2.1 The Company has adopted to continue with the carrying value of its Property, Plant & Equipment (PPE) -Tangible Assets, recognised as on 1^st April, 2015 (transition date) measured as per the Previous GAAP and used that carrying value as its deemed cost as on the transition date.

2.2 Addition to Oil & Gas assets during current year includes downward revision of capitalised portion of cost of decommissioning liability net of change in estimates and additions of new wells & facilities amounting to ' 69.33 crore (Upward revision during previous year ' 243.55 crore).

2.3 Plant & Equipment includes carrying value of ' 0.40 crore (Previous year ' 0.37 crore) related to asset retired from active use which was earlier disclosed as "Asset Awaiting Disposal" under Note 11 Inventories.

2.4 The Company has reversed an impairment loss of ' 43.17 crore, net of depletion (previous year Nil) in the Statement of Profit & Loss under the head "Other Expenses" relating to Oil & Gas Assets in Rajasthan. For details refer to Note 55.2.

2.5 Lands for projects and drillings operations are acquired primarily through bipartite negotiation with the occupiers/pattadars. In case, however, bipartite negotiation fails, land is acquired under relevant land laws with Government intervention. Upon successful negotiation or government order, as the case may be, consent letters are obtained from the occupiers/pattadars and surface compensation for the standing crops on the lands are settled and the same are capitalized either as Free hold Land or as Acquisition Cost of Oil & Gas assets. At the same time occupiers/pattadars are advised to submit documentary evidences in support of their legal possession of the lands. Pending submission of these documents and upon settlement of surface compensation, liability for land value is determined and capitalised under respective heads. Land cost forming part of Oil & Gas Assets is either amortized or charged off depending on discovery in the well. The total land in the possession of the Company is segregated as appended below:

# Projects with actual expenditure is less than ' 10 crore have been clubbed under Other Projects.

3.3 Addition to Oil & Gas assets includes estimated cost of decommissioning liability due to change in estimates and additions of new wells & facilities amounting to ' 16.62 crore (Previous year ' 5.57 crore)

3.4 Addition to Development Cost-Wells includes depreciation on rigs and other support equipment used for drilling wells amounting to ' 166.75 crore (Previous year ' 133.38 crore).

3.5 Capital Good in Transit & Others includes project material and equipment worth ' 412.78 crore (Previous year ' 409.60 crore) related to various construction projects, lying at project site with the contractors awaiting erection & commissioning pending suitability test.

3.6 For details of title deed of immovable properties not held in the name of the Company please refer Note 56.1. (ii).

4.1 Addition to Exploration & Evaluation assets during current year includes downward revision of estimated cost of decommissioning liability due to change in estimates and additions of new wells amounting to ' 14.55 crore (Upward revision during previous year ' 6.29 crore).

4.2 Addition to Exploration cost includes depreciation on rigs and other support equipment used for drilling wells amounting to ' 115.60 crore (Previous year ' 67.51 crore).

5.1 The Company has adopted to continue with the carrying value of its Other Intangible Assets, recognised as on 1^st April, 2015 (transition date) measured as per the Previous GAAP and used that carrying value as its deemed cost as on the transition date.

5.2 Right of Way (ROW) to lay pipelines does not bestow ownership of land upon the Company. Hence, ROW is treated as Intangible Assets.

5.3 The Company has reviewed the useful life of Right of Way (ROW) as on 31^st March, 2023. Considering the fact that ROW for laying pipelines are acquired on perpetual basis which is distinct from the life of the pipeline, the useful life of ROW is estimated as indefinite. Accordingly, amortization of ROW has been discontinued.

5.4 Carrying value of Computer software over remaining useful life as on 31^st March, 2024

6.1 The aggregate carrying value of unquoted investments is ' 23,034.36 crore (previous year ' 21,284.48 crore).

6.2 The aggregate amount of quoted investments is ' 13,140.60 crore (previous year ' 6,596.06 crore).

6.3 The aggregate market value of quoted investments is ' 13,297.09 crore (previous year ' 6,782.66 crore).

6.4 The aggregate amount of impairment in value of investment is ' 669.04 crore (previous year ' 1,103.53 crore).

6.6 Numaligarh Refinery Limited issued Bonus Share in the ratio of 1:1 of face value of ' 10 per share fully paid on 30^th November,2022 and the Company has received 51,22,20,385 nos of Bonus shares. Further, Numaligarh Refinery Limited offered 28,77,27,273 number of equity shares on right basis for ' 110 per share (including ' 100 as premium) to the existing shareholders. The Company subscribed 20,03,44,555 equity shares offered on right basis and paid ' 1,101.90 crore towards 50% of the Issue Price per Rights Equity Share as call money in accordance with the terms of issue. The partly paid up shares have been allotted to the Company on 9^th of May, 2023.

6.7 The Board of the Company in its 536^th Meeting held on 23^rd September, 2022 approved winding up of Oil India (USA), Inc, a wholly owned subsidiary. After compliance of applicable US laws, the subsidiary company has been wound up on 2^nd May,2023 and accordingly the investment in Oil India (USA), Inc after adjustment of the liquidation proceeds has been written off during the year ended 31^st March, 2024.

6.8 Oil India International BV, Netherlands, the wholly owned subsidiary of OIL has 50% stake in a JV company WorldAce Investments Limited, Cyprus (the other 50% is owned by Petroneft Resources Plc., Ireland) which in turn owns 100% of the voting equity in Stimul-T LLC, a Russian registered legal entity, which owns block Licence 61 in the Tomsk region of the Russian Federation. Stimul-T LLC filed application for bankruptcy in the Arbitration Court of Tomsk, Russia on 10^th May, 2023. The application for Bankruptcy has been accepted by the Arbitration Court and in its ruling dated 8^th November, 2023 appointed a Temporary Manager (Bankruptcy Trustee) and initiated the supervision stage of Bankruptcy which is currently in progress.

6.9 The Company is holding 19,116 nos (16,086 nos as on 31^st March, 2023) fully paid 10% Cummulative Redeemable preference share of No par value in Beas Rovuma Energy Mozambique Ltd as on 31^st March, 2024. 5120 ordinary equity shares and 17,480 preference shares of the Company in Beas Rovuma Energy Mozambique Limited (BREML) have been provided under custody of Area 1 shared security custodian (Standard Bank, S.A.) under project finance arrangement entered into by BREML.

