Oil India Ltd is the second largest national oil and gas company in India as measured by total proved plus probable oil and natural gas reserves and production. The company is engaged in the business of Exploration, Development and Production of Crude Oil and Natural Gas, Transportation of Crude oil and Production of LPG. They own and operate a range of facilities and services required for the above business in the existing and new concessions in an environment-friendly and financially-efficient manner.
The company holds interests in various oil and gas projects located in India, Libya, Gabon, Iran, Nigeria, and Sudan. In addition, the company offers various technical services related to pipeline construction; specialized services, such as hot tapping, stoppling, and pipe cutting and shearing off services; and various operation and maintenance services. They also own and operate crude oil pumping stations and repeater stations.
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 gas-based 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 productible crude oil in ecocene formation in Dikon and in the next year, they discovered commercially productible 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 co-processing 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 Ratna-I 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 an 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 into an MoU with Indian Oil Tanking Ltd for jointly taking up pipeline and related projects in India and overseas. Also, they entered into an 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 farm-in agreement with Indian Oil Corporation Ltd and Marvis Pte Ltd, Singapore by acquiring a participating interest in Block Shakthi, Garbob. Also, they acquired 25% equity stake in Suntera Nigeria 205 Ltd. The company was awarded eight blocks in NELP-VI. 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 gas-based cracker project at Lepetkata, Assam in which, the company holds 10% equity stake.
In the year 2007, the company entered into an MoU with British Gas for pursuing exploration and production opportunities. Also, they entered into an MoU with HPCL, GAIL, Total France, SA and Mittal Energy Investment for promoting a refinery-cum-petrochemical 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 an 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 farm-in agreement 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 an MoU with Indian Oil Corporation Ltd for co-operation 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 an MoU with Indian Oil Corporation Ltd for co-operation 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 an 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 a MoU with Advanced Well Technologies Pty Limited 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 company's 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 activities. As of March 31, 2009, the company had crude oil reserves of 36.4325 MMKL, and natural gas reserves of 34.5530 MMKL-OE.
The company was awarded 'Best overall performance in upstream sector' by Petroleum Conservation Research Association. Also, they received Certificate of merit for being one of the 'PSU with Highest Book Value' from Dalal Street Investment Journal.
The company is coming up with an IPO of 26,449,982 equity shares having a face value of Rs 10 each. The company plans to invest Rs 45 billion over the next two years on exploration-related activities. They plan to acquire old companies and intensify offering oilfield services to third parties.