Oil India Ltd


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Oil India Ltd Company background

Founded in: 1959
Managing director: Ranjit Rath
Oil India Limited (OIL), a Navratna PSU, is a fully integrated Exploration Production (EP) company in the upstream sector and is the second largest national oil and gas company of India as measured by total proved plus probable oil and natural gas reserves and production in India. OIL is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. It has vast experience in reservoir management and expertise in IOR/EOR operations. OIL also provides various EP related services to make it a fully integrated EP company. At present, the Government of India, the Promoter of the Company, is holding 56.66% of the total Issued Paidup Capital of the Company. The balance 43.34% of the Equity capital is held by Public and others including Bodies Corporate, Mutual Funds, Banks, FPCs and Resident Individuals. Besides having a PanIndia presence, OIL has Participating Interest in blocks in over nine countries overseas viz Libya, Gabon, Nigeria, Yemen, Venezuela, USA, Mozambique, Russia and Bangladesh. The company also has a stake in Numaligarh Refinery Limited and Brahmaputra Cracker and Polymer Limited. This completes Oil Indias presence in the entire hydrocarbon value chain.Oil India Ltd was incorporated as a private limited company on February 18, 1989 as Oil India Pvt Ltd. The company was incorporated with the main objective of exploration and production of crude oil. The name of the company was changed from Oil India Pvt Ltd to Oil India Ltd with effect from May 4, 1961. In July 1961, the company was transformed into an equal partnership joint venture company between Burmah Oil Ltd and President of India. Also, they commissioned a gasbased power plant at Duliajan in Assam. In the year 1962, the company the construction of 401 km pipeline from Duliajan to Guwahati. In the next year, they completed the construction of 756 km pipeline from Guwahati to Barauni. In the year 1972, the company discovered commercially producible crude oil Jorajan field and Kharsang fields.In the year 1981, the equity shares of the company held by Burmah Oil Company Ltd were transferred to the President of India in which, the company became a wholly owned Government company. In the year 1982, the company commissioned LPG plant based on turbo expander technology at Duliajan in Assam.In the year 1988, the company discovered commercially exploitable gas reserves in Tanot in Rajasthan and in the year next year, they discovered exploitable gas reserves in Dandewala, Rajasthan. In the year 1990, the company discovered commercially producible crude oil in ecocene formation in Dikon and in the next year, they discovered commercially producible crude oil in ecocene formation in Kathaloni.In the year 1992, the company entered into an agreement with Hydrocarbon Research Incorporated, for initiating coal oil coprocessing studies. In the year 1995, they entered into Production Sharing Contract with various companies, to revive the declining Kharsang producing field. In the year 1997, the company was awarded the Mini RatnaI status.In the year 2000, the company acquired 12.35% equity stake in Numaligarh Refinery Ltd. In the year 2002, they entered into a consortium with ONGC Videsh Ltd and Indian Oil Corporation Ltd to execute a service contract with the National Iranian Oil Company for the Farsi Block, Iran.In the year 2004, the company was upgraded to schedule A category. They entered into a MoU with Indian Oil Corporation Ltd for pursuing overseas exploration and production opportunities. Also, they acquired 10% participating interest in a pipeline outside India by entering into an agreement with ONGC Videsh Ltd for construction of 741 km long pipeline in Sudan.In the year 2005, the company entered into a MoU with Indian Oil Tanking Ltd for jointly taking up pipeline and related projects in India and overseas. Also, they entered into a MoU with ITERA Oil and Gas Company, Russia to jointly pursue exploration and production opportunities in India and overseas, including in Libya. The company was awarded Area 86 (Sirte