6.10 The Company has been alloted 750000 nos of equity share of the face value of ' 10 per share fully paid up by Assam Petro - Chemicals Limited, the Joint Venture of the Company, during the year ended 31^st March, 2024 as right shares.

6.11 The Company has been alloted 23500000 nos of equity share of the face value of ' 10 per share fully paid up by HPOIL Gas Private Limited, the Joint Venture of the Company, during the year ended 31^st March, 2024 as right shares.

6.12 The Company has been alloted 24360000 nos of equity share of the face value of ' 10 per share fully paid up by Indradhanush Gas Grid Limited, the Joint Venture of the Company, during the year ended 31^st March, 2024 as right shares.

6.13 The Company has been alloted 3900000 nos of equity share of the face value of ' 10 per share fully paid up by Purba Bharati Gas Private Ltd., the Joint Venture of the Company, during the year ended 31^st March, 2024 as right shares.

6.14 A Joint Venture Company (JVC) in the name of "North East Gas Distribution Company Limited" was incorporated on 21^st July 2023 with equity participation of 49% from the Company and 51% from Assam Gas Company Limited. The Company has been formed for development of CGD network in 2 Geographical Areas of Tripura and 1 Geographical Area of Assam. The registered office of the Company is in Guwahati. The Company has allotted 4,90,00,000 nos of equity share of the face value of ' 10 per share fully paid up to Oil India Limited on 11th November 2023.

(*) The Company had entered into three interest bearing Facility Agreements with Oil India International BV to extend loan amounting to USD 59 million. As on 31.03.2024, the total amount withdrawn under the agreements is USD 58.20 million (' 488.59 crore). Three months LIBOR rates are permanently ceased to be published with effect from 30^th June 2023 and in order to ease the transition for "legacy contracts" , synthetic versions of three months LIBOR are available until 30^th September 2024. The Company has not yet finalised alternative interest rates used for loans provided to M/s Oil India International BV. Since the loan provided to M/s Oil India International BV has been fully impaired, accruals of interest income has been stopped during current financial year and accordingly, nonfinalisation of interest rates has no impact on the financial statements of the Company.

9.2 Non-current Other receivables of ' 9 crore represents amount receivable from Oil India Social Security Scheme Fund towards refund of Seed Capital.

9.3 The Deposit under Site Restoration Scheme represents company's share in the amount deposited with State Bank of india under section 33ABA of the Income Tax Act, 1961 in respect of unincorporated JV Blocks. The amount can be withdrawn only for the purposes specified in the Scheme i.e., towards removal of equipment and installations in a manner agreed with Central Government pursuant to an abandonment plan. This amount is considered as restricted cash and hence not considered as Cash and cash equivalents.

11.1 The cost of stores and spares including fuel recognised as an expense during the year in respect of continuing operations was ' 352.36 crore (previous year ' 306.12 crores) as disclosed in Note 40.

11.2 Inventory of Crude Oil (Heavy Crude) amounting to ' 9.07 crore (previous year ' 5.55 crore) has been valued at net realisable value of ' 8.44 crore (previous year ' 2.80 crore) resulting into recognition of write down of inventories by ' 0.63 crore (previous year ' 2.75 crore) as expenses in the Statement of profit & Loss account under Note 36.

13.2 Trade receivables primarily comprise of government related entities. These government related entities have very strong capacity to meet their obligations. The Company allows credit period of 15-30 days to its customers for payment. Normally, payments are made by the customers on or before the due dates. The management does not anticipate any payment default from these customers other than those already provided for. Hence, as per the prevailing circumstances, management does not consider the increase in credit risk from the time of initial recognition of trade receivables and at the reporting date as significant.

13.3 The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information.

15.1 If the dividend has not been paid or claimed within 30 days from the date of its declaration, the Company is required to transfer the total amount of the dividend which remains unpaid or unclaimed, to a special account maintained by the Company in a scheduled bank as "Unpaid Dividend Account". The unclaimed dividend lying with the Company is required to be transferred to the Investor Education and Protection Fund (IEPF), administered by the Central Government after a period of seven years of its declaration.

15.2 Bank Balance with Repatriation restrictions represents an amount of F.CFA 44,302,163 ( INR equivalent ' 0.61 crore as on 31.03.2024) is freezed by CITI Bank, Gabon and ORABANK Gabon in the Bank Account of Block Shakthi Gabon Project, consequent to a direction of the Gabonese court in a legal case.

15.3 Balances with Bank held for security against overdraft represent amount deposited with Ora Bank, Gabon for opening of overdraft facility for Block Shakti at Gabon.

15.4 Deposit in Escrow Account represents amount deposited with State Bank of India, New Delhi for Kharsang Field which is related to dispute regarding calculation of share of profit petroleum including interest payable to Government of India as per Production Sharing Contract (PSC).

19.1 Service Tax and GST on Royalty paid under protest earlier shown under Statutory Deposits & Advances has been adjusted against the provison for Service Tax and GST on Royalty as on 31.03.2024. Refer Note 57.13

20.1 Terms/rights attached to equity shares: The Company has only one class of equity shares having par value of ' 10 per share. Each holder of equity shares is entitled to one vote per share and carry a right to dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company in proportion to the number of equity shares held.

21.1 Nature and purpose of reserves:

(a) Foreign Currency Monetary Item Translation Difference Account: Exchange difference on long-term foreign currency monetary items are accumulated in a Foreign Currency Monetary Item Difference Account and amortised over the balance period of such long term foreign currency monetary item in continuance of policy as permitted under D13AA of Ind AS 101.

(b) Debenture Redemption Reserve: Debenture Redemption Reserve is created out of the profits of the Company, and the amount credited to such account shall not be utilised by the Company except for the redemption of bonds.

(c) Capital Redemption Reserve: Capital Redemption Reserve is created out of the Securities Premium/ General Reserve, a sum equal to nominal value of the fully paid up own equity shares purchased by the Company during the period. The amount credited to such account may be applied in paying up unissued shares of the Company to be issued to members of the Company as fully paid bonus shares.

(d) General Reserve: The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. General Reserve is free reserve of the Company and is used for the purposes like issuing bonus shares, buy back of shares etc.

(e) Retained Earnings: The retained earnings comprises of Profit / (loss) transferred from statement of profit and loss after payment of interim and final dividend if any. It also includes remeasurement of net defined benefit plan as per actuarial valuations which will not be reclassified to statement of profit and loss.

