Re: [Assam] Oil India Strikes it rich in Dibrugarh Dist.

Tue, 07 Jun 2005 18:59:46 -0700

Also, I think its good thing that the company is issuing IPOs. Whats
stopping the GOA (as Barua suggested) or others in Assam from buying
into the company.     One needs money to buy shares. Does GOA have money to spare?

If the GOA is not getting what it ought to be getting from OIL, it
either does not negotiate well, or is not listening to the electorate,
or the electorate is blissfully not aware that they could demand the
GOA work for them.    You are correct.

I would not blame OIL, its just looking after its own interests, just
like any other pvt. company. Its for the people to hold the GOAs feet
to the fire.        I agree.

Dilip Deka

 



Ram Sarangapani <[EMAIL PROTECTED]> wrote:
C'da,

>*** I don't believe any of these statistics. There is no history of
reliable numbers >coming out either in govt. handouts, or in private
company notifications, or news->paper reporters' dispatchers or Assam
netters' speculations.

Maybe you will atleast believe what OIL itself is reporting to the
media. The figures quoted were from OIL (NOT GOI or media
speculation).

Here is some more financial data from OIL
http://oilindia.nic.in/perf_financial.htm

Also, I think its good thing that the company is issuing IPOs. Whats
stopping the GOA (as Barua suggested) or others in Assam from buying
into the company.

>There is something grossly unfair about it as far as the owners of
these natural >resources, the people of Assam, that OIL or ONGC get,
almost for free.

That kind of statement can be m! ade by any state or country - its just
over the top. Should the people of Texas feel cheated because Shell or
Exxon operate here at high profits?

The residuals from a company like OIL is that they provide great
employment opportunities in Assam. They bring technology, explore new
reserves etc.

>That is why a more reliable system of selecting able and accountable
Assam >govt. is one of the most pressing needs for the people of
Assam, something the >current Indian model has failed to deliver on,
and cannot in the future, without >fundamental reforms.

Isn't OIl a private entity? And it is governed by all the rules & regs
of such industries. If the GOA wanted a bigger share, they should
renegotiate with OIL on the contract.

If the GOA is not getting what it ought to be getting from OIL, it
either does not negotiate well, or is not listening to the electorate,
or the electorate is blissfully not aware that th! ey could demand the
GOA work for them.

I would not blame OIL, its just looking after its own interests, just
like any other pvt. company. Its for the people to hold the GOAs feet
to the fire.

I think, the intellectuals in Assam would best serve the state by
seriously analyzing issues such as royalties from OIL (or ONGC) etc,
and the GOA should listen and implement on their recommendations.

