K Srivastava to take over as OIL Chairman Tuesday
New Delhi: S K Srivastava, head of upstream oil regulatory authority DGH, will on Tuesday take over as the Chairman and Managing Director of nation's second biggest state-owned exploration firm, Oil India Ltd.
Srivastava, 56, was Director (Operations) at OIL before he was appointed Director General, Directorate General of Hydrocarbons (DGH), in February 2010. He will take over as the Chairman and Managing Director of OIL at 0930 hrs Tuesday, officials sources said.
The Cabinet Committee on Appointments (ACC) had some days back approved appointment of Srivastava as the head of OIL, the only state-owned oil firm in the country that has seen an upward trend in crude oil and natural gas production.
Srivastava, who beat B N Talukdar, Director (Exploration & Development), OIL, for the top job at OIL, will replace N M Borah, who retired Monday upon attaining the superannuation age of 60 years.
OIL, whose primary assets are in the North-East, has reversed the general decline in crude oil production during the past few years. The company, which produced 3.57 million tons of oil in 2010-11, ended the FY-12 with 3.85 million tons of output. This year, it is likely to reach 3.94 million tons and possibly also 4 million tons.
Oil Ministry had appointed Srivastava as the temporary head of DGH to replace controversial V K Sibal, in October 2009. He was formally appointed DG, DGH in February 2010.
At OIL, Srivastava would have a tenure of three years and two months (till June-end, 2015), when he attains superannuation age of 60 years.