Oil India Limited
Oct 24, 2014, 03:01 PM

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Oil India Limited (OIL) completes transaction for acquisition of interest in PetroNeft’s Oil Block in Russia

Oil India Limited (OIL), the second Largest Government owned exploration and production company in the country, has completed the acquisition of 50% shareholding in WorldAce Investments Limited (WorldAce), a Cyprus based wholly owned subsidiary of PetroNeft Resources Limited (PTR), which owns License 61 in Tomsk Oblast region in Western Siberia, Russia. PetroNeft Resources Plc is listed at Dublin Stock Exchange and London Stock Exchange. The total commitment from OIL will be US$ 85 million including US$ 45 million for development capex. The effective date of the acquisition is 01st Jan 2014.

This marks OIL's entry into Russia and is a significant addition to the Company’s overseas E&P portfolio. Very recently in June, 2014 OIL had also signed an MoU with Russia’s Gazprom International BV for joint pursuit of exploration opportunities across the globe as well as collaborate on Liquefied Natural Gas.

License 61 is located on the eastern side of the Ob river in the oil-bearing region of the Tomsk Oblast. The 4,991 sq. Km. license contains 7 oil fields and over 25 identified prospects and leads. The block started production in 2010. Current production from the license is around 2,100 barrels of oil per day.

OIL had earlier signed definitive agreements on 17thApril, 2014, with PTR, to take 50% non-operating interest in Licence 61 in Tomsk Oblast in Russia. Subsequent to the signing of the definitive agreements, the major Conditions Precedents for successful closure of the deal, including the approval of shareholders of PetroNeft and Russian regulatory approvals were obtained. The deal was successfully closed on 3rdJuly, 2014.

Rothschild and Thomson and Knight acted as the exclusive financial and legal advisor respectively to OIL on this transaction.

OIL was conferred with 'CAG Pick of the Year' award

Dalal Street Investment Journal (DSIJ), India's No.1 investment magazine organized the PSU Awards 2013 to honour the Public Sector Undertaking (PSU) for their commendable performance. DSIJ always had great regard for Indian PSUs and recognize their contribution to the Indian economy.

OIL was conferred with 'CAG Pick of the Year' award in the presence of august gathering in a glittering award ceremony which took place on April 2, 2014 at Hyatt Regency hotel, New Delhi. Shri T K A Nair, Adviser to Prime Minister, India, was the Chief Guest and Guest of Honor was Padma - Shri Dr. Pritam Singh, Director General, International Management Institute, New Delhi.

7th ENERTIA Awards 2013

"Oil India Ltd. (OIL)", won the "7th ENERTIA Awards 2013" for FUELS & RESOURCES - "Best Oil & Gas Sector Organization/Company of the year" in the presence of august gathering in New Delhi on 22nd November, 2013. The eminent personalities present were Shri A. G. Iyer, Chairman of Jury, Dr. D. V. Kapur, Founder C&MD, NTPC Ltd., Former Secretary Power, Shri V. P. Raja, IAS, Former Chairman, Maharashtra Electricity Regulatory Commission (MERC); Shri Yogendra Prasad, Former C&MD, NHPC, Shri Tarun Kapoor, IAS, Joint Secretary (Solar), Ministry of New & Renewable Energy (MNRE), Govt. of India; Shri B. P. Rao, C&MD, Bharat Heavy Electricals Ltd., Shri Venkat Chary, Founder Chairman, Indian Energy Exchange Ltd. (IEX).

"ENERTIA Awards" attract "India's Topmost Power and Energy Companies" and are benchmark awards for Excellence in the Sector. These Awards are given to both Public and Private Sector Enterprises in the Power and Energy Sector. Special focus is on key areas like SuperCritical Thermal Power, Hydropower, Solar Energy, Wind Energy, De-Centralized and Distributed Power, T&D, Utility & Smart Grid etc.

Corporate Excellence Award 2013 for Best Investor Relations

Kudos to OIL Investors Relationship Cell !!

To sample this :
In September 2009, OIL came out with its first public issue. OIL India raised funds from the capital market for the first time. The Issue size was 2.64 Crores and got over subscribed. A wonderful response was received from the public as they had assessed the capabilities of the company and the scope of the oil sector.


"A good investor relations function is absolutely necessary to communicate effectively with investors and to influence their perception on the company." This way a relationship got established between the company and the public at large. OIL has maintained complete sincerity in enriching the relation with its investors and the investors have appreciated the efforts...

