AGM and the share price quoted is INR 402. You're giving us a dividend of INR 1.50. There are many good things to be spoken about this Chairman, sir. Thank you very much for the speech that you have given us. [Foreign Language] You have reflected many, many points, many important facts and figures have come to us. Thank you very much for your speech. I first come to a few questions. First, I would like to state that Oil India is a very impressive and Maharatna PSU company under Government of India. It is the second largest oil and gas company after ONGC. My few questions are, how much is the geopolitical risk involved in overseas ventures, especially from Russia and Libya? Libya has very less profitable country has come up because of the gas, because of the gas. Sir, we are expecting are we expecting -- are we expecting any partnership in EV infra with CNG to support India's energy goals? Sir, I would like to just inquire about Baghjan blowout of 2020. Does our company practice safety measures to prevent any operational protocols to be observed in such similar incidents. Sir, what is the roadmap for net zero carbon emission from our company? Besides exploration beyond our Northeast region, does our company plan to expand domestically in India and what are our...

Please conclude your view.

Sorry?

Please conclude your views, ma'am 3 minutes have elapsed.

What are our company's plan for new acquisitions, Ranjit Rath, sir, for new acquisitions and joint ventures. Well, sir, you have -- the company has contributed to the exchequer both central as well as state exchequer. Our income has really so very high. Our CapEx has stood very high of INR 18,000, and our results have also increased 58,714 metric tons. I congratulate all in this company for their excellent dedicated work that they have done it. Outstanding performance done by every individuals right from every employee to all the directors of the Board. Thank you very much. Mrs. Patel from Mumbai.

Thanks a lot, ma'am. Moving ahead, at sequence #9, we have Mr. Yusuf Rangwala.

[Foreign Language]

At sequence #10. We have Shri Anil Parekh. Kindly share your views now.

Chairman sir, Ranjit Rath-ji, I'm Anil Parekh here from Bombay. Chairman, sir, I have 2 reservations and 2 requests to make you. First is we have heard you for 1 hour. Thereafter, we have heard our company Secretary for 15, 20 minutes. Sir, now you are saying means your moderator saying we have to speak only for 2 minutes. That's not good, sir. That's not a good governance. Meeting is for shareholders and not for the other people. So you must hear anyone who wants to speak longer duration. This is the onetime chance what we can have. Now, sir, you could have avoided reading entire resolution part because it is already given in the soft copy of annual report. So why you need to read entire resolution part? It takes so much time. And at the same time, at 11:00, we have to leave other 3 meetings and connecting with you. I'm really displeased, sir. I had not expected this from PSU company. Having said that, sir, I'm very much pleased with the performance of the company. We have consolidated income of INR 37,830 crores and a net profit of around INR 7,000 crores. This reflects a robust increase of 10.13% Sir, what is the capital expenditure you are expecting this year? And I would like to congratulate you for highest ever production of oil and oil equivalent gas. Very few companies can do that. Chairman, sir, also natural gas production reached all-time high of 3252 million standard cubic meters. That is also a very good step you have put forward. New discoveries, the company successfully added 5.8714 [ MMTOE ] of reserves during the year, ensuring long-term supply security. Chairman, sir, there is a long list of questions for me to ask you. But due to restriction of time and due to other meetings we have to attend, I would like to ending up here and requesting you not to keep meeting in end of September. Please, please, sir. Don't do that. It gives us so much hardship. And last but not the least, before me, Yusuf Rangwala had said about plant visit. So if possible, you can include my name also in that. That would give us what you call a very good feel about our company. Thank you very much, sir, for allowing to speak.

Thank you, sir. Moving ahead at sequence #11, we have Shri Santosh Chopra. Kindly share your views now.

[Foreign Language] I'm Santosh Chopra from Ghaziabad. And I have invested my family funds in PSU companies like yours. I thank the Company Secretary and its set department for giving me the opportunity to speak at this forum. As most of my related queries have already been covered by the Chairman in his speech and previous speakers, I limit my queries or suggestions to a few. Sir, what is the distribution of revenue and your capacity utilization between India and abroad? What is the whistleblower policy of your company? How many women employees are there in the company? And what steps the company has taken to empower them? Whether your CSR activities include providing natural calamity sufferers as it has happened just now in Dehradun and Uttaranchal Pradesh and Himachal Pradesh, et cetera. Last but not the least, I wish the management, the company, its employees and my co-speaker shareholders a happy festivity season ahead of the period and pray to all prosperity in the company and its management. Thank you very much, sir. God bless you [Foreign Language].

Thank you, sir. At sequence #12, we have Madam Savita Rani. Kindly share your views now.

[Foreign Language]

Next speaker shareholder at sequence #13, we have Shri Sanjog Saraf.