basin) and Block 102/47 in Libya, along with Indian Oil Corporation Ltd during the year.In the year 2006, the company executed a farmin agreement with Indian Oil Corporation Ltd and Marvis Pte Ltd, Singapore by acquiring a participating interest in Block Shakti, Garbob. Also, they acquired 25% equity stake in Suntera Nigeria 205 Ltd. The company was awarded eight blocks in NELPVI. Also, they were awarded block 82 and 83 in Yemen. In October 2006, the company entered into a joint venture agreement with Gail, Numaligarh Refinery Ltd and the Government of Assam and incorporated Brahmaputra Cracker and Polymer Ltd to establish a gasbased cracker project at Lepetkata, Assam in which, the company holds 10% equity stake. In the year 2007, the company entered into a MoU with British Gas for pursuing exploration and production opportunities. Also, they entered into MoU with HPCL, GAIL, Total France, SA and Mittal Energy Investment for promoting a refinerycumpetrochemical complex at Vishakhapatnam. They increased their equity shares in Numaligarh Refinery Ltd from 12.35% to 26%.During the year, the company received NLD license in order to expand their business in telecommunication sector. Also, they entered into a MoU with HPCL to jointly pursue oil and gas opportunities in the downstream and upstream segment in India as well as overseas.In the year 2008, the company entered into two farmin agreements with Reliance Exploration and Production DMCC for a 12.55% equity share in Block K, Timor Leste. Also, they acquired 23% stake in DNP Ltd. They entered into a MoU with Indian Oil Corporation Ltd for cooperation in purchase and sale of natural gas, joint development of city gas projects and development of gas pipeline infrastructure. During the year, the company constructed and commissioned the Numaligarh Siliguti product pipeline. They entered into a MoU with Indian Oil Corporation Ltd for cooperation in purchase and sale of natural gas, joint development of city gas projects (in India and overseas) and development of gas pipeline infrastructure. Also, they entered into a MoU with GSPCL to evaluate the Lavan gas field in Iran. Also, the company was awarded four blocks in NELP VII.In the year 2009, the company entered into MoU with Advanced Well Technologies Pvt Ltd to form a joint venture for identifying acquisition opportunities for upstream petroleum assets in Australia and elsewhere. Also, they entered into MoU with BPCL and DNP Ltd for mutual cooperation in gas related business in India overseas and for leasing of the companys right of way through the Duliajan Numaligarh Pipeline respectively. During the year, the company received parliamentary approval from the Government of Yemen for block 82 and 83 to carry out exploration activitiesOn 12 May 2010, a consortium of ONGC Videsh Limited (OVL, 11.0%), Indian Oil Corporation Limited (IOC, 3.5%), Oil India Limited (OIL, 3.5%), Repsol YPF (Repsol, 11.0%) and Petroliam Nasional Berhad (PETRONAS, 11.0%), (collectively, the Consortium) signed a joint venture agreement with Corporation Venezolana del Petroleo S.A. (CVP) for the development and production from Carabobo1 Project, in Orinoco Region of Venezuela. Earlier, on 10 February 2010, the Consortium was selected by the Government of the Bolivarian Republic of Venezuela for awarding a 40% ownership interest in an Empresa Mixta (or Mixed Company) which will develop the Carabobo 1 Norte and Carabobo 1 Centro blocks located in the Orinoco Heavy Oil Belt. CVP, a subsidiary of Petroleos de Venezuela S.A. (PDVSA), Venezuelas state oil company, will hold the remaining 60% equity interest. The Mixed Company will build heavy oil production facilities, upgrading facilities and associated infrastructure. The upstream production facilities are expected to produce around 400,000 barrels per day of extra heavy oil of which approximately 200,000 barrels per day will be upgraded into light crude oil in a facility to be located in the Soledad area, Anzoategui State. The license term will be for 25 years with the potential for a further 15 years extension. The project cost is estimated at USD 1520 billion and is one of Indias major investments in the