Oil India Limited (OIL) a Navratna PSU is a fully integrated Exploration & Production (E&P) 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 E&P related services to make it a fully integrated E&P company. Besides having a Pan-India 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 India's 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 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 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 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 a 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 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 Carabobo-1 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) Venezuela's 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 400000 barrels per day of extra heavy oil of which approximately 200000 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 year extension. The project cost is estimated at US$ 15-20 billion and is one of India's 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 Inc's (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 Carrizo's interest in approximately 60000 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 Carrizo's 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 Carrizo's 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 operator's 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 world's 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 OIL's and OVL's participation in the project will facilitate access to the growing Indian gas market which will supplement the country's energy security endeavour. 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 Myanma 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 OIL's consortium bided for three offshore blocks M-4 M-8 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 M-4 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 wholly-owned 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 20000 bopd which is expected to be ramped up to about 100000 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 Taas-Yuryakh 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 Rosneft's 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 440000 bopd or about 22MMTPA and OIL's 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.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 Borbhuibil-1and Lakwagaon-1.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 Baghjan-2. On 18 July 2017 Oil India launched its Start-Up initiative by entering into agreements with two North-East based Start-Up ventures at Guwahati. Earlier the Board of Directors of Oil India Limited (OIL) at its 469th meeting held on 30 September 2016 had approved Rs 50-crore OIL Start-Up fund to foster nurture and incubate new ideas related to oil and gas sector. The OIL Start-Up fund was specifically created to encourage innovation and entrepreneurship in north east 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 2017-18. Both these discoveries will 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 has accorded approval for the Development Plan for Golfinho-Atum 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 first-ever patent grant signifies a major milestone for OIL and especially its Research & Development (R&D) Unit which actively develops innovative solutions to oilfield exploration and production problems and has filed few other patent applications in recent years.