Indian Oil Corporation Limited 3rd Integrated Annual Report 61st Annual Report 2019-20

About the Report

NOTES TO FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTS
Note - 35B : IN COMPLIANCE OF REVSIED GUIDANCE NOTE ON ACCOUNTING FOR OIL Note - 35B : IN COMPLIANCE OF REVSIED GUIDANCE NOTE ON ACCOUNTING FOR
AND GAS PRODUCING ACTIVITIES, THE REQUIRED DISCLOSURES IN RESPECT OF OIL AND GAS PRODUCING ACTIVITIES, THE REQUIRED DISCLOSURES IN RESPECT
RESERVES ARE AS UNDER: (Contd...) OF RESERVES ARE AS UNDER: (Contd...)

Chairman’s Desk
Net Proved Reserves of Crude Oil, Condensate, Natural Gas Liquids and Gas:

From the
March 31, 2020 March 31, 2019
March 31, 2020 March 31, 2019 Crude Oil, Crude Oil,
Natural Gas Natural Gas
Assets Condensate, NGLs Condensate, NGLs
Crude Oil, Crude Oil,
Natural Gas Natural Gas
Assets Condensate, NGLs Condensate, NGLs Million Cubic Million Cubic
TMT TMT
Meter Meter

About IndianOil
Million Cubic Million Cubic
TMT TMT
Meter Meter Oman Begining 7348.41 - - -
A) Proved Reserves Addition 457.35 - 8335.55 -
Niobrara Shale Project, USA Begining 245.25 72.32 106.41 19.54 Deduction - - - -
Addition 29.88 13.24 156.29 62.54 Production 935.83 - 987.14 -

Description of Capitals
Deduction - - - - Balance 6869.93 - 7348.41 -
Production 10.65 8.06 17.45 9.76 Assam AAP-ON-94/1 Begining 69.46 1621.05 47.42 1369.16
Balance 264.48 77.50 245.25 72.32 Addition - - 32.04 346.10
Pacific Northwest LNG, Canada Begining 987.96 8300.64 682.95 8163.29 Deduction 24.91 396.25 - -
Addition 273.70 1198.43 331.14 597.44 Production 8.74 87.59 10.00 94.21

Board of Directors, etc.

Deduction - - - - Balance 35.81 1137.21 69.46 1621.05
Production 30.05 433.69 26.13 460.09 Total Proved developed Reserves 7189.80 3695.02 7675.81 4461.00
Balance 1231.61 9065.38 987.96 8300.64
Oman Begining 7978.65 - - - Net Proved Reserves & Proved developed Reserves of Crude Oil, Condensate, Natural Gas Liquids and Gas on
Addition 1370.41 - 9092.01 -
Geographical Basis:

Directors’ Report
Deduction - - 126.22 -
March 31, 2020 March 31, 2019
Production 935.83 - 987.14 -
Crude Oil, Crude Oil,
Natural Gas Natural Gas
Balance 8413.23 - 7978.65 - Details Condensate, NGLs Condensate, NGLs

Assam AAP-ON-94/1 Begining 69.46 1621.05 47.42 1715.26 Million Cubic Million Cubic
TMT TMT
Meter Meter
Addition - - 32.04 -

Discussion & Analysis

A) Proved Reserves

Management’s
Deduction 24.91 396.25 - -
U.S. 264.48 77.50 245.25 72.32
Production 8.74 87.59 10.00 94.21
Canada 1231.61 9065.38 987.96 8300.64
Balance 35.81 1137.21 69.46 1621.05
Oman 8413.23 - 7978.65 -
Total Proved Reserves 9945.13 10280.09 9281.32 9994.01
India 35.81 1137.21 69.46 1621.05
B) Proved developed Reserves

Responsibility Report
Total Proved Reserves 9945.13 10280.09 9281.32 9994.01
Niobrara Shale Project, USA Begining 70.39 24.69 69.79 13.71

Business
B) Proved developed Reserves
Addition 6.28 6.38 18.05 20.74
U.S. 66.02 23.02 70.39 24.69
Deduction - - - -
Canada 218.04 2534.79 187.55 2815.26
Production 10.65 8.05 17.45 9.76
Oman 6869.93 - 7348.41 -

Corporate Governance
Balance 66.02 23.02 70.39 24.69
India 35.81 1137.21 69.46 1621.05
Pacific Northwest LNG, Canada Begining 187.55 2815.26 232.79 3388.44

Report on
Total Proved developed Reserves 7189.80 3695.02 7675.81 4461.00
Addition 60.54 153.22 (19.11) (113.09)
Deduction - - - - Frequency
Production 30.05 433.69 26.13 460.09 The Group uses in house study as well as third party agency each year for reserves certification who adapt latest industry
practices for reserve evaluation. For the purpose of estimation of Proved and Proved developed reserves, deterministic

Financial Statements
Balance 218.04 2534.79 187.55 2815.26
method is used by the company. The annual revision of estimates is based on the yearly exploratory and development

Consolidated
activities and results thereof.

370 Financial Statements Financial Statements 371