Latin American oil major.Oil India Limited was conferred the Navratna status by the Government of India in April 2010.The Board of Directors of Oil India Limited at its meeting held on 11 February 2012 recommended the issue of bonus shares in the ratio 3:2 i.e. 3 shares for every 2 shares, subject to approval of the shareholders.On 4 October 2012, Oil India Limited (OIL) and Indian Oil Corporation Limited (IOCL) announced that they have jointly acquired stakes in Carrizo Oil Gas Incs (Carrizo) liquid rich shale assets in the Denver Julesburg Basin in Colorado. This is OIL and IOCL s first shale acquisition in the United States. Through their wholly owned U. subsidiaries, OIL and IOCL executed definitive agreements on 4 October 2012 with Carrizo, a NASDAQ listed company based in Houston, Texas, whereby they have acquired 30% of Carrizos interest in approximately 60,000 net acres where the partners will target development of the Niobrara shale. As part of the transaction, OIL and IOCL will also receive a 30% interest in Carrizos existing production, of approximately 1850 BOE/ day from 24 gross wells. The total consideration is US 82.5 million consisting of an upfront cash payment of US 41.25 million and the assumption of US 41.25 million of Carrizos future drilling and development costs.On 14 January 2013, Oil India Limited (OIL) announced that accelerated early production from its fields in Venezuela had started from 27 December 2012. OIL has 3.5% of interest in a Mixed Company called M/s Petrocarabobo SA, which is developing two blocks in Orinoco Heavy Oil Belt. The majority shareholder (60%) of the Mixed Company is PdVSA, the national oil company of Venezuela. The other minority shareholders are Repsol from Spain, Petronas from Malaysia, ONGC Videsh Ltd. and Indian Oil Corporation Ltd. On 7 January 2014, Oil India Limited (OIL) announced the completion of the transaction for acquisition of interest in the Giant Gas Field in Rovuma Area 1 Offshore Block in Mozambique. OIL along with ONGC Videsh Limited (OVL) completed the acquisition of 100% shares in Videocon Mozambique Rovuma 1 Limited from Videocon Mauritius Energy Limited. Videocon Mozambique Rovuma 1 Limited holds a 10% participating interest in the Rovuma Area 1 Offshore Block in Mozambique (Area 1). Area 1 covers approximately 2.6 million acres in the deepwater Rovuma Basin Offshore Mozambique and represents the largest gas discovery Offshore East Africa with estimated recoverable resources of between 35 and 65 TCF as per operators estimates. Partners in Area 1 include Anadarko, operator of the project, ENH, Mitsui, BPRL and PTTEP. Area 1 has the potential to become one of the worlds largest LNG producing hubs with first LNG expected in 2018. The Area 1 LNG project is strategically located to competitively supply LNG to India, and OILs and OVLs participation in the project will facilitate access to the growing Indian gas market, which will supplement the countrys energy security endeavor. OIL and OVL will also devote significant financial and technical resources to the development of the project. This investment is expected to further enhance the strong business and cultural links between Mozambique and India.Oil India Limited along with consortium partners signed Production Sharing Contract (PSC) with Myanmar Oil Gas Enterprise (MOGE) for two (2) offshore blocks M4 and YEB on 4 December 2014 in a signing ceremony held at Nay Pyi Taw, Myanmar. OIL led consortium won these blocks under Myanmar offshore bidding round 2013, which was launched on 11 April 2013. In this Bidding Round, total 30 blocks were on offer (Shallow Water: 11, Deep Water: 19) and Oils consortium bided for three offshore blocks M4, M8 and YEB. OIL is the operator with 60% PI in both the blocks. Other consortium partners are Mercator Petroleum Limited (25% PI), Oilmax Energy Pvt. Limited (10% PI), and Oil Star Management Services Co. Ltd. (Local Company of Myanmar, 5% PI). Block M4 with an area of 4008 Sq. Miles (Water Depth: Less than 600 ft) is located in Moattama Basin, while other block YEB with an area 8223 Sq. Miles (Water Depth: Less than 600 ft) is located in Thanintharyi Basin.On 