Respected Chairman, all the Board members, employees and my fellow shareholders. My name is Sanjog Saraf joining from the City of Joy Kolkata. Sir, to start off with, I would like to, first of all, thank you for the detailed presentation speech. Sir, you have put a lot of effort and time to go through each and every detail. So thanks a lot for that, sir. And I mean, also your balance sheet is absolutely quite detailed enough to cover all the points. Sir, I would just like to limit my question to only a couple of pointers. Sir, I would like to know, as you said that oil has reduced flaring by 59%. Sir, how does the company plan to achieve its net zero by 2040 target? And are carbon capture and hydrogen being considered at scale, sir? Sir, you also spoke about NRL developing 2G bioethanol plant and sustainable aviation fuel. Sir, when will these projects start commercial operations? And how competitive are they compared to sir, our private peers? Sir, my last question is, I see that our female employees represent approximately 7.8% of the total workforce, sir. Sir, what is the company's roadmap for improving this gender diversity across technical as well as managerial or the leadership roles. Sir, I would like to wind up my speech by again thanking you, Chairman, sir, and the entire Board and all the employees for the detailed sir, [ economic ] speech and also for the management's transparency and commitment towards the company's growth, sir. Thank you.

Thank you, sir. At second sequence #14, we have Shri Anil B. Mehta.

[Foreign Language]

Thank you, sir. We will move ahead. At second sequence #15, we have Shri Sharadkumar Jivraj Shah. Kindly express your views now. It seems he could not join us in time. We will try to come back time permitting. We'll move ahead to the next speaker shareholder. At sequence #16, we have Shri Hiranand Kotwani. Kindly express your views now.

It's a great pleasure. I'm Hiranand Kotwani from Kalyan. Certainly, this company is doing well and Chairman has narrated all these things so many questions have been asked. Certainly, I have one at least in the mind that how company will improve the exploration business, exploration operation for the future growth and prosperity. Is there any scope for any explore -- we have so many exploration points, there's a huge scope for the exploration. What is the company policy in this regard? How company will in the exploration and marketing and distribution? And particularly, what is the vision for the gas production because huge gas business and the gas production and gas market. So how company will tackle that marketing of the gas and particularly the exploration business our -- outside India, how many exploration points are there. And particularly, there is that -- this Andaman and Nicobar Islands, how much revenue from that is coming? How much we have done business and exploration there. And how does the leakage, if any reported in our organization. Any leakage reported please narrate. How [indiscernible] is working. How the sustainability and future scale of operation, which will enhance our dividend and bonus. The dividend should be 2x not 3x. It should be one in January and one in after AGM. AGM should be around August and July. The late -- what's the reason for this late AGM? Certainly, the late AGM, we consider as a [Foreign Language] company. We are a great company more than the Navratan. So please narrate our compliance is good. Thank you and good luck ahead.

Thank you, sir. Now we'll move to sequence #17. Shri Rajendra Jamnadas Seth. He could not join us. We'll try to come back to him time permitting. At sequence #18, we have Shri Manjeet Singh. Kindly share your views now.

Am I audible?

You are audible.

[Foreign Language]

Moving ahead. At sequence #19, we have Shri Sandeep Singh. Kindly share your views now.

Good afternoon, chairman sir, Board of Directors and my co-fellow shareholders. Sir, what is the roadmap of next 24 months as our company is doing well, giving us the profit that all shareholders need [Foreign Language]

Thank you, sir. We'll move to the next speaker shareholder. At sequence #20, we have Ms. Sonakshi Sarangi. Kindly share your views now.

Respected chairman, esteemed Board members and my fellow shareholders. I'm Sonakshi Sarangi, a shareholder from Bangalore. First of all, I would like to thank the Board and the management team for their continued efforts and dedication in steering the company through a dynamic business environment. I have a couple of questions for you, sir. Firstly, what are the key ESG goals for the next 3 years? And how is the company tracking progress against them? The second one would be, what specific initiatives are being undertaken to increase gender diversity, particularly in senior leadership positions. I wish the Board management team and all employees continued success and a great year ahead. Thank you so much.

Thanks a lot, ma'am. The next speaker shareholder at sequence 21, Shri Sarabjit Singh. Kindly share your views now.

Chairman, can you hear my voice? Chairman, sir, first of all, good afternoon to you, all the Board of Directors, all the stock of Indian Oil Limited and my co-fellow shareholders. [Foreign Language]

At sequence #22, we have Shri Vinod Motilal Agarwal. Kindly share your views now.

Yes. Can you hear me? Chairman and MD, Dr. Ranjit Rath. Director of Finance, Abhijit Majumder, CS, A.K. Sahoo. [Foreign Language] that is more than 25%, 27% [Foreign Language] last year was about INR 9,100 crores [Foreign Language] from 3 million tonnes from 9 million metric tons per annum [Foreign Language] INR 4,298 crores [Foreign Language] in the previous year. Sir, [Foreign Language] target for CapEx in this current year. [Foreign Language] also got [Foreign Language] something on the preliminary state [Foreign Language] it will be bigger than [Foreign Language] I wish the company all the best. I sing off, Vinod Agarwal for signing me, for giving me time to speak. Thank you, sir.

Thank you, sir. At sequence #23, we have Ms. Bharti Saraf. Kindly share your views now. Ms. Bharti Saraf, sequence #23.