21.2 Other Comprehensive Income: It includes the cumulative gains/losses arising on measurement of equity instruments designated at fair value through Other Comprehensive Income. On derecognition of such equity instruments the net amount shall be transferred to retained earnings.

21.3 The amount that can be distributed by the Company as dividends to its equity shareholders is determined considering the requirements of the Companies Act,2013. In the AGM held on 9^th September 2023, the shareholders approved final dividend of ' 5.50 per share (55%) for FY-2022-23. On 8^th November 2023 and 8^th March 2024, the Company had declared interim dividend of ' 3.50 per share (35%) and ' 8.50 per share (85%) respectively. The final dividend and interim dividends have since been paid. The Board of Directors in its meeting held on 20^th May, 2024 has recomended a final dividend of ' 3.75 per share (37.5%) be paid on fully paid-up equity shares for the FY 2023-24. This final dividend shall be subject to approval by shareholders at the ensuing Annual General Meeting and has not been included as a liability in these financial statements. The total estimated equity dividend to be paid is ' 406.65 crore.

22.3 The figures in US$ in Note 22.1 and Note 22.2 represent the borrowings availed from the respective lenders and figures in INR represent amortised value translated at the exchange rate prevailing as on reporting date.

22.4 The Company has raised overseas borrowings in the form of Foreign Currency Bonds and External Commercial Borrowings for investment in Rovuma 1 offshore block in Mozambique. The investment has been made through Joint Venture Company M/s Beas Rovuma Energy Mozambique Ltd (BREML), where the Company has 40% shareholding. BREML holds 10% Participating Interest in the Rovuma Area 1 Offshore Block in Mozambique.

31.1 (i) As per approval of the Cabinet Committee on Economic Affairs (CCEA), for development of infrastructure

for supply of gas to the Brahmaputra Cracker and Polymers Limited (BCPL), the Company has received an amount of ' 215.00 crore from Ministry of Chemical and Fertilizers. The same has been recognised as deferred income in the Balance Sheet and transferred to the Statement of profit & loss on a systematic and rational basis over the useful life of the related assets. The unamortised grant amount as at 31^st March 2024 is ' 3.98 crore (current) and ' 73.99 crore (non-current). Corresponding figures for previous year is ' 4.31 crore (current) and ' 77.64 crore (non-current).

(ii) There are no unfulfilled conditions or contingencies attached to these grants.

(iii) During the year ended 31^st March, 2024, the Company has recognized an amount of ' 3.98 crore (previous year ' 4.31 crore) as amortization of deferred income in the Statement of Profit or Loss.

31.2 Deferred Income has been re-classified from Current Financial Liabilities to Other current liabilities.

33.1 As per the directives of MOP&NG, Crude Oil price calculation is based on the monthly average price of benchmarked International Basket of Crude Oil which is further adjusted for quality differential.

33.2 On application of Ind AS 115 - Revenue from contracts with customers, the sale of crude oil includes transportation of own crude oil to customers upto the delivery point which coincides with the transfer of risk & rewards and transfer of custody. Income from pipeline transportation includes ' 124.32 crore (previous year ' 81.84 crore) for transportation of own crude oil.

33.3 Sale of Natural Gas includes an amount of ' 784.39 crore (previous year ' 888.60 crore) of claims towards under-recovery of Natural Gas Price for supply of natural gas at subsidised price to eligible customers in North East India.

33.4 Sale of Renewable Energy includes an amount of ' Nil (previous year ' 2.00 crore) relating to generation based incentives for wind power generation.

33.5 Sale of crude oil & condensate includes excise duty of ' 0.33 crore (previous year ' 0.30 crore).

34.1 Interest Income from financial assets measured at amortised cost includes an amount of Nil (previous year ' 60.79 crore) interest income from the loan given to related parties.

34.2 During the year, the Company has reviewed Income from Business Development Services which was grouped under Revenue from Operations in previous year and considering the nature of income included under Business Development Services, the same has been re-classified to Other Income, accordingly previous year figures have been re-classified.

34.3 Gain on Mutual Fund includes an amount of ' 1.69 crore (previous year ' 0.38 crore) of unrealised gain.

38.1 Pursuant to directives from Government of India, the Company has raised overseas borrowings for acquiring 4% participating interest in Rovuma 1 offshore block in Mozambique through Joint Venture Company M/s Beas Rovuma Energy Mozambique Ltd (BREML), where the Company has 40% shareholding. In the opinion of the Management, there is no explicit restriction by Government of India with regard to servicing of such overseas borrowings from domestic resources of the Company. Interest servicing of ' 617.71 crore (previous

year ' 542.76 crore) on such overseas borrowings have been met from domestic resources. The Company has informed MoP&NG that servicing of interest on the overseas borrowings raised for financing of above transaction is being done from domestic resources.

38.2 Applicable Net (Gain) / Loss on Foreign Currency Transactions and Translation represents the exchange difference arising out of foreign currency borrowings to the extent of difference between the cost of borrowings in functional currency (?) as compared to the cost of borrowings in foreign currency.

43. FINANCIAL INSTRUMENTS

43.1.1 Capital Management

The Company manages its capital to ensure that Company will be able to continue as going concern while maximizing the return to stakeholders through the optimization of the capital structure.

The capital structure of the Company consists of total equity and debt, (Refer note 20, 21,22 and 28). The Company is not subject to any externally imposed capital requirements except the guidelines issued by Government of India.

The Company's management reviews the capital structure on a regular basis. As part of this review, the management considers the cost of capital and the risks associated with each class of capital.The company aims to maintain gearing ratio target around 45% at Group level. The gearing ratio of the company is provided below.

43.3 Financial Risk Management

43.3.1 Objective

The Company monitors and manages the financial risks relating to the operations of the Company by analysing exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk.

43.3.2 Commodity Risk

Crude oil and Natural gas price of the company are linked to international prices of crude oil/natural gas. In case of any upward or downward movement in the international prices of crude oil/natural gas, the revenue of the Company get affected correspondingly. Therefore, the company is exposed to commodity price risk.

43.3.3 Market Risk

The Company activities exposes it primarily to the financial risks of changes in foreign currency exchange rates, interest rate risk , market exposures that are measured using sensitivity analysis.

43.4 Foreign Currency Risk Management

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise.

The price of crude oil and natural gas produced and sold by the company are linked to US Dollars, though billed and received in INR. Hence any movement in the USD against INR has direct impact on the future cash flows of the company on account of sale of these products.