16 April 2015, OIL India Limited (OIL) announced the successful commissioning of its third commercial Wind Energy Project, viz. a 54 MW project in the States of Gujarat and Madhya Pradesh. Out of the total capacity of 54 MW, the project is split between a 16 MW capacity operational site at Patan in Gujarat and a 38 MW capacity operational site at Chandgarh in Madhya Pradesh. The Patan, Gujarat wing of the project was commissioned on 26 March 2015, while the Chandgarh, M.P. site was commissioned on 31 March 2015.On 16 March 2016, OIL India Limited (OIL) along with Indian Oil Corporation Limited and Bharat PetroResources Limited (BPRL), a 100% subsidiary of Bharat Petroleum Corporation Limited (BPCL) and its exploration and production arm, acting jointly as the Indian Consortium, signed definitive agreement to acquire participatory shares representing 29.9% of the charter capital of LLC TYNGD, a company organized under the Law of Russian Federation, from LLC RN Upstream, a whollyowned subsidiary of Rosneft Oil Company, the National Oil Company (NOC) of Russia. The acquisition is subject to relevant Board, Government and regulatory approvals and is expected to close by September 2016. Rosneft Oil Company holds 80% shares while BP PLC (UK) holds 20% shares in TYNGD through their respective subsidiaries. TYNGD is currently producing about 20,000 bopd, which is expected to ramp up to about 100,000 bopd by 2021.On 5 October 2016, Oil India Limited (OIL) announced that the Indian consortium led by the company, including Indian Oil Corporation Limited (IOCL) and Bharat PetroResources Limited (BPRL), a 100% subsidiary of Bharat Petroleum Corporation Limited (BPCL), have successfully completed two landmark acquisitions of producing upstream assets in Russia. The consortium acquired 29.9% stake in LLC TaasYuryakh Neftegazodobycha (Taas Yuryakh) and 23.9% stake in JSC Vankorneft (Vankorneft) from Rosneft Oil Company, the National Oil Company of Russia (Rosneft). Taas Yurakh is a producing asset and one of the largest green field developments in Eastern Siberia region. Post this transaction, Rosneft now holds 50.1% stake in the field. BP is the other partner with 20% stake. Vankor is a producing giant oilfield, also located in Eastern Siberia. It is the second largest field in Russia by production and contributes to about 10% of Rosnefts entire oil production. Post this transaction Rosneft now holds 61.1% in the field. ONGC Videsh Limited currently holds 15% stake. The current combined production from both fields is around 440,000 bopd or about 22MMTPA and OILs share of current oil production is 1.7 MMTPA. The fields are also producing about 5.6 BCM of sales gas per annum. The remaining oil and gas reserve of the two fields together are approximately 3.86 billion barrel oil equivalent.The Company undertook its fourth wind energy power project of 52.5 MW, split between 27.3 MW in Kotiya, Gujarat and 25.2 MW in Unchawas, Madhya Pradesh in 201617. The part commissioning of the project (14.7 MW) was completed in 201617 remaining 37.8 MW has been completed in 201718 and to this effect Power Purchase Agreement was also signed. Besides this, 500 KW solar energy plant at Pump Station No 3, Jorhat, Assam was also commissioned in 201718 for captive utilisation. The total installed capacity of the Company in respect of renewable energy stands at 188.10 MW (excluding projects for captive utilization), comprising of 174.10 MW of wind energy projects and 14 MW of solar energy projects. The solar plants of 0.81 MW are being used for captive utilizations of energy.On 1 May 2017, Oil India announced that it has made two oil discoveries in the Moran Petroleum Mining Lease (PML) in the Upper Assam Basin in the month of April 2017 in the wells Borbhuibil1and Lakwagaon1.On 6 June 2017, Oil India announced that it has made an oil discovery in the Baghjan Petroleum Mining Lease (PML) in the Upper Assam Basin in the month of May 2017 in the well South Baghjan2. During the year 2017, the Company has made 10 oil gas discoveries in the Upper Assam Basin and steps have been initiated for quick appraisal and production.On 18 July 2017, Oil India launched