Distinguished Board members and my fellow shareholders. I'm Bharti Saraf, a shareholder from Kolkata. At the outset, I would like to express my appreciation to the Board and the management team for their consistent commitment and hard work in navigating the company to an evolving business landscape. Sir, I have just one question for you. The question is what are the primary areas where the company plans to invest its capital expenditure in the current financial year. Lastly, I would like to extend my best wishes, and my best wishes to the Board, management and all the employees for continued success. Have a great year ahead.

Thank you, ma'am. At sequence #24, we have Shri Yashpal Chopra. Shri Yashpal Chopra, sequence #24.

I think I'm audible?

You're audible, sir. Please share your views.

I'm Yashpal Chopra, [indiscernible] petroleum sector. For the last three decades, I'm shareholder of your company. I will say that I'm a proud share of the Maharatna company. This is a great, great thing sir. Sir, being super senior citizen around 86, I would like to bless our Chairman Mr. Rath and our CFO, our Company Secretary and all these technocrat of the oil sector who are just taking our company, making our company so strong. So this is a matter of pride for me. And pride for our country, because you are not only serving an organization, you are just contributing to the GDP growth of our country. You are just supplementing the dreams of our Prime Minister who wants you to take our company -- our country to the third position on the economic and global map of the world. So this is a great thing that a product in hand that is crude. Crude is the blood for the economy. There cannot be any mobility in the system if the crude is not there. I remember at times when we were importing it, we were depending on the Middle East countries, and we were just looking to them. And now we are self-sufficient in this that -- and that is a matter of pride. Earlier, we were inviting those experts from the foreign countries to visit us and help in the exploration and all that, now the time has come when other countries are inviting our experts. Our experts are going to the more developed countries like Russia and Mozambique and all that, and they are working over there. So sir, here now there comes up a question. That sir, what is the foreign exchange ratio in our revenue that I want to find out because our company is just contributing a lot to stabilize the foreign exchange reserves of our country? So this is one of the things sir. Sir, the next thing is that there is a war-like situation for the last two, three years. Russia and Ukrainian war, Israeli, Iraqi war and all that. And that has got a great impact on the crude price. So I just want to find out that how long we will be safe and how much -- and that is the -- what volatility in the price with how much in our favor or against our favor, I would like to know, sir. And the next thing is sir, our -- there's a mad man turbulent tariff policy. So that is -- and nobody knows which way that [Foreign Language]. So I just want to find out is tariff policy [Foreign Language] that I want to find out. And there can be so many other queries also like attrition rate among our R&D stock, our experts and all that, but I won't take much of the time. Before I wind up. I would like to bless our Mr. [ Saudi ], our Mr. Abhishek and the team who has been following up for me -- with me and to get connected and all that because I'm being super senior citizen around 86, so sometimes I need the help of other people. So sir, pray God for the positivity for the company, that positivity means the strength of the company, the strength of the company, its strength of my investment. And for the upcoming festivals please enjoy it in the safe health and with your families, though I'm sorry to say that this time, I'm not lucky, because I lost my wife just last month. No problem that was God's will, we had spent about 61 years. So [Foreign Language]. Best of luck to you. Thank you. Thank you.

Thank you, sir. We'll move to the next speaker shareholder. At sequence #25, we have Shri. Atanu Saha.

Am I audible, sir?

You are audible, sir.

Yes, yes. Have a good day. I'm Atanu Saha, a shareholder of Oil India Limited by respected Chairman, sir, Dr. Ranjit Rathji and his total team and our directors, our executive, nonexecutive directors, independent directors and our company secretary AK Sahooji and all they who sent me the 470 pages annual report, whereas we got the messages from 1889 from 1981, a government of India wholly enterprised. Sir, our initial electronics position is really very good. Our information -- our Chairman is also important. Sir a matter of agenda is concerned 1, 2, 3, 4 and spatial business 5, 6, 7, 8, 9,10, 11, 12, 13. 8, 9, 10, which is spatial, I already casted my vote. I wish -- and my question is what is our CapEx plan until 2027, sir? I, Atanu Saha, I wish a good year ahead and good health to every employee, i.e., and it is sustainable of energy, honesty, and integrity. Thank you very much. Have a good day.

[Foreign Language], sir. Thank you. At sequence #26, we have with us Sanjeev [indiscernible] and Sons. We have lost connectivity with them. At sequence #27, we have Shri SatishChandra Shantilal Doshi. He could also not join us. We'll move right to the next shareholder. At sequence #28. We have Shri Gundluru Reddeppa. Kindly share your views now. Shri Gundluru Reddeppa?

Sir, am I audible?

You're audible, sir. Kindly proceed.