--Ram



On 6/7/05, Chan Mahanta <[EMAIL PROTECTED]>wrote:
> At 9:51 AM -0500 6/7/05, Rajen Barua wrote:
> Take it easy. You don't need to interprtet that way. If you don't believe
> the Rs 1061 crores figure, why don't you come up witth your economics and
> enlighten the kharhwas? If f you believe, then you should agree with me.
> Which one it is? Please don't talk on air.
> Rajen
>
> *** I don't believe any of these statistics. There is no history of reliable
> numbers coming out either in g! ovt. handouts, or in private company
> notifications, or news-paper reporters' dispatchers or Assam netters'
> speculations.
>
> But one has to believe in something, to be able to deliberate on issues,
> right?
> I would agree, but it has to be something that is beyond reproach.
>
> In this case, that has to be the fact that OIL is pumping oil. That it is in
> business making a profit ( a private company cannot stay in business if it
> is not making a profit, unless it is a desi one, surreptitiously subsidized
> by the citizenry), that it has discovered new sources of oil and that it
> pays Assam little, while it makes its profit selling its processed goods at
> international rates.
>
> There is something grossly unfair about it as far as the owners of these
> natural resources, the people of Assam, that OIL or ONGC get, almost for
> free.
>
> That is one of the ! many grievances many people of Assam have been fighting
> against the Center for decades now, without any satisfaction.
>
> Now, just because the establishment of Assam does not make waves about it ,
> does not mean ALL people of Assam acquiesce to it. The proof is the
> insurgency, which arose due to the short shrift given to the people of
> Assam by its colonial master, the Center, after its own reps. let it down.
>
> That is why a more reliable system of selecting able and accountable Assam
> govt. is one of the most pressing needs for the people of Assam, something
> the current Indian model has failed to deliver on, and cannot in the future,
> without fundamental reforms.
>
>
>
>
>
>
> ----- Original Message -----
> From: Chan Mahanta
> To: Rajen Barua ; Ram Sarangapani ; Assam
> Sent: Tuesday, June 07, 2005 9:25 AM
> Subject: Re: [Assa! m] Oil India Strikes it rich in Dibrugarh Dist.
>
> > This also shows that owning OIL by Assam may not be that fun after all,
> and should be a lesson >to the freedom fighters of Assam. There may not be
> much gold in the golden pot.
>
> *** That is serious. Maybe OIL is there for charity to Assam, employing all
> those lazy people at exorbitant salaries. The Assamese ought to be warned
> not to rock the boat, asking for more royalty et. OIL may leave and Assam
> will be left holding the empty wells, and paying them outsiders to close the
> wells down.
>
> Yep, those freedom fighters need to screw their heads on right.
>
> :-) :-) :-)
>
> But seriously something seems to be missing in the reasoning here, isn't it?
>
>
>
>
>
> At 8:37 AM -0500 6/7/05, Rajen Barua wrote:
> >their profit has zoomed up to Rs 1061 crores in the las! t
> > financial year.
>
>
> This is where we need to know the reality of the economics of situation.
> Frankly speaking this Rs. 1061 crores profit will be only around 5% of total
> annual oil production revenue of OIL (according to my one estimate and based
> on present world oil price). This also means that OIL will be incurring a
> loss if it were to pay the royalty to Assam. This also shows that owning OIL
> by Assam may not be that fun after all, and should be a lesson to the
> freedom fighters of Assam. There may not be much gold in the golden pot.
> But there again one need to know how OIL is calculating their profit which
> may be tricky. Anyhow, I think Assam will be better off just playing dumb
> and claiming 12.5% royalty which will be around Rs 4000 crores according to
> one estimate I made earlier. At least that will start the debate and
> discussion for decentralization. The ! point is to do something. At present
> Assam is just sitting Hobo Diok..
>
> RajenBarua
>
>
>
> ----- Original Message -----
> From: "Ram Sarangapani" <[EMAIL PROTECTED]>
> To: "Assam"
> Sent: Monday, June 06, 2005 6:17 PM
> Subject: [Assam] Oil India Strikes it rich in Dibrugarh Dist.
>
> > This is good news indeed, and the fact that OIL is going for its first
> IPO.
> >
> > -----------------
> >
> > OIL strikes it rich in three structures in Assam
> > Guwahati, Jun 06 (UNI) Oil India Limited (OIL) has struck crude
> > petroleum in the three new structures in Dibrugarh district of Upper
> > Assam even as their profit has zoomed up to Rs 1061 crores in the last
> > financial year.
> >
> > According to the director's report, the OIL has struck oil in the
> > three new s! tructures on North Tini Ali, West Zaloni and Samdang-3.
> >
> > The company is upbeat with the new discoveries as they are preparing
> > for the first Initial Public Offering (IPO).
> >
> > The OIL India sources, however, confirmed that they were keeping their
> > finger crossed about the result of the latest round of the New
> > Exploratory Licensing Policy (NELP) bidding for getting license for
> > exploration of the new block.
> >
> > The ONGC, Reliance and Videocon are pupshing ahead for license in new
> > prospective blocks of Upper Assam.
> >
> > The source informed that new discoveries would go a long way to double
> > the gas and crude production in the next five years through initiative
> > like breakthrough performance under taken by the company for
> > organisational transformation.
> >
> > In fact the director's ! report said the profit after tax was Rs 1061
> > crores as the oil and gas products had registered a seven per cent
> > growth in the last financial year ending March 2005.
> >
> > Increased production of crude oil and natural gas coupled with increse
> > in price resulted in company recording the highest ever total income
> > of Rs 4097 crores.
> > --From Deepikaglobal.com
> >
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