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Oil India Limited

Oil India Limited. Pension and Post Retirement Medical Benefits. Rich Heritage of OIL. Independent India’s first commercial oil discoveries were made by Assam Oil Company Nahorkatiya, Assam – 1953 Moran, Assam – 1956 Incorporated as Joint Sector Company on 18 February, 1959

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Oil India Limited

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  1. Oil India Limited Pension and Post Retirement Medical Benefits

  2. Rich Heritage of OIL • Independent India’s first commercial oil discoveries were made by Assam Oil Company • Nahorkatiya, Assam – 1953 • Moran, Assam – 1956 • Incorporated as Joint Sector Company on 18 February, 1959 • 2/3rd Owned by Assam Oil Company (Burmah Oil Company) • 1/3rd Owned by Government of India • Became a Public Sector Undertaking, GOI on 14 October, 1981

  3. India’s Premier Oil & Gas “Navratna” Company Engaged in the Exploration, Development,Production and Transportation of Crude Oil and Natural Gas in India Oil India: Brief Overview • Independent India’s first commercial oil discoveries, with the first one being made in 1953 Rich Heritage • Presence across Oil & Gas Value Chain (E&P, Transportation and Downstream) • World Class Infrastructure to support growth Integrated O&G Player • Domestic acreage: 118,195 sq. km over 65 blocks • International acreage: 38,695 sq. km Large Acreage • Total 2P reserves of over 941 mmboe; with reserve replacement ratio of over 123% in FY12 Strong Reserve Base • Market cap : Rs. 28,154 cr • Half yr FY13 Revenue: Rs 5,739 cr (LY-11,310 cr) • Half yr FY13 PAT : Rs. 1885 cr (LY-3447 cr) Strong Financials

  4. With Dominant International Footprint Dominant International Footprint with Balanced Presence in Exploration Acreages & Producing Properties LIBYA Area 86 Area 102/4 Area 95/96 EGYPT Block 3 Block 4 SUDAN Pipeline NIGERIA OPL 205 IRAN Farsi Offshore USA TIMOR LISTE Block K GABON Shakti VENEZUELA Carabobo 1 North Carabobo 1 Central YEMEN Block 82 Block 83 Total Area –38,695sq.km

  5. Wireline Logging Seismic API (2D&3D) Drilling Field Development In-House Expertise Outsource expertise & services as and when required (to supplement) Production Field / Reservoir Management Transportation IOR/EOR OIL is a fully self-serviced E&P company An Integrated Oil Company

  6. Prevailing Superannuation Benefits Schemes in Oil The employees of OIL are entitled to four types of Superannuation Benefits. These are: (i) Provident Fund (ii) Gratuity (iii) Post Retirement Medical Benefits (iv) Statutory Pensions: • EPS 1995 Scheme • Under Acquisition Act (Applicable to Pre-nationalization employees)

  7. Scheme under EPS 95-Oil India Employees’ Pension Scheme (OIEPS): • Employees Pension Scheme, 1995 (EPS-95) was introduced in OIL under EPF and MP Act 1952. • Applicable to all establishments to which the Employees’ Provident Fund and Miscellaneous Provisions Act 1952 apply. • Is extended to employees of OIL through an exempted trust fund managed in house.

  8. Scheme under the Acquisition Act- Oil India Pension Scheme: • On 14th October, 1981, OIL was nationalized under the following Act (referred to as ‘the Acquisition Act”): • The Burmah Oil Co. [Acquisition of Shares of Oil India Limited and of the undertaking in India of Assam Oil Company Limited and the Burmah Oil Co. Ltd. (India Trading) Limited] Act, 1981. • The Acquisition Act stipulated as under: • Pension benefits (40% of average pensionable salary of last 10 months) for employees existing then in OIL must be continued as if there was no nationalization. • The rights and interests of the beneficiaries were not to be in any way prejudiced or diminished. • There are 1095 members as on 31.03.2012. • Will cease to exist after retirement of the last eligible i.e. joined on or before 13.10.1981 person.

  9. Post Retirement Medical Benefit Scheme: • Post retirement medical benefits is extended to retired employees and their spouse. • The benefits are similar to that extended to serving employees. • The retired employees have to subscribe by paying a nominal contribution for availing the benefits.

  10. Proposed New Defined Contribution Pension Scheme: • New Scheme as per DPE guidelines is being formulated. • It has been found that there is gap of around 14% on an average after adjusting from 30% of basic +DA contribution towards PF, Gratuity, Post retirement medical benefit as per actuarial valuation. • The scheme will be put up to MoP&NG after obtaining approval from OIL Board.

  11. Thank You

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