Respected, Chairman, Board of Directors and my fellow shareholders. Good morning, namaste. Myself Reddeppa Gundluru. I'm from Hyderabad. Sir, as a shareholder, I'm very happy proud about the company's performance. Thank you, Company Secretary for sending the annual report, well in advance, and I've gone through the annual report. There's a very good numbers, figures, especially our respected Prime Minister Shri Narendra Modi sirji and our Prime Ministerji [Foreign Language]. Thank you for the good annual report and also picture, number and especially the leadership of Oil Board of members, sir, [Foreign Language] very wonderful. Thank you for all the KMPs, all the company heads, all the economy heads. This different--difference verticals for the preparing the wonderful, colorful annual report in this financial year. And also, I found there is a wonderful corporate governance under your leadership with the payments, sir. Sir, transparency is there. High standard ethically operations is there. Overall good corporate governance, special [indiscernible] and CSR, sir, CSR is very wonderful, tremendous support to the needy society. Here, my suggestion is please look into support to the orphan girl child education and also the single parent girl child education and also especially woman empowerment. Womens are light. Womens are Lakshmi. Womens are power. Women [Foreign Language]. So here, this is my -- sir, thank you for wonderful reward. Thank you for the financial performance. Sir, yesterday I received the call from the company secretary. [Foreign Language]. Is there any doubts. Thank you so much, sir. [Foreign Language].

Thank you, sir. Sir, please conclude your views.

The question I would like to ask sir, especially the financial performance and the future gross environment, I have a couple of questions. [Foreign Language]. First question is, sir, exploration and production, sir. Sir what is the company production target for the crude oil and natural gas in this financial '26 and financial '27, sir, are there any new exploration blocks for overseas equations under consideration, sir, [Foreign Language]? Second question on the energy and the transition and clean energy. Sir, here my question is what progress has been made in the company's renewable energy initiatives like solar wind, green hydrogen and biofields? Is there a clear road map to reduce the carbon intensity and assume net zero goals. So what is our target and goal for zero emissions, sir? Sir, third question about the financial...

Please, expedite, sir.

Sorry?

Please expedite, sir. [Foreign Language].

Two questions, sir, final question. Sir, how does your company plan to maintain the margins? I mean the global crude oil price volatility. Sir, with this affording all the resolutions, no questions on the resolution. Please continue. We see, I would like to thank the entire company secretary team for sending the annual report and corporate governance and other strong investor relationships sir. We have faith on the Board, trust on the Board. Go ahead and take [indiscernible] company growth, sir. I wish you all the best. Under your leadership, we'll achieve many more higher awards, the coming financial year sir. That's the reason I pray God to you give more wisdom, more courage, more power, more health, more -- with entire board member families and hardworking employee of company, all of the company secretary team. [Foreign Language].

[Foreign Language].

[Foreign Language]. Thank you managing -- proud and happy.

Thank you, sir, At sequence #29, we have Shri [ Aspi ] Bhesania. Kindly share your views now.

Sir, can you see me and hear me?

You're audible, sir. Kindly proceed.

Chairman, sir, I'm Aspi from Bombay. So I thank the Company Secretary, Mr. Sahoo for giving me an opportunity to speak. He is a very nice -- he is an asset for the company. So please continue with him. Sir, only one question, sir. Why first quarter, the top line and bottom line worse than quarter-on-quarter and year-on-year? Just one question. Thank you very much, and all the best for the future.

Thanks a lot, sir. We'll move to the next speaker shareholder. At sequence #30, we have Shri OP Kajriwal. He is representing an [ HVF ]. You're audible, sir. Kindly express your views.

Thank you, moderator. Thank you. Good afternoon sirji. Good afternoon everybody attending this AGM. Myself Om Prakash Kajriwal, shareholder from Kolkata, a City of Joy. Thank you, sirji, for providing the platform to speak something before you. Thanks to our secretary department for helping [indiscernible] shareholder. Especially thanks to Lalitha madam for calling me and taking my [indiscernible]. Sirji, this is my second AGM only due to virtual. I'm your very good shareholder. So if possible please follow this virtual AGM next year also so that more and more investors from different parts of the world to join our AGM and express their views and company could take benefit from their views, sir. Sirji, firstly, I want to thank you before for giving a handsome dividend of INR 11.50 on [indiscernible] in spite of difficult business environment. Sirji, [Foreign Language] in energy requirement. [Foreign Language]. Sirji, I want [indiscernible] dividend for financial year '28, '29 recorded 22 February '19@850. What is [indiscernible] to the company and to the [indiscernible] separate times. I also try to reach out by phone, but still the date, I could not get the dividend. So please try to solve my complaint, sir, so that I could get my dividends. Sirji, I have few suggestions for CSR Committee. Please use some of the SR funds to provide drinking water nearby our refinery, nearby out project and nearby our business point because sir [Foreign Language]. Sirji, I have few request also for plant visit. Sirji, I'm the very old shareholder, so please organize a program so that we can see our plant, how it is running. And second is for early AGMs sir, we are Navratna Company, sir, we have done our Board meeting on 21 May '25, so please call our AGM in the month of July or August, sir. Sirji, please maintain your aspire and reach your goal. We are always with you as a long time investor. Thank you. Thank you, sirji.

Thank you, sir. At sequence #31. We have Shri Ashok Kumar Jain. It seems we have lost connectivity with him. At sequence #32, we have Shri K. Bharatraj. You may express your views now.