43.4.1 Foreign Currency Sensitivity Analysis

The Company is mainly exposed to the currency of United States of America (USD).

The following table details the Company's sensitivity to a 5% increase and decrease in the INR against USD.The sensitivity analysis includes only outstanding foreign currency denominated monetary items as at period end and adjusts their translation at the period end for a 5% increase and decrease in foreign currency rates.

43.4.2 Forward foreign exchange contracts

There is no forward foreign exchange contract outstanding as on balance sheet date.

43.5 Interest rate risk management

The Company is exposed to interest rate risk because the Company borrows funds at both fixed and floating interest rates and make investment in mutual funds. Periodical interest rate on floating interest loan or receivable on mutual fund investment are linked to market rates.The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings. The Company policy allows to use forward interest rate agreements (FRA's) or interest rate swap as per the rquirements

The Company's exposures to interest rates on financial assets and financial liabilities are detailed in the liquidity risk management Refer note 43.8.

43.5.1 Interest Rate Sensitivity Analysis

The sensitivity analysis below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reporting period. The analysis is prepared based on the floating

interest rate assets and liabilities, assuming that the amount outstanding at the end of the reporting period was outstanding for the whole year.

If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company's: Loan Given

• Profit and Equity for the year ended March 31, 2024 would increase / decrease by ' 1.83 crores (for the year ended March 31, 2023: increase / decrease by '1.80 crores).

Loan Taken

• Profit and Equity for the year ended March 31, 2024 would decrease/increase by ' 9.58 crores (for the year ended March 31, 2023 : decrease/increase by ' 9.44 crores).

43.6 Price risk

The Company is exposed to equity price risks arising from equity investments in Indian Oil Corporation Limited. Exposure in mutual funds

The Company also manages surplus fund through investments in debt mutual fund plans regulated by Securities Exchange Board of India (SEBI). The NAV declared by Asset Management Companies(AMC) has generally remained constant on the mutual funds plan taken by the company. However, if the NAV of the fund is increased/decreased by 5%, the sensitivity analysis has been mentioned below:

• Profit and Equity for the year ended March 31, 2024 would increase/decrease by ' 25.22 crores (for the year ended March 31, 2023: decrease/increase by '7.42 crores).

43.6.1 Equity Price Sensitivity Analysis

The sensitivity analysis below have been determined based on the exposure to price risks at the end of the reporting period.

If equity prices had been 5% higher/lower:

• Other comprehensive income and Equity for the year ended March 31, 2024 would increase/decrease by ' 549.84 crores (for the year ended March 31, 2023 would increase/decrease by ' 255.34 crores.)

43.7 Credit Risk Management

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company has adopted a policy of only dealing with creditworthy counterparties and obtaining sufficient collateral security, wherever appropriate, as a means of mitigating the risk of financial loss from defaults. The Company regularly monitors its counterparty limits by reviewing the outstanding balance and ageing of the same.

The Company has a credit policy that is designed to ensure that consistent processes are in place to measure and control credit risk. Credit risk is considered as part of the risk-reward balance of doing business. On entering into any business contract the extent to which the arrangement exposes the Company to credit risk is considered.

43.8 Liquidity Risk Management

Liquidity risk is the risk that suitable sources of funding for the Company's business activities may not be available.

The Company manages liquidity risk by monitoring its forecast and actual cash flows, maintaining adequate reserves and by matching the maturity profiles of financial assets and liabilities.

43.8.1.1 The table below provides details regarding the contractual maturities of financial liabilities including estimated interest payments as at March 31, 2024:

43.8.2 Credit Rating of the Company

Management believes that it has access to sufficient debt funding sources (capital market), and to undrawn committed borrowing facilities to meet foreseeable requirements.

43.9 Fair Value Measurement

This note provides information about how the Company determines fair values of various financial assets and financial liabilities.

43.9.1 Fair value of the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis

Some of the Company's financial assets and financial liabilities are measured at fair value at the end of each reporting period. The following table gives information about how the fair values of these financial assets and financial liabilities are determined (in particular, the valuation technique(s) and inputs used).

Note 1 : Fair value determined on the basis of NAV declared by respective Asset Management Companies Note 2 : Fair value on the basis of price provided by respective Insurance companies Note 3 : Fair value on the basis of quoted price from NSE

43.9.2 Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value

disclosures are required)

Except as detailed in the following table, the company considers that the carrying amounts of financial assets and financial liabilities recognised in the standalone financial statements approximate their fair values.

Fair value hierarchy

Level 1-Quoted prices(unadjusted) in active markets for identical assets or liabilities.

Level 2-Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

44.2 Defined Benefit Plans

The various Benefit Plans which are in operation in the Company are Oil India Gratuity Fund (OIGF), Oil India Employees' Pension Fund (OIEPF), Oil India Pension Fund (OIPF), Leave Encashment Fund, Post-Retirement Medical Benefit and Social Security Scheme Fund. The present value of the obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefits entitlement and measures each unit separately to build up the final obligation.

The amount recognized in the Balance Sheet as the present value of the defined benefit obligation is net of the fair value of plan assets at the Balance Sheet date.

These plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary risk.

The recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31, 2024 by a member firm of the Institute of Actuaries of India. The present value of the defined benefit obligation and the related current service cost and past service cost was measured using the projected unit credit method.

44.3 Provision of Oil India Employees' Pension Fund (OIEPF):

The Company is maintaining an irrevocable Trust Fund named as "Oil India Employees' Pension Fund" (OIEPF) for providing pensionary benefit to its employees on their retirement, permanent disablement and on their death to their beneficiaries which is in line with Employees' Pension Scheme, 1995.

The Board of Directors in its 501st meeting held on 23^rd April 2019, accorded approval to give opportunity annually to the employees, including, retired employees, to exercise their option to contribute on the basis of Actual Salary.

Based on the Hon'ble Supreme Court judgement in Civil Appeal No. 8143 - 8144 of 2022 dated 04.11.2022 (arising out of the SLP (C) No. 8658-8659 of 2019), last opportunity for exercising the change of contribution option was given to active employees, including retired employees until 11^th July, 2023. The actual number of applications received from active members till 11^th July, 2023 have been considered in Actuarial Valuation.

