Oil India Limited (OIL) announced on Thursday that it has received $942 million in dividends from its Russian assets — Vankorneft and Taas Yuryakh. While speaking at the 66th Annual General Meeting (AGM), Ranjit Rath, Chairman and Managing Director of Oil India Limited, also said that the dividend payout represents over 91% of OIL’s original investment in the two projects, and the company expects to fully recover its investment in the coming year.
“A highlight of the year was the robust dividend flow from Russian assets, amounting to USD 942 million representing over 91% of our original investment in Vankorneft and Taas Yuryakh, with full recovery expected in the coming year,” said Rath.
Rath also noted that the company maintains a strong international presence through joint ventures in Russia, Venezuela, and Mozambique, with these overseas assets playing a significant role in its reserves and production portfolio.
During the financial year 2024–25, these projects contributed a cumulative production of 2.097 million metric tonnes of oil equivalent (MMTOE), primarily from Russia.
Discussing operations in Mozambique, where OIL has invested in a world-scale LNG (Liquefied Natural Gas) project, Rath said the project aims to establish a 13.12 MMTPA (million metric tonnes per annum) low-carbon, integrated two-train LNG facility.
With improved security conditions in the region, the project is expected to restart in the second half of 2025, and is well-positioned to meet the growing demand of the Indian gas market.
On the financial front, OIL reported a total income of ₹23,987 crore (standalone) and ₹37,830 crore (consolidated). Net profit stood at ₹6,114 crore (standalone) and ₹7,040 crore (consolidated), reflecting strong margins of 27.64% and 19.47%, respectively.
The company also recorded its highest-ever oil and oil-equivalent gas (O+OEG) production of 6.710 MMTOE since inception, along with the highest-ever natural gas production of 3,252 MMSCM.