Very [indiscernible] the entire Board of Directors and KMPs of my company, I'm Bharatraj attending from Hyderabad. Sir, first of all, Chairman, sir, I want to congratulate wonderful annual report, sir, the secretary is wonderfully color the annual report. I congratulate you, sir, a wonderful team. I thank my Secretary Department, Sahooji, Abhishekji, and Lalithaji, always accessible. Chairman sir, wonderful CSR program, and thanks for the dividend, sir. My company is very generous, Chairman sir, [Foreign Language] I hope, again, my interim dividend [Foreign Language]. Chairman, sir, my question is that, regarding hydrogen, sir, what is your plan regarding hydrogen, every fuel companies have started at HPCL thinking about the hydrogen, green energy. What is your plan regarding hydrogen green energy, sir? Chairman sir, regarding the GST, any impact will be there on our company, sir, on our EBITDA margins and revenue. Once again, Chairman sir, request you for the plant visit, sir. Since 4 years I'm requesting you, please consider, sir. Next year please conduct hybrid mode AGM, sir. It will be more feasible, sir. Who want to come, they'll come, who don't want to come, they can attend the VC, sir. Try to conduct hybrid mode AGM, sir. My best wishes to you. I'll support all the resolutions. Take care, sir. God bless you all. I'm Bharatraj signing off from Hyderabad.

Thank you, sir. At sequence #33, we have Meena Maheshbhai Nariyalwala.

Am I audible?

You're audible, sir. Kindly proceed.

Sir, I'm the joint shareholder of [indiscernible], can I allow to speak?

Okay, sir.

Respected Chairman, sir, Board of Directors and my fellow shareholders, I'm Anil [indiscernible]. Sir, I've gone through the balance sheet, plus this is my last [ speaker's ] number. My various speakers asking various questions in respect to the Annual General Meeting plus our accounts. So I don't have any questions in respect of the [indiscernible]. With this, and my speak -- I also thank Company Secretary for sending me the link. It enables me to speak to you in front of this, support all the resolutions. Thank you. Over to you, Chairman, sir, for the further proceedings.

Thanks a lot, sir. So one of the speaker shareholders at sequence #15. Shri Sharath Kumar [ Yuvraj ] Shah. He could rejoin us. So we have given you opportunity to him. you're audible, sir.

I already sent my question by e-mail and my view. First thing, what I wanted to tell you is the -- I require a hard copy, which I requested. And your speech is legendary speech like [Foreign Language] India. And all information you have given. Only two things what I have noted is that we use technology and another thing we have got money made profit from Russia. So whatever our Prime Minister is doing friendship with Putin, and all the time, Putin is helping us by giving oil at a concessional rate. Forget about the concessional rate, oil is our bread and butter so we could see that Russia is our good friend, sir. And Oil India is the most important company for India, as India imports crude from Russia, for which USA have strong objection for our bread and butter, sir. And Oil India has worldwide presence with the highest in Assam in East of India, where our primary study is very keen on Vikas and development. This will have the advantage to Oil India. Our network is now compared to last year -- last 5 years, 4 years, you can say, this highest. Our crude production is also higher compared to last 3 years, 4 years. Sir, '24, '25, our exceptional item are 0 that made us a advantage that our performance is above '24, '25. But one thing is there, '23, '24 was the best performance. And this year, we lost around INR 700 crores profit. Debt equity ratio has increased, sir. Borrowing is INR 10,000 crores. What is our plan? Whether we want to keep the borrowing or whether we want to reduce. That is not clear. Sir, Assam have 21 PML, but abbreviation, if you see in the balance sheet, full form of PML is not missing the abbreviation. So please provide and MMIDE, although I would like to know what is full from. Sir, market share of ONGC compared to this, what is our market share, like to know, a crude is Indian -- in Indian we could be supplied to India Oil, why not to HP, BPCL, MRPL and RIL that I have not followed, sir, please indicate. And we deal with crude so that what is happened that we must -- our balance sheet to have rise of crude for all the 12 months and the dollar price for all the 12 months like Castrol. So that will help us know whether we make profit this particular month or not. That is more important, sir.

Sir, kindly conclude your views.

Yes, yes, last point, sir. And our turnover revenue is INR 36,000 crores, and I'm really happy with Oil India, which is doing a service to the nation. Thank you very much, sir, for giving me opportunity.

Thanks a lot, sir. With this, all our speaker shareholders who could join us have shared their views. Over to Chairman, sir.