The actuarial valuation for active employees as on 31^st March, 2024 was carried out as per Ind AS 19 to quantify the net deficit to be borne by the Company. Based on the actuarial valuation ' 130.75 crore (previous year ' 164.18 crore) has been recognized in the Statement of Profit and Loss and income of ' 11.56 crore (previous year expense of ' 81.98 crore) has been routed through Other Comprehensive Income during the year ended 31^st March, 2024. The liability of the Company towards the Trust Fund is ' 194.45 crore as on 31^st March, 2024 (previous year ' 810.27 crore) and the same is disclosed under Other Current Liabilities in the financial statements for the year 2023-24.

1. Revenue mentioned above, represents revenue from external customers. No revenue is generated from transactions with other operating segments of the same entity.

2. Revenue and expenses directly identifiable to the segments have been allocated to the relative primary reportable segments.

3. Segment revenue and expenses which are not directly identifiable to the primary reportable segments have been disclosed under others which primarily include business development services.

4. Assets and liabilities which are directly identifiable to the segments have been allocated to relative segments.

5. Assets and liabilities which are not directly identifiable to the segments have been disclosed under unallocated.

6. All assets are allocated to reportable segments other than investments in subsidiaries, associates and joint ventures, other investments, loans and current and deferred tax assets.

7. There are no reportable geographical segments.

8. Information about major customers:

The Company's significant revenue from operations comes from sales to Public Sector Undertakings (PSUs). The total sales to such PSUs during the year ended 31^st March, 2024 amounted to ' 22,105.94 crore (previous year ' 23,179.38 crore). Sales to such PSUs during the year ended contributed around 99.89% of the total sales (previous year 99.66%). The Company has lodged ' 784.39 crore (previous year ' 888.59 crore) to Ministry of Petroleum & Natural Gas against claim towards under recovery of Natural Gas during the year ended 31^st March, 2024. The contribution of claim towards under recovery of Natural Gas towards sales revenue during the year ended 31^st March, 2024 is 3.54% (previous year 3.82%). No other single customer contributed 10% or more to the Company's revenue from operations for the year ended 31^st March, 2024.

*On 14^th January 2022, Oil India (USA) Inc., the wholly owned subsidiary of the Company closed the deal to divest its entire stake in Niobrara shale oil and gas asset in USA. Subsequent to the divestment, OIL Board, in its 536^th Meeting held on 23^rd September, 2022 approved winding up of Oil India (USA) Inc. Along with the divestment proceeds, the US Corporation repatriated its available funds to the parent Company. After compliance of applicable US laws, Oil India (USA) Inc. has been wound up on 2^nd May,2023.

**Oil India International BV, Netherlands, the wholly owned subsidiary of OIL has 50% stake in a JV company WorldAce Investments Limited, Cyprus (the other 50% is owned by Petroneft Resources Plc., Ireland) which in turn owns 100% of the voting equity in Stimul-T LLC, a Russian registered legal entity, which owns and operates Licence 61 in the Tomsk region of the Russian Federation. Stimul-T, LLC has filed for bankruptcy in the Arbitration Court of Tomsk, Russia on 10^th May, 2023. The application for Bankruptcy has been accepted by the Arbitration Court and in its ruling dated 08.11.2023 appointed a Temporary Manager (Bankruptcy Trustee) and initiated the supervision step of Bankruptcy.

***The Company through its subsidiary Oil India International Pte Limited, registered in Singapore, has invested in oil blocks in Russia through Joint Ventures registered in Singapore. The Russian oil block entities have declared dividends which have been received in bank accounts in Russia of Singapore Joint Ventures. However, on account of restrictions imposed by the Central Bank of Russia during the reporting period (for now valid till 31^st March 2024), the funds cannot be repatriated to Singapore till said restriction is in force.

*A Joint Venture Company (JVC) in the name of "North East Gas Distribution Company Limited" was incorporated on 21^st July 2023 with equity participation of 49% from the Company and 51% from Assam Gas Company Limited. The Company has been formed for development of CGD network in 2 Geographical Areas of Tripura and 1 Geographical Area of Assam. The registered office of the Company is in Guwahati. The Company has allotted 4,90,00,000 nos of equity share of the face value of ' 10 per share fully paid up to the Company on 11^th November 2023.

** Under Discover Small Field Bid 2016. Consortium decided not to continue the Block activities due to non-grant of PEL from state Govt.

# TCM between ONGC & DGH held at DGH on 07.06.2023 to discuss the ECS note submitted on 22.12.2022 seeking 1 year extension for block GK-OSN-2010/1. Based on the discussion, it's now been proposed to request for Special Dispensation for extension of thirty six months from the date of approval of extension by GoI in the Block GK-OSN-2010/1 and regularisation of intervening period for drilling of one location in the Block and submission of FDP for change in Development Concept, Delivery Point & Onshore Terminal due to award of ONGC Nomination Block GK-28/42 under DSF-III to a new operator. A meeting between ONGC, OIL & GAIL was held on 04/07/2023 to discuss the proposal. OIL has again reiterated its earlier stand of not going ahead with extension of the block.

Disclosure pursuant to Indian Accounting Standard (Ind AS) 37-Contingent Liabilities and Commitments:

i. Contingent Liabilities:

(a) Claims against the Company not acknowledged as debts:

(' in crore)

i. Under Central Excise Act, Service Tax and GST 736.39 2,613.51

ii. Under Income Tax Act 285.83 256.69

iii. Under Other Acts 16.83 49.78

iv. By Contractor pending in Arbitration / Courts 112.91 59.70

v. Claim on JVC/PSC Account 178.97 107.26

vi. Demand raised under Assam Taxation (on specified lands) 2,300.80 2,197.32

Amendment Act,2004 upto 2022*

vii. Additional demand of 2% NPV by CCF(Assam) against 82.77 82.77

afforestation

Total 3,714.50 5,367.03

* '2300.80 crore (previous year ' 2,197.32 crore) include Bank guarantee of ' 702.02 crore (previous year ' 702.02 crore) issued to Superintendent of Taxes, Naharkatia, Assam in relation to demand raised under Assam Taxation (on specified lands) Amendment Act, 2004 disclosed under Note no 50 (i) (b) (i).

(b) In respect of Guarantees:

ii. Other matters for which the Company is contingently liable:

Commitments:

(a) Capital Commitments:

(i) The estimated amount of contracts remaining to be executed on Capital Account and not provided for in the accounts are ' 846.50 crore (previous year ' 940.00 crore).