its startup initiative by entering into agreements with two northeast based StartUp ventures, in Guwahati, Assam. Earlier, the Board of Directors of Oil India Limited (OIL) at its 469th meeting held on 30 September 2016 had approved Rs 50crore Oil startup fund to foster, nurture and incubate new ideas related to oil and gas sector. The OIL StartUp Fund was specifically created to encourage innovation and entrepreneurship in Northeast part of India.On 28 December 2017, Oil India announced that it has made 2 Hydrocarbon Discoveries in the Dumduma Petroleum Mining Lease (PML) in the Upper Assam Basin during 2nd and 3rd quarter of 201718. Both these discoveries would help in enhancing the oil gas production with future appraisal and development activities.On 5 March 2018, Oil India Limited (OIL) announced that the Government of Mozambique (GoM) has accorded approval for the Development Plan for GolfinhoAtum natural gas field in the Area 1 block located in the Rovuma Offshore Basin of Mozambique. Anadarko Petroleum Corporation is the operator of the project with 26.5% PI and the other concessionaires in the project are Mitsui (20%), ENH (15%), BREML (Beas Rovuma Energy Mozambique Limited) (10%), BPRL (10%), ONGC Videsh Limited (10%) and PTTEP (8.5%). Oil is a sponsor in Area 1 Block, through its 40% shareholding in BREML, which holds a 10% Participating Interest in Area 1. The remaining 60% shares in BREML are held by ONGC Videsh Limited.On 9 March 2018, Oil India announced that it has got its first ever patent from European Patent Office (EPO) for an invention titled A method for preventing wax deposition in oil wells with packers. Securing this firstever patent grant signifies a major milestone for OIL and especially its Research Development (RD) Unit, which actively develops innovative solutions to oilfield exploration and production problems and has filed few other patent applications in recent years.In compliance to the DIPAM Guidelines, the Company issued bonus shares in the ratio of 1:2 (one bonus share for two existing shares held) in March 2018. Accordingly 37,83,01,304 bonus shares were allotted to the shareholders on 3rd April 2018. Further 5,04,98,717 equity shares were bought back by the Company in March 2019 resulting in decrease in paid up share capital of the Company by 5,04,98,717 shares. The natural gas production during the year 201718 was 2905 MMSCM (inclusive of 23 MMSCM as OILs share from Dirok JV, which started production since August, 2017) which is about 98.90% of the production of the previous year (2937 MMSCM). The sale of natural gas was 2415 MMSCM against 2412 MMSCM in the previous year. It may be mentioned that Company currently procures the whole produced volume (100%) of natural gas from the Dirok JV for selling. The price of natural gas was USD 2.69 / MMBTU during the nancial year 201718 as against USD 2.78 / MMBTU in the year 201617. During the year 2019, crude oil pipeline transported 6.64 MMT of crude oil out of which NaharkatiaBongaigaon sector transported 3.31 MMT of crude oil for the Company and 0.97 MMT of crude oil for ONGC Ltd. The BarauniBongaigaon sector transported 2.36 MMT of imported crude oil for Bogaigaon Re nery. The Company also transported 1.87 MMT of products through NumaligarhSiliguri Product Pipeline.In FY 201920, the Company commenced operations of 4 CNG stations at Kolhapur and 3 CNG stations at AmbalaKurukshetra through JVC HPOIL Gas Private Limited (HOGPL). It had carried out 1389.45 LKM of 2D and 263 sq km of 3D seismic survey. It produced 33,240 Metric tons of LPG and transported 6.18 MMT of crude oil through its crude oil pipeline and 1.516 MMT of petroleum products from NumaligarhSiliguri product pipeline. It carried out 2105.21 LKM of 2D and 1097.59 SqM of 3D seismic survey and drilled 7 exploratory and 31 development wells in FY 202122. It drilled 11 exploratory wells in Assam and Rajasthan during FY 202021. It made 1 gas discovery in HPHT well in KG basin. and achieved Reserve Replacement Ratio (RRR) of 1.15 under 2P category. It transported 1.33 MMT of petroleum products through NumaligarhSiliguri Product Pipeline. In overseas business, the LNG project