First of all, let me take this opportunity to thank each shareholder of Oil India Limited. And all the speakers shareholders who shared their genuine feedbacks. And before we answer the query on behalf of the entire Board of Directors, they all join me to convey our heartfelt gratitude for your appreciation for your thanks, for your blessings and for your constructive feedback about having accepted the annual report and given your incisive comments. We have taken note of one thing that a majority of our shareholders expect that we need to do the AGM a bit early. We will definitely give it a try. As far as our capital investment is concerned, I will give you a consolidated response. There was one which -- one of feedback, which was very, very important, was about our attrition rate from a human capital point of view, which is about 0.2%. In terms of women inclusiveness or gender diversity, I had covered it in my speech, it's about 7.5% to 8%. But I must share with you a focused attention is underway currently. And I'm very glad to share 3 of our Executive Director, just below board level, we have our lady colleagues, hemming key crucial portfolios. And as part of our Arohan program, where we are looking at succession planning, we have included about 12 such women leaders or rather future leaders for a 6 months intensive training program, and they would actually be the future leaders of Oil India Limited. One more thing which we saw that everybody is rightfully concerned about the geopolitical scenario and Oil India's exposure. I must assure all of you that given the fact that our majority of production is domestic in nature and our customers, which is primarily the refineries in the northeastern part of the country, we do not import any crude oil, and we -- our supply chain is quite robust in supplying to the domestic refineries in the northeastern part of the country, which I have narrated as part of my speech, where we are doing both direct pumping to refineries like Digboi, Numaligarh and Guwahati and reverse pumping from Bongaigaon -- from Barauni to Bangaigaon on to Guwahati. Therefore, our exposure as far as international crude oil import requirement, we do not have anything. However, a drop in crude oil price has impacted your company's revenue. And one of the questions was why our Q1 performance in terms of finances has dropped. That is because of the crude oil realization with about 22% drop. As far as there was a couple of queries in terms of road map for next 24 months. I must share with you we have already prepared a strategy for 2040, out of which the focus is how do we enhance exploration. I, on behalf of the entire Board, echo the same views as some of our esteem shareholders had shared. We must focus on exploration, and we are doing that. I must -- I'm very happy to share, and one of your shareholders -- our shareholders did ask what is the abbreviation and expansion. Let me tell that PML stands for Petroleum Mining Lease where production happens, which is primarily nominated fields in Oil India Limited, nominated by Government of India. As far as exploration is concerned, we have petroleum exploration leases. As I speak today, we have 112,000 square kilometer of area as part of our exploration acreage, which includes 40,000-plus square kilometer area of exploration acreage in deep and ultra-deep water. As we speak, a INR 700-plus crores investment decision has already been taken to carry out 2D and 3D seismic data acquisition processing and interpretation of these deep and ultra-deep waters. As part of our exploration portfolio, we have already -- we are already carrying out 2D and 3D seismic. As far as seismic data is concerned about 1200 square kilometer of area of seismic data, 3D seismic data has already been acquired. We also carry out additional data acquisition initiatives such as airborne gravity gradiometry, passive seismic data. In addition to that, under the mission Anveshan program, of government of India, it's an initiative of carried out by Ministry of Petroleum and Natural Gas and as a national oil company, we carry out this on behalf of DGH and MOPNG. And we also carried out something more interesting called extended Continental self 3D seismic survey and 2D seismic survey. Overall, at an equivalent level we have done about 5,000 square kilometer of 3D seismic survey. In addition to that, we carry out a lot of near-field exploration, which gives us additional potential in terms of our production and additional potential in terms of our reservoir replacement. I had covered it in my speech. This year, we could do additional through our near-field exploration discoveries, about 5.8 million metric tonnes. Some of the questions are pertaining to our ESG. Now as part of our ESG strategy, I'm very happy to share that we have seen investor additional investor interest basis our ESG upgrading. We have got the CDP rating now at sea from F and S&P Global Rating from 22 to 44, we are a signatory to OGDC. And most importantly, as we speak, we are carrying out methane emission monitoring through additional improved drone-based technology being carried out by one of the international oil company Total, through a collaboration called Aussie technology. Plus, in addition to this, there are several other initiatives which we are carrying out, which includes rooftop solar, which includes reduction of gas consumption in our operation and enhancing operational efficiency in terms of greed connectivity as well. Some of you had asked about the zero flaring initiative. That is something which will continue to be our main stake. In addition to that, we are harnessing geothermal energy in collaboration with Arunachal Pradesh government. We are harnessing the initiative of compressed biogas plant that I have already covered in my speech, as we speak, construction work of 2 compressed biogas plant, one in Tinsukia and in Bhubaneswar are going on. Some of you did ask about the primary areas of investment in the current year. While we will continue to invest in seismic data acquisition in drilling for us, which is the key activity for both exploratory and production will continue to enhance our workover footprint. In addition to that, I must share with you given the fact that we have vintage infrastructures, we are in the process of refurbishing the entire infrastructure in the northeastern part of the country, for which a detailed project report is underway, and that would be about INR 20,000-odd crore investment. There were a couple of questions about the initiative, which honorable Prime Minister inaugurated on 14th of September. I must tell you, this is one of the flagship initiatives, which is carried out at our subsidiary, a major subsidiary in Numaligarh Refinery Limited. The project is already commissioned. The stabilization process is currently underway. We have been able to produce 99.68% purity of ethanol from Bamboo as a fixed stock. As far as the economics is concerned, this plant would have a feedstock of about 500 TMT of Bamboo, which will get translated to 300 TMT of dry Bamboo chips. And ultimately, we will have 50 TMT of green ethanol. And in addition to that, we will have 20 to 25 megawatts of green energy, we'll have 19 TMT of [indiscernible] seed, we'll have 11 TMT of acetic acid. We will have biochar. And most importantly, we'll have lignin, which will be used to fire our boilers. Plus, we'll have about 30 TMT of liquid carbon dioxide. Now the whole purpose of sharing all of these numbers is to give you confidence that this plant will be economically viable. In addition to it, we have also submitted 2 government for fixation of a price point for these 2G ethanol. Further, as part of our investment, INR 7,000 crores is committed to put up a 360 Ktpa of petrochemical plant, which will give us a 4 -- as an index petrochemical intensity index as 4, when we will have the enhanced capacity of Numaligarh refinery from 3 million tonne to 9 million tonne. To give you an assurance, the project is on schedule, our effort is on to have oil in for the primary units such as schedules and video of 9 million tonne expanded capacity. The refinery configuration has been such that it will give us a head start once the polypropylene unit, that's the PP unit or the petrochemical plant will be in place. Our effort is to do that by '28, '29. So refinery stabilization happen by '26, '27 and petrochemical will be by '28, '29. Another question was that what is our bonus issue. I'm very glad and all of you responded very positively. Last year, we had issued a bonus of 1 is to 2 ratio. We were very supported by all the shareholders. And at near future, should there be a requirement of financial restructuring will come back to you. One more feedback, which was there that what is our plan for our wholly-owned subsidiary. I must share with you we have recently taken a decision to transfer about INR 380 crore odd assets to this newly