(ii) The Company's share of Capital Commitment in Non-Operated Joint Venture Block AAP-ON-94/1 is ' 9.59 crore (previous year ' 0.05 crore).

(iii) The Company's share of Capital Commitment in Non-Operated Joint Venture Block Kharsang-PSC is ' 20.63 crore (previous year Nil).

(b) Other Commitments:

(i) The estimated amount of contracts remaining to be executed on Revenue Account and not provided for in the accounts are ' 69.89 crore (previous year ' 26.16 crore).

(ii) The balance of Minimum Work Program (MWP) by the Company under Production Sharing Contracts (PSCs) / Revenue Sharing Contract (RSCs) entered for NELP / HELP / DSF Blocks with Govt. of India is ' 4,095.10 crore (previous year ' 4,600.32 crore). The commitment is covered by Bank Guarantee as referred in point no 50.i.(b).(ii).

(iii) The balance of Minimum Work Program (MWP) by the Company under Production Sharing Contracts (PSCs) entered for overseas Blocks is ' 432.34 crore (previous year ' 416.51 crore). The commitment is covered to the extent of ' 277.87 crore by Bank Guarantee as referred in point no 50.i.(b).(iii).

(iv) Commitment towards Right issue of equity shares of M/s Numaligarh Refinery Limited is ' 1,101.90 crore (previous year ' 1,652.84).

(v) Proved and Proved Developed Reserves of oil (including condensates) and gas are technically assessed and reviewed in-house at the end of each year in line with international practices. Reserves are audited by external experts at periodical intervals. For the purpose of estimation of Proved and Proved Developed Reserves, Deterministic Method is used by the Company. Production pattern analysis, numbers of additional wells to be completed, application of enhanced recovery techniques, validity of mining lease agreements, agreements/ MOU for sales are taken into consideration for determining reserves quantity.

Disclosure under Indian Accounting Standard 36 - Impairment of Assets:

55.1 The Company is primarily engaged in exploration, development and production of crude oil, & natural gas. Cash generating unit (CGU) for impairment testing of Oil & Gas assets are carried out considering fields as a single CGU except for Rajasthan field where common facilities are used and impairment testing is performed in aggregate for Rajasthan Field.

The Value in Use of producing/developing each field is estimated considering proved and probable reserves (2P). Where further development of the fields in the CGUs are under progress, expected cost of future development is also considered while determining the value in use.

In assessing value in use, the estimated future cash flows from the continuing use of assets and from its disposal at the end of its useful life are discounted to their present value by applying weighted average cost of capital as discounting rate. (as at March 31, 2024: 13.47% and as at March 31, 2023: 12.52%).

The Company considering the current business conditions make an assessment of future prices of crude oil and natural gas on the basis of internal and external information / indicators of future economic conditions. Based on the assessment, recoverable value of the CGUs is higher than carrying amount and accordingly there is no impairment loss during current year in respect of producing/developing assets.

55.2 During current year Crude Oil Sale Agreement (COSA) was signed with M/s Indian Oil Corporation Limited for sale of heavy crude oil from Baghewala Field at Rajasthan at a price benchmarked to Castilla crude after adjustment of GPW (gross product worth). Due to above arrangement, the future cash flow from sale of heavy crude will improve significantly. Prior to this COSA, heavy crude oil from Baghewala Field was sold provisionally at 70% of Brent crude price. Accordingly, during the current year recoverable amount being higher than carrying value, the Company has reversed the impairment provision of ' 43.17 crore (net of depletion) and recognized the same in the statements of profit and loss.

55.4 As per accounting policy of the Company, impairment provision of Exploratory wells in progress has been provided amounting to ' 532.81 Crore (Previous year: ' 366.14 crore) net of reversal.

55.5 The Company also carried out impairment testing of other CGU units like Pipeline, LPG Plant and Renewable Energy considering each of these as separate cash generating units. As value in use of these CGU units were more than the carrying value, there is no impairment loss during the year.

55.6 The Company's investment in subsidiaries, associates and joint ventures are tested for impairment when there is any significant indication that those investments have suffered an impairment loss. During the year impairment assessment of such investments was carried out and the recoverable amount of such investments were more than the carrying value and there is no impairment loss on such investments.

56.3 Working Capital Loan

The Company has been availing working capital limits of ' 145.00 crore (Fund based) and ' 777.45 crore (non-fund based) from State Bank of India on the basis of security of current assets. The Company submits stock statements to the bank on monthly basis. The statements submitted with the bank are in agreement with the books of account of the Company:

OTHER DISCLOSURES: -

57.1 Physical verification of Property, Plant and Equipment (PPE):

Physical verification of the property, plant and equipment is carried out by the Company in a phased manner over a period of 3 years. The current block of 3 years ended on 31^st March,2024. 99.69% of PPE in terms of value has been physically verified during the current block. A provision of ' 9.37 crore has been created towards discrepancies including PPE items which could not be verified during the current block.

57.2 Information as per Indian Accounting Standard (Ind AS) 23 "Borrowing Costs"

Finance cost on lease liability capitalized to wells during the year ended 31^st March, 2024 is ' 18.20 crore (previous year ' 6.72 ).

57.3 Government Grants Revenue Grants

Stipend to apprentices under NATS scheme

As per Ministry of HRD, 50% of the cost of stipend for apprentices paid under National Apprenticeship Training Scheme (NATS) will be reimbursed by Government of India subject to prescribed threshold limit. During the year the Company has not received any reimbursement of stipend amounting to ' NIL (previous year ' 1.89 crore) paid to apprentices appointed under NATS.

Generation-based Incentive

The company received the Generation-Based Incentive (GBI) at the rate of 50 paise per unit of power generated for its 54 MW Wind Energy plant located at Dangri, Rajasthan. GBI was applicable for a period of 10 years from the date of commissioning on 31.03.2013. Accordingly, GBI benefit period expired on 31.03.2023 and no revenue has been recognized during the current year (previous year ' 2.00 Crore).

57.4 Disclosure on Expiry of Power Purchase Agreement (PPA)

The Company entered into Power Purchase Agreement (PPA) with Jodhpur Vidyut Vitaran Nigam Limited (JdVVNL) for supply of electricity generated from solar power plants validity of which expired on 31^st March 2019. The Company vide letter no R/TS/ RE/2019-80 dated 26^th March 2019, submitted its request for extension of validity of the PPAs of both the Solar Power Plants for the remaining useful life to Rajasthan Urja Vikas Nigam Limited (RUVNL), under the Renewable Energy Certificate and Renewable Purchase Obligation Compliance Framework which is yet to be finalized.