attained final investment decision for commissioning of two LNG train project in Rovuma Offshore Area 1, Mozambique.In FY 202021, Company acquired additional 54.16% ownership interest in Numaligarh Renery Limited (NRL) on 26th March, 2021 making OIL the promoter holding company of NRL. It acquired 4 blocks in OALP RoundV increasing acreage by 13%. It acquired 13103.3 LKM of 2D and 2104.08 sq. km. 3D seismic data in OALP Blocks. It drilled 12 exploratory wells and 24 development wells during FY 202021. It made 1 gas discovery in Assam and achieved Reserve Replacement Ratio (RRR) of 1.16 under 2P category.In FY 202122, the Company started its drilling campaign in OALP blocks by spudding 1st OALP well Soorasar1 in the RJONHP2017/9 Block (OALPI) in Rajasthan. It commissioned the first project of Green Hydrogen in India at Jorhat, Assam. Consortium of OIL, Assam Gas Company Ltd and GAIL Gas Ltd bagged Orders for development of CGD network in KamrupKamrup Metropolitan Districts and Cachar, Hailakandi and Karimganj Districts under 9th round of CGD bidding. Consortium of OIL and Assam Gas Company Ltd acquired development of CGD networks in Three Geographical Areas (GAs), one GA in Assam and two GAs in Tripura, under 11th round of CGD bidding. The Company drilled 7 exploratory wells and 31 development wells during FY 202122. It made 2 discoveries, 1 oil 1 gas in Assam and achieved Reserve Replacement Ratio (RRR) of 1.11 under 2P category. It completed 22922.47 LKM of Airborne Gravity Gradiometry GravityMagnetic (AGG GM) Survey in Northeast. The AGGGM data acquired covered over 7 OALP RoundI blocks, 3 PELs and 2 PMLs in the logistically inaccessible terrains of NorthEast, viz. DibruSaikhowa National Park (DSNP) and geologically complex ThrustBelt Areas in Assam Arunachal Pradesh. It inducted an environment friendly and noninvasive exploration technique viz.Passive Seismic Tomography (PST) in BalimaraJorajanTarajan (Part of the Thrust Belt Area) Pasighat (OALPI Block). During the FY 202122, Company transported 1.516 MMT of petroleum products through NumaligarhSiliguri Product Pipeline. It had carried out 2,105.21 LKM of 2D and 1097.59 sq km of 3D seismic survey. It produced 33,240 Metric tons of LPG and transported 6.18 MMT of crude oil through its crude oil pipeline and 1.516 MMT of petroleum products from NumaligarhSiliguri product pipeline. It carried out 2105.21 LKM of 2D and 1097.59 SqM of 3D seismic survey and drilled 7 exploratory and 31 development wells in FY 202122.During FY 202223, the Company carried out 1333 LKM of 2D and 680 SqM of 3D seismic survey and drilled 16 exploratory wells and 29 development wells. It added 4 OALP Blocks viz. 2 blocks each in Tripura and Assam under OALPVI and OALPVII respectively and one DSF block in Rajasthan under DSFIII. It acquired 1272.96 LKM of 2D and 561.11 sq.km 3D seismic data in OALP blocks. It completed drilling of 4 nos. of exploratory wells in 3 OALP blocks in Rajasthan, namely well Soorasar1 in RJONHP2017/9 Block, wells South Baghewala1 South Baghewala2 in RJONHPP2017/8 Block and well Bikaner1 in RJONHP2018/2 Block. In 202223, the Company started exploratory drilling in OALP blocks in Assam and Odisha, namely well NRB1 in AAONHP2017/20 Block and well Puri1 in MNONHP2018/2 Block, respectively. The 2D seismic acquisition and processing of 22,554.75 LKM was completed.During FY 202223, the Company embarked upon a strategic vision to produce 4 MMT of oil 5 BCM of gas. Projects of Central Bowser Unloading Station (CBUS) Pipeline Rehabilitation Project of 575 Kms were mechanically completed/commissioned. A rehabilitation project of 575 Km of pipeline under PhaseI was implemented which includes complete refurbishment of pipeline coating, redesigning of catholic protection system, mitigation of shorted cased crossings, recoating of buried Block valves, repair/replacement of shorted Insulating Joints, repair of defective Pipeline Sections. It commissioned drilling of 1 exploratory well in Mahanadi Basin in 2023. It developed a Hydrogen Fuel Cell eBus, built on a 60kw PEM fuel cell engine, effective 6th February, 2023 in Bengaluru.
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