christened subsidiary of Oil India Limited, called Oil India, Green Energy Limited. And all our compressed biogas portfolio which is about INR 3,000 crore investment, our solar investments, our renewable energy investments, all that will be transferred to the Oil India Green Energy Limited. It is a matter of time, we would definitely evaluate the possibility of going to the market once this current year, we consolidate the portfolio of the OGEL. As far as Rajasthan is concerned, I must share with us some positives. We have been utilizing many technologies to enhance production in our Rajasthan field. As you would notice, the Rajasthan field, we have planned to drill additional 20 number of wells to enhance production. Therefore, we envisage that above -- from the current level of about 800 barrels per day. Our Rajasthan field, we aspire to reach about 1,500 barrels per day. In addition to that, Recently, we have got one of our DSF field, which is called Bakhritibba, about 30,000 million standard cubic meter of gas getting monetized. From Rajasthan, the Patas exploratory and composite license block of critical minerals will be another revenue stream. From the Rajasthan field, we are also going to continue our exploration initiative in the newly acquired 2 blocks in Cambay Basin that is near Mehsana in Gujarat. As far as planned for Orissa is concerned, we are currently carrying out exploration in the Mahanadi Onshore Basin. And we are also working out in close collaboration with central government and the state government of Orissa to have about 7 compressed biogas plant. And our engagement with Orissa is also there as far as 60,000 kiloliter of crude oil terminal that we are creating in Paradeep at the coast of Orissa and the cross-country pipeline, which is being built to import crude oil once the refinery gets commissioned from 3 million tonnes to 9 million tonne capacity. There is a very interesting question about digital intervention, which we are pursuing through our digital 2.0 drive. About 9 such cluster initiatives have been identified. As part of our digital drive 1.0, we have taken some baby steps or some pilot stage AI interventions. The digital drive 2.0 would have our purchase or procurement processes streamlined on a digital platform, our reservoir assessment and revisiting the models that needs to be studied to enhance production, that will be also on digital platform. In addition to that, we have already initiated or rather initiated digital oil fields about 70 such oil wells will get connected. About 18 drilling rigs as we speak, are today on a digital connectivity under our initiative called eRTMAC. We are very happy to note that some of you are appreciative of the hard copy of the annual report, which we would continue to do and we take that as a nice feedback. As far as the dream of honorable Prime Minister is concerned, one of the shareholders very nicely put that. We would continue to provide affordable and accessible, sustainable energy to the country. And here, I would like to add some of our extreme shareholders did ask us about the gas-based portfolio. I can assure you that our gas portfolio will have multiple opportunities to grow. Once we have the Indradhanush Gas Grid Limited, initiative of connecting the Northeastern fields with the Mainland India. The Phase I pipeline from Guwahati to Numaligarh is already getting commissioned. And the Duliajan Feeder Line is also going to kick start. In addition to that, we have somewhat -- we have a pipeline called Duliajan, Numaligarh pipeline whose capacity is getting expanded. As part of our customer base, we are going to sign collaborative MoUs with other oil sector companies and to enhance our marketability. And all of you would appreciate, and I'm sure you would know that recently, which was cabinet had cleared an investment of about INR 10,000 crores, INR 600 of Namrup-IV fertilizer plant where Oil India has got 18% investment stake, and we foresee an additional 0.7 million standard cubic meter per day of natural gas. As far as, the new acquisitions and JVs are concerned, some of our discussions are underway with collaborative partners of international oil companies to participate in the ongoing OLP 10 bidding rounds for which we are getting ready with our internal assessment. And the study has already been done to kickstart our exploration activities for the NELP 9 blocks. As far as the Baghjan blowout safety concern, which one of our esteemed shareholders identified or reminded, I must assure all of you that we have taken several key steps as part of our focused attention on safety. We have got something called a project Kavach, where we have identified 10 initiatives, and you would all appreciate, and I had covered this in my speech that '24, '25 witnessed the best safety records of Oil India Limited, the LTIFR was 0.071, which is the by-far the best in the history of Oil India Limited. And we will continue to maintain that level of standard, and I can assure you that in Oil India Limited, every stakeholder, every employee is an HSE Ambassador. And we take safety and our risk majors very safe -- very significantly important driven discussions. And every near-me incidents are discussed and disseminated and within the company. As far as women empowerment, I have already covered it. As far as our CSR initiatives, all of you have appreciated, we take that complement very humbly. As far as our complement, our contribution to natural calamity, we always remain a very sensible corporate citizen as with respect to our area of operations, and we contribute to the overall growth of the region. There was a specific question about the IEF fund current balance, it's about INR 11 crores. That is what we understand. We appreciate that the speeds were over encompassing. I have already covered about the commercial operation and the Numaligarh refinery expansion plan -- the financing is already in place. As far as Numaligarh refinery expansion is concerned, the cost escalations, we are also talking to our bankers, because we have to also include the additional INR 7,000 crore investment for the polypropylene unit. As far as the exploration is concerned, I have already covered. And quarter 1 result has been good in terms of physical performance, but because of the lower price realization in terms of crude oil, there was a drop. But on a given outlook of crude oil, we foresee that the crude oil will remain about $60 to $65 as we see for rest of the year. One thing which I would like to assure with that backdrop of $65 plus or minus crude oil, we have taken some concrete stages in terms of cost optimization to enhance operational efficiency. Just to give you an example, a lot of manpower, allocation and reallocation is happening within the organization. Number two, we are actually enhancing our efficiency in terms of bringing in more augmented resources to carry out more drilling. As you would appreciate, last 3 years, we have witnessed about 35% year-on-year growth as part of our drilling efforts and the same will continue. We have also engaged an AI-driven tool to optimize our strategy for work over rig and deployment. Plus, we are also doing a lot of energy-saving initiatives as part of our conjunction of diesel in our drilling rigs. As part of our consumption of diesel and natural gas and hooking up to the electric or grid connectivity, which is giving us enough assurance, we are also doing a lot of health assessment of our infrastructure, our plants and machineries so that the asset integrity of our installations are intact. Plus, we have also done an internal study. As far as the asset utilization is concerned. And I would like to give you an assurance that they are fairly good, utilized. We are also doing a lot of optimization in our procurement process so that we will have an early kickstart of our initiatives. With this with a lot of assurance on behalf of the entire Board and the entire Oil India fraternity, I must provide an assurance to all our esteemed shareholders, stakeholders, that we will continue to do the good work and we will like to leave up to your expectation and to maintain the same and better performance year and year. This is our responsibility to provide you better opportunities and better possibilities of sharing our value creations with all of you my esteemed dear shareholders. Thank you very much. But before I conclude, I must once again offer my heartfelt gratitude to government of India, to Ministry of Petroleum and Natural Gas, all other central ministries state government of Assam, state government of Arunachal Pradesh, state government of Rajasthan and all other state governments where Oil India has got its operations. We are getting excellent support from all of our stakeholders and excellent support and appreciation of all of our shareholders. Thank you very much. Keep blessing us. We are here to outperform ourselves. Thank you very much.