In view of inordinate delay in response from JdVVNL in execution of the agreement, the Company has filed a writ petition with Hon'ble Rajasthan High Court, Jaipur Bench for finalization of Power Purchase Agreement. During the hearing held on 5^th November 2019, Hon'ble Rajasthan High Court, Jaipur Bench ordered that pending disposal of the writ petition, the joint meter reading reports shall be signed, without prejudice to the rights of the either party. The case was last listed for hearing on 13.05.2024 but it was deferred due to vacation of the court.

The sale of renewable energy as disclosed in Note 33 of the financial statement includes an amount of ' 7.10

crore (previous year ' 7.31 crore) in respect of sale of renewable power from solar power plants. The revenue has been recognised as per the rate prescribed by the Hon'ble Rajasthan Electricity Regulatory Commission (RERC) pending renewal of the Power Purchase Agreement (PPA) with JdVVNL. Any adjustment arising on finalisation of the PPA will be accounted in the year of incidence. As per the estimates of the management, the adjustments to the final price will not be material upon execution of PPA.

57.5 Balance Confirmation

The Company has a system of obtaining periodic confirmation of balances from banks and other parties. Further, some balances of Trade and Other Receivables, Trade and Other Payables and Loans are subject to confirmation/reconciliation. Adjustments, if any, is being accounted for on confirmation/reconciliation of the same, which otherwise do not have a material impact.

57.6 Disclosure on COSA

Crude oil produced by the Company is sold to state owned companies. The price of such crude oil is agreed upon between the buyer and seller through Crude Oil Sale Agreement (COSA) based on directives of the Ministry of Petroleum & Natural Gas (MOP&NG) dated May 1, 2009. COSA for the crude oil produced in state of Assam and Arunachal Pradesh is in place with Indian Oil Corporation Limited (IOCL) and Numaligarh Refinery Limited (NRL). During the year, the company has executed COSA with IOCL for the heavy crude oil produced in Rajasthan fields. The agreement is effective from 01.05.2017 being the first date of crude supply. Accordingly, debit note for the price differential between the agreed adjusted benchmark crude price and provisional price for the period from 01.05.2017 to 31.03.2024 has been raised. The price differential of ' 32.17 crore billed to IOCL has been recognized as revenue on signing of the agreement and included in Note 33 as a part of revenue from sale of crude oil.

57.7 Arrear crude oil transportation revenue and tariff revision.

The Company is engaged in the business of transportation of imported crude oil of Indian Oil Corporation Limited (IOCL) through its crude oil trunk pipeline from Barauni, Bihar to IOCL's refineries at Bongaigaon and Guwahati.

Gas Grid Limited (IGGL), the borrower, being unable to fulfil its obligation for repayment of loan amounting to ' 2,594 crore & interest accrued thereon on the due dates and other monies payables by the said borrower to OIDB in accordance with terms and conditions of the Loan agreement executed between OIDB and IGGL. The Corporate Guarantee will remain valid and unrevoked till the loan & interest is fully repaid by M/s IGGL to OIDB. As on 31^st March 2024, M/S IGGL has withdrawn ten instalments of Loan against the Loan Facility from OIDB as follows.

1. 1^st installment drawn on 22^nd July 2022 is ' 200 crore.

2. 2^nd installment drawn on 2^nd September 2022 is ' 100 crore.

3. 3^rd installment drawn on 8^th June 2023 is ' 100 crore.

4. 4^th installment drawn on 24^th July 2023 is ' 61 crore.

5. 5^th installment drawn on 31^st August 2023 is

' 79 crore.

6. 6^th installment drawn on 16^th November 2023 is ' 100 crore.

7. 7^th installment drawn on 28^th December 2023 is ' 26 crore.

8. 8^th installment drawn on 1^st January 2024 is

' 94 crore.

9. 9^th installment drawn on 20^th March 2024 is

' 90 crore.

10. 10^th installment drawn on 26^th March 2024 is

' 10 crore.

Till 31^st March 2024 M/s IGGL has withdrawn total ' 860 crore and also on 15^th November 2022, has paid back the 1^st loan of ' 200 crore which was drawn on 22^nd July, 2022.

57.11 Disclosure on Debt Service Undertaking of Mozambique Area 1 Project

Mozambique Area 1 project, wherein OIL has a

participating interest (PI) of 4% through BREML, has secured debt commitment of US$15.40 Billion under Export Credit Agencies (ECA) Direct Loans, ECA Covered Facilities, Commercial Bank Facilities and a Loan Facility from African Development Bank. It is one of the condition precedents under project finance

arrangement to provide Debt Service Undertaking (DSU) by each of the sponsors of the project. OIL as a DSU provider undertakes to pay its portion of obligation which is equal to pro-rata share of aggregate amount of advances at a given point in time based on its PI in the project. In case of OIL, the maximum amount that may be claimed by the Senior creditors has been capped at US$ 768 Million. As on 31^st March 2024, a debt of US$ 287.30 Million (date of drawal US$ 199.30 Million, 26^th March, 2021 and US$ 88 Million on 1^st April 2021) has been drawn from the lenders at project level. OIL's share of DSU for its 4% share is US$ 11.49 Million.

57.12 Blowout of well Baghjan #5

On 27^th May 2020, a blowout occurred in a producing well (Baghjan #5) of Baghjan Oilfield in Tinsukia district, Assam while carrying out workover operations. The well subsequently caught fire which was finally put out on 15^th November 2020. The well was permanently capped and abandoned on 3^rd December 2020. The total cost for the management of blowout was ' 449.03 crore shown as an Exceptional Item in the Statement of Profit and Loss for the year ended 31^st March 2021.

The National Green Tribunal (NGT) through its order dated 19^th February 2021 intervened by forming a ten-member committee to assess environmental damage and compliance, focusing on Dibru-Saikhowa National Park (DSBR) and Maguri-Motapung Wetland (MMW).

An appeal was filed against the said committee before the Hon'ble Supreme Court. The Hon'ble Supreme Court vide order dated 2^nd September 2021 re-constituted the Committee with five members which submitted its final report on 31^st December 2022. Vide order dated 23^rd January 2023, Hon'ble Supreme Court directed NGT to consider all objections regarding environmental restoration and compensation before proceeding further and disposed of the matter.

