Ajay Sawhney to head Oil India

Sawhney, additional secretary in petroleum ministry, would hold the post for three months

GN Bureau | June 1, 2016


#crude output   #Ajay Prakash Sawhney   #Oil India  

 The government has entrusted Ajay Prakash Sawhney, additional secretary in the petroleum ministry, with the charge of chairman and managing director (CMD) of Oil India (OIL), the Financial Express reported. Sawhney would hold the top post at oil PSU only for three months starting June 1, as per a government order issued on May 30.

 The move comes after UP Singh, the incumbent CMD of PSU oil explorer who was also additional secretary in the petroleum ministry, was transferred to the ministry of water resources.
 
 However, Oil India has been without a full-time CMD since Sunil Kumar Srivastava retired on June 30 last year. There have been three failed attempts by the Public Enterprises Selection Board (PESB) to find a suitable person to head the government-run oil explorer.
 
 Oil India has seen its crude output falling for fourth straight year in the last fiscal. OIL’s crude oil production in FY 16 was 3.245 million tonnes (mt), 6% lower than in FY15. In FY16, OIL saw the decline in production from its older fields at a steep 20%.
 

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