Now I will request our resident chief execute to extend vote of thanks, please.

Respected, Dr. Ranjit Rath, Chairman and Managing Director; Shri Saloma Yomdo, Director END; Shri Abhijit Majumder, Director Finance; Shri Trailukya Borgohain, Director of Operations; Dr. Ankur Baruah, Director, HR; respected Governor nominee directors, Shri Rohit Mathur and Shri Vikas Singh; respected independent directors, Ms. Pooja Suri, Shri Raju Revanakar, Shri Balram Nandwani, and Shri Moti Lal Meena, Auditors, [ President ] for VC and dear shareholders, it is indeed an honorable privilege for me to offer the vote of thanks at the end of the Annual General Meeting of the company, which for the sixth time has been held in the virtual platform. First of all, I offer my heartfelt thanks to the Chairman and Managing Director of the company for conducting the meeting in an excellent and professional manner. I sincerely thank all [ financial ] Directors, government nominate directors and independent directors for being part of the proceedings of the meeting. The available support has certainly helped the company to steer ahead with confidence. My thanks also go to the auditors for their significant efforts they have put in. On behalf of the company's management, I thank all the shareholders of the company. We have joined the 66th AGM of the company through VC. I also place and record our deep appreciation for all the speaker shareholders for their views and suggestions for the betterment of the company. I thank all the personnel and agencies involved in conducting this virtual meeting very effectively and successfully. I conclude by taking all Indians for their commitment, hard work and sincere efforts for the growth of the company, Jai Hind.

On the resolution proposed, these meetings have been notified to the stock exchange and hosted on the website of the company within 2 working days. E-voting would be reachable shortly. We request the shareholders to kindly vote, if not yet done. I think it is a good platform. I will request our shareholders to sensitize and -- sensitize the shareholders to do their KYC and to submit their nomination form and to [indiscernible] shareholder, if not yet done, to serve you better. Since all the agenda items have been carried out. Now I request Chairman sir to declare the AGM is concluded.

Yes. The AGM is concluded.