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NSE
191.65
Change Change %
1.25 0.66%

Updated:18 Aug, 2022, 15:59 PM IST

BSE
191.65
Change Change %
1.15 0.60%

Updated:18 Aug, 2022, 16:01 PM IST

Oil India was incorporated as a private limited company on February 18, 1959 under the name “Oil India Private Limited”, pursuant to a promoters’ agreement dated January 14, 1958, between the President of India, Burmah Oil Company Limited and Assam Oil Company Limited. At the time of the incorporation, Burmah Oil Company Limited and the President of India held two–thirds and one third of the Equity Share capital, respectively. The Company was incorporated with the main object of exploration and production of crude oil (including natural gas). The Company became a deemed public limited company with effect from March 28, 1961 and the word “private” was deleted from the name of the Company on May 4, 1961.

Pursuant to an agreement, dated July 27 1961, between Burmah Oil Company Limited and Assam Oil Company Limited and the Company, Burmah Oil Company Limited transferred certain of its Equity Shares to the President of India, and both became equal partners holding a 50:50 interest in the Equity Share capital of the Company. Thereafter, pursuant to the Burmah Oil Company (Acquisition of Shares of Oil India Limited and of the Undertakings in India of Assam Oil Company Limited and the Burmah Oil Company (India Trading) Limited) Act, 1981, the Equity Shares in the Company held by Burmah Oil Company Limited were transferred to the President of India, pursuant to which the Company became a wholly owned Government company. We received a fresh certificate of incorporation on conversion to a public limited company from the RoC on August 30, 1995.

On February 18, 1959, Oil India Private Limited was incorporated to expand and develop the newly discovered oil fields of Naharkatiya and Moran in the Indian North East. In 1961, it became a joint venture company between the Indian Government and Burmah Oil Company Limited, UK.

In 1981, OIL became a wholly–owned Government of India enterprise. Today, OIL is a premier Indian National Oil Company engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. OIL also provides various E&P related services and holds 26% equity in Numaligarh Refinery Limited.

Business area of the company:

Exploration– OIL has over 1 lakh sq km of PEL/ML areas for its exploration and production activities, most of it in the Indian North East, which accounts for its entire crude oil production and majority of gas production. Rajasthan is the other producing area of OIL, contributing 10 per cent of its total gas production.

Additionally, OIL’s exploration activities are spread over onshore areas of Ganga Valley and Mahanadi. OIL also has participating interest in NELP exploration blocks in Mahanadi Offshore, Mumbai Deepwater, Krishna Godavari Deepwater, etc. as well as various overseas projects in Libya, Gabon, Iran, Nigeria and Sudan.

Drilling and Work over– OIL currently owns and operates 13 drilling rigs and 14 work–over rigs, besides charter hiring drilling rigs based on operational requirement. Over 1,000 wells covering over 3.5 million metres, varying in depth from 1,000 – 5,000 metres, have been drilled in various surface and sub–surface environments, including high underground pressures and temperature conditions.

Production Services– OIL has accumulated over a hundred years of experience in oil and gas production since the discovery of Digboi oilfield in 1889. From well completion to wellbore servicing, installation, operation and maintenance of modern surface handling facilities, OIL has the expertise to manage the entire range of operations required for onshore oil and gas production. In particular, it has perfected the techniques to produce and condition the waxy (paraffinic and asphaltenic) crude oil of Assam.

OIL produces around 5 MMSCUMD of natural gas and has a dedicated pipeline network for collection and supply of gas as fuel and feedstock to nearby industries such as refineries, fertiliser and petrochemical plants, power generation plants and 200 tea gardens. Over 90% of the internal energy requirement of varied oilfield plants and equipment is met by natural gas.

Pipeline– OIL, the pioneer in crude oil transportation in south–east Asia, owns and operates 1,432 km of cross–country crude oil pipelines. Commissioned in 1962, OIL’s crude oil pipeline traverses 79 river crossings, including the mighty Brahmaputra River rushing through paddy fields, tropical rain forests and the world’s greatest watershed zone – the Teesta Area. The state–of–the–art pipeline can transport over 8.0 MTPA of crude oil, feeding 4 Public Sector Refineries in North–east India. OIL owns 10 crude oil pumping stations and 17 repeater stations spread across the eastern India states of Assam, West Bengal and Bihar.