On 10^th March 2023, NGT didn't accept the entirety of the above report about recommendations as well as the assessment of the cost of restoration measures of ' 571 Crores for the accident site, the DSBR and MMW and directed that a sum of ' 200 Crores be initially set apart by OIL in a separate account to be spent as per recommendation of the Nine-member committee constituted to prepare a final action plan and to oversee its execution and disposed of the matter.

OIL arranged a sum of ' 200 crore to be spent as per the direction of the NGT wherein no specific responsibility/ obligation was fixed upon the Company. Even in the Nine Member Committee Report submitted on 14.08.2023, no specific direction is issued to OIL with respect to incurring any expenditure except the restoration of the blowout site which was completed by OIL in August 2022 and a plantation drive in collaboration with Assam Pollution Control Board was also undertaken at accident site. As of date, no direction has been issued by NGT either.

Following are the other developments in the matter:

(a) NGT's aforesaid order dated 10^th March, 2023 has been challenged in the Hon'ble Supreme Court by a resident of Baghjan village and the same is pending at admission stage before the Hon'ble Supreme Court.

(b) Two Misc. Applications (M.A.) have been filed by a few residents of two villages of the area before Hon'ble NGT, Eastern Branch, praying for compensation, relief etc. and Hon'ble NGT is yet to decide on the matter.

Keeping the above in view, management has obtained opinion of two legal counsels to ascertain further liability of OIL, if any, in this matter and both the counsels have vide their respective opinions have opined that further liability in this regard would have to be assessed as and when they may arise by way of any order of Hon'ble Supreme Court/ Hon'ble NGT, as the case may be and as such, no liability can be ascertained at this point in time. However, actual cost, if any, as and when incurred in this connection will be accounted for.

57.13 Service Tax and GST on Royalty payment:

Service Tax demand was raised on the Company for the period March, 2016 to June, 2017 seeking to levy Service Tax on Royalty paid on Crude Oil & Natural Gas under the Oil Fields (Regulation & Development) Act, 1948 for the States of Assam, Arunachal Pradesh and Rajasthan. The Company has challenged the demand on various grounds by filing writ petitions before different High Courts. However, pending adjudication of the Writs, the Company has deposited under protest the entire Service Tax demand of ' 257.13 crore.

Goods and Services Tax (GST) was implemented w.e.f. 1^st July, 2017 and as per the FAQs on Government Services issued by CBIC, GST is payable on Royalty paid for assignment of right to use natural resources. However, based on a legal opinion obtained by the Company, Service tax/GST is not payable on Royalty paid under the Oil Fields (Regulation & Development) Act, 1948. The Company has accordingly filed Writ Petitions in different High Courts challenging such levy. Further, the Hon'ble Gauhati High Court, vide its interim order dated 2^nd November, 2021 has granted stay on the GST on royalty payments made by the Company in the State of Assam until further orders. Keeping in view the jurisdiction of Gauhati High Court, the Company has submitted a representation to GST Department, Arunachal Pradesh and the payment of GST on this account in the State of Arunachal Pradesh is presently on hold.

The total GST amount deposited under protest till 31^st March, 2024 is ' 1,249.85 crore. Further out of the above-mentioned amount the Company has received refund of ' 24.42 crore in the State of Assam.

All pending cases of the Company before Gauhati High Court and Rajasthan High Court were transferred to Hon'ble Supreme Court for hearing by the Nine Judge Constitution Bench. However, Hon'ble Supreme Court vide its order dated 14^th March, 2024 has de-tagged the cases from the civil appeals Nos. 4056-4064/1999.

In view of the substantial time lapsed in litigating the matter, uncertainty involved in securing favourable decision and accumulation of a huge amount, the Company has internally reviewed the matter and made a provision amounting to ' 3,079.33 crore in the financial statements for the year ended 31^st March, 2024 on the ground of prudence and conservative principle. Out of the above provision, the amount accumulated till 31^st March, 2023 amounting to ' 2,362.72 crore on account of disputed Service Tax/ GST on Royalty including interest of ' 80.04 crore up to 31^st March 2023, being material has been disclosed in the Statement of Profit & Loss as an Exceptional Item and ' 716.61 crore (including interest of ' 171.39 crore) related to FY 2023-24 has been provided for and shown under "Other Expenses" during FY 2023-24.

However, pending adjudication of the matter, the service tax /GST paid under protest has been claimed as an allowable deduction under the Income Tax Act, 1961.

calculation of stamp duty and registration charges on the basis of dead rent is in accordance with the provisions of the applicable Acts and Rules. The present move to alter the basis and relate the same to estimated production over lease period appears contrary to the provisions of the related Acts and Rules. The Company has submitted its representation to the Govt. of Assam in this regard. No demand notice has been received from the concerned department relating to any grant/ renewal of the PML areas of the Company.

57.16 Special Additional Excise Duty (SAED):

Government of India (GoI) vide notification no. 05/2022 dated 30^th June, 2022 had levied Special Additional Excise Duty (SAED) on crude oil with effect from 1^st July, 2022 which has been revised and notified by GoI from time to time. During the current year, an amount of ' 1,404.79 crore (previous year ' 1,887.35 crore) related to SAED, calculated on the applicable quantity excluding such quantity of crude oil produced by the Company which is in excess of crude oil produced during the preceding financial year has been charged to Statement of Profit & Loss under head "Excise Duty".

57.17 Flaring of Natural Gas

Director General of Hydrocarbon (DGH) vide its letter dated 04.01.2022 advised the Company to ensure payment of royalty on the entire volume of natural

gas saved and sold i.e. except for natural gas which is unavoidably lost or is returned to the reservoir or is used for drilling or other operations relating to the production of petroleum, or natural gas, or both as per Section 6A(3) of the Oilfields (Regulation & Development)Act, 1948 (ORD Act).

As per assessment of the management, entire flaring of natural gas is unavoidable in nature and therefore exempted from payment of royalty as per the provisions of the ORD Act referred above. Accordingly, no royalty has been paid on the gas flared which is unavoidably lost.

57.18 Details of charge:

The Company has created charge against the Current Assets to the tune of ' 922.45 crore (previous year ' 1,077.45 crore) for availing Cash Credit/Letter of Credit/ Bank Guarantee Facility.

57.19 Figures of previous year have been regrouped/ reclassified, wherever necessary, to conform to current period classification.