OIL was bestowed with Corporate Excellence Award 2013 instituted by Star of the Industry Group in the category of Best Investor Relations in a glittering ceremony held on 29th June, 2013 at Mumbai. The award was given by Shri Arun Arora, Chairman, Advance Pre Schools Pvt. Ltd. The Corporate Excellence Awards showcase the best of responsible corporate citizen in action.

"BT Star Best National PSU" and "BT Star Best PSU in Excellence in Market capitalization"

Bureaucracy Today is the most comprehensive and widely read English print news magazine on governance in India. It has instituted BT-STAR PSU EXCELLENCE AWARDS, which is a platform to celebrate excellence, and best practices in PSU business and recognizes those who have driven India's rapidly transforming economy.

In a glittering function held at New Delhi on 19th June, 2013, OIL took home two awards namely : "BT Star Best National PSU" and "BT Star Best PSU in Excellence in Market capitalization".

Shri N.K. Bharali, Director (HR&BD) received the awards on behalf of the organization in the presence of august gathering of personalities from public sector, private sector, distinguished bureaucrats and High Commissioners.

OIL bags 'IPE CSR Corporate Governance Award- 2012'

OIL has bagged the 'IPE CSR Corporate Governance Award- 2012' instituted by Public Enterprise (IPE) in recognition of its best practices followed in CSR Activities.

The award is for the contributions made by an organisation which has made a difference to the people and the community and played a role of responsible citizen. The awards are research based and decided by an Independent Jury with above perspective.

Shri T.K. Ananth Kumar, Director (Finance) received the award from Prof. S. Mahendra Dev, Director, Indira Gandhi Institute of Development Research at a glittering function held at Mumbai on 24th November, 2012. The Award consists of a Statuette and a Citation which is endorsed by World CSR Congress, CMO Asia & Asian Confederation of Business.

OIL bagged the most prestigious Oil Industry Safety Directorate Award

Oil India Limited bagged the most prestigious Oil Industry Safety Directorate Award for its "Onshore Oil & Gas Assets in Assam" as the Best Performer for the Year- (2009-10). Shri. T. K. Ananth Kumar, Director (Finance), OIL honoured with "CFO 100 Roll of Honour 2012"

Shri. T. K. Ananth Kumar, Director (Finance), Oil India Limited has been honoured with "CFO 100 Roll of Honour 2012" under "Winning Edge" in "Risk Management" at a recent event held in Mumbai. He has been awarded for the second time in succession i.e. for both the years 2011 & 2012.

The "CFO 100 Roll of Honour 2012" award was presented in the glittering ceremony of pomp and splendour of CFO India's Second Annual Award function held on 20.03.2012 at Taj President Hotel, Mumbai organized by Nine Dot Nine Mediaworxs. Shri. O. P. Bhatt, former Chairman, SBI was the Chief Guest. The Function was attended by top CFOs of Industry, to name few were Shri Afzal Modak, CFO, GE India and Shri Sunil Kakkar, Group CFO, IDFC et-al. The evaluation for the award was done by an esteemed jury panel which consisted of Shri S.V. Narasimhan, Former Director Finance, Indian Oil Corporation, Shri K. Vaidyanath, Former ED & CFO,ITC et-al.

Oil India Limited was awarded the prestigious BUSINESS LEADERSHIP AWARD in OIL & GAS SECTOR by NDTV Profit

Oil India Limited was awarded the prestigious BUSINESS LEADERSHIP AWARD in OIL & GAS SECTOR by NDTV Profit on 7th January 2012 in Mumbai.

The NDTV PROFIT honoured the grandmasters of the corporate arena. Mr N.M Borah, Chairman & Managing Director, Oil India Limited (OIL), at a glittering ceremony. OIL was selected for the award from amongst all companies in the Oil & Gas Sector in India for its sterling performance.

Shri. T. K. Ananth Kumar, Director (Finance), OIL honoured with "Best CFO under PSU Category" by ICAI

ICAI is organizing ICAI Awards 2011 to honor the Best CFO’s amongst the Industry to demonstrate excellence in their professional life, personal life and to set a role model for other in industry.

The evaluation for the award was done by an esteemed jury panel with Shri. N. R. Narayana Murthy, Chief Mentor, Infosys Limited as the Chairman of the jury. The Jury Members consisted of eminent persons from Regulatory Bodies, Past Presidents of ICAI, Business & Political world etc.

OIL Bags the Golden Peacock Award 2010-11