OIL also possesses 2D and 3D seismic data acquisition capabilities, with excellent support services ranging from satellite navigation systems to remote blasting units. OIL owns a vast array of advanced computing systems and experienced personnel to process and interpret geo–scientific data through integrated exploration applications such as Remote Sensing, Structural and Stratigraphic Interpretation, Seismic Attribute Analysis, Source Rock Evaluation, Biostratigraphy, Petrophysics, Sequence Stratigraphy, Basin Analysis, Techno–economic Evaluation, etc.

OIL has also developed special expertise in reservoir management of ageing fields. Today, OIL has state–of–the–art numerical reservoir simulators with dedicated workstations and a valuable knowledge–base to handle cost–effective reservoir evaluation, development and management in all demanding environments.

Milestones:

  • 1959 – Oil India Private Limited incorporated with Burmah Oil Company Limited holding two–thirds of the Equity Share capital and the President of India holding one–third of the Equity Share capital
  • 1961 – Oil India Private Limited transformed into an equal partnership joint venture company between Burmah Oil Company Limited and the President of India
  • 1961 – Gas–based power plant commissioned at Duliajan, Assam
  • 1962 – Completed construction of a 401 km (16 inch diameter) pipeline from Duliajan to Guwahati
  • 1963 – Completed construction of a 756 km (14 inch diameter) pipeline from Guwahati to Barauni
  • 1972 – Discovery of commercially producible crude oil in Jorajan fields and Kharsang fields
  • 1981 – The Company became a wholly owned enterprise of the GoI
  • 1982 – LPG plant based on turbo expander technology commissioned at Duliajan, Assam
  • 1988 – Discovery of commercially exploitable gas reserves in Tanot, Rajasthan
  • 1989 – Discovery of commercially exploitable gas reserves in Dandewala, Rajasthan
  • 1990 – Discovery of commercially producible crude oil in ecocene formation in Dikom
  • 1991 – Dicovery of commercially producible crude oil in ecocene formation in Kathaloni
  • 1992 – Entered into an agreement with Hydrocarbon Research Incorporated, for initiating coal oil coprocessing studies
  • 1995 – Entered into PSCs with various companies, to revive the declining Kharsang producing field.
  • 2002 – Entered into a consortium with OVL and IOCL to execute a service contract with the National Iranian Oil Company for the Farsi Block, Iran
  • 2004 – Upgrading of the Company to a ‘schedule A’ company
  • 2004 – Entered into a memorandum of understanding with IOCL for pursuing overseas exploration and production opportunities
  • 2004 – Acquired participating interest in a pipeline outside India by entering into an agreement with OVL for construction of a 741 km long pipeline in Sudan
  • 2005 – Entered into a memorandum of understanding with IOTL for jointly taking up pipeline and related projects in India and overseas
  • 2005 – Entered into a memorandum of understanding with ITERA Oil and Gas Company, Russia, to jointly pursue exploration and production opportunities in India and overseas, including in Libya
  • 2005 – Awarded Block 86 (Sirte basin) and Block 102/4 in Libya, along with IOCL
  • 2006 – Executed a farm in agreement with IOCL and Marvis Private Limited, Singapore acquiring a participating interest in Block Shakthi, Gabon to the Company and IOCL
  • 2006 – Awarded eight blocks in NELP–VI, out of which the Company is operator in six blocks
  • 2006 – Entered into a joint venture agreement with GAIL, NRL and the Government of Assam to establish a gas–based cracker project at Lepetkata, Assam
  • 2007 – Entered into a memorandum of understanding with British Gas for pursuing exploration and production opportunities
  • 2007 – Entered into a memorandum of understanding with HPCL, GAIL, Total France, SA, and Mittal Energy Investment Private Limited for promoting a refinery–cum petrochemical complex in Vizag
  • 2007 – Entered into a memorandum of understanding with HPCL to jointly pursue oil and gas opportunities in the downstream and upstream segment in India as well as overseas
  • 2010
  • –OIL granted Navratna status
  • –Oil India Limited with other Indian Oil PSUs sign JV agreement for $20 billion Carabobo–1 Project in Venezuela
  • 2011
  • –Oil India signs biofuels R&D pact with Energy and Resources Institute
    –Shri. T. K. Ananth Kumar, Director (Finance), OIL honoured with ""Best CFO under PSU Category"" by ICAI
    –OIL Bags the Golden Peacock Award 2010–11 for Excellence in Corporate Governance for the year 2010–11
  • 2012
  • –Adani group, Oil India ink agreements to bid BG group in Gujarat Gas Co Ltd (GGCL).
    –OIL achieves highest production oil, natural gas

Awards/ Achievements:

  • 1997 – Grant of Mini Ratna–I status
  • 2002 – Golden Peacock award for corporate social responsibility, awarded by the Federation of Indian Chambers of Commerce and Industry
  • 2003 – Award for excellent safety performance, awarded by the Oil Industry Safety Directorate
  • 2005 – Annual award for environment excellence, awarded by Greentech
  • 2005 – Corporate social responsibility award, awarded by the Tata Energy Research Institute
  • 2005 – Award for best performance in energy conservation, awarded by Petroleum Conservation Research Association
  • 2006 – Best public sector unit award in a survey of public enterprises conducted by the Department of Public Enterprises, GoI
  • 2007 – Enterprise excellence award, awarded by the Indian Institute of Industrial Engineering.
  • 2007 – SAP–ACE–2007 award for customer excellence in the best oil and gas sector implementation category.
  • 2012 – Oil India bags E&P Company Award for 2010–11
    –Oil honoured with ""Performance Excellence Award 2011(Organisation)"" by IIIE
    –OIL bagged the most prestigious Oil Industry Safety Directorate Award
    OIL bags 'IPE CSR Corporate Governance Award– 2012'
    Oil India Limited was awarded the prestigious BUSINESS LEADERSHIP AWARD in OIL & GAS SECTOR by NDTV Profit
  • 2013
    – OIL was conferred with 'CAG Pick of the Year' award
    – OIL won 7th ENERTIA Awards 2013
    – OIL won Corporate Excellence Award 2013 for Best Investor Relations

Certifications:

  • 2003 – The Company certified to conform to Quality Management System (“QMS”) Standard:International Standardisation Organisation (“ISO”) 9001:2000 from Det Norske Veritas (“DNV”) for “production, storage and filling of LPG in cylinders and tankers for distribution to marketing agency”. The certificate is valid until October 31, 2009
  • 2004 –The pipeline department at Noomati, Guwahati certified to conform to QMS Standard: ISO 9001:2000, Operational Health and Safety Standard (“OHSAS”) 18001:1999 and ISO 14001:1996 from DNV for “operations and maintenance of cross country pipelines”. The certificates are valid until April 30, 2010
  • 2005 – The LPG recovery and bottling plant was certified to conform to QMS Standard: OHSAS 18001:1999 and ISO 14001:2004 from DNV for “recovery, storage, bottling and despatch of LPG in bottles and road tankers”. The certificates was valid until May 13, 2008.
  • 2005 – The hospital at Duliajan, Assam was certified by Bureau Veritas Certification (formerly, “BVQI”) Standard; ISO 9001:2000. The certificate is valid until October 5, 2008.2005 – The gas turbine power station at Duliajan, Assam was certified by BVQI Standard; OHSAS 18001:1999. The certificate is valid until March 8, 2008.
  • 2005 – The chemical laboratory at Duliajan, Assam was certified by BVQI Standard: ISO 9001:2000.The certificate was valid until November 19, 2008.
  • 2005 – The Tengakhat Oil Collecting Station at Duliajan, Assam was certified to conform to QMS Standard: OHSAS 18001:1999 from DNV for “receipt, processing, storage and despatch of crude oil”. The certificate was valid until May 13, 2008.
  • 2007 – The Research and Development Department is accredited by the National Accreditation Board for Testing and Calibration Laboratories, India in accordance with the standard “ISO/IEC 17025:2005” for “general requirements for the competence of testing and calibration laboratories” in the field of chemical testing. The certificate is valid until April 4, 2009.
  • 2007 The Fire Service at Moran was certified to conform to the Quality Management System Standard: ISO 9001:2000, ISO 14001:2004 and ISO 18001:1999 from DNV for “operation and maintenance of fire service”. The certificates are valid until February 6, 2010
  • 2007 The fire service at Duliajan was certified to conform to QMS Standard: ISO 9001:2000, ISO 14001:2004 and OHSAS 18001:1999 from DNV for “operation and maintenance of fire service”. The certificates are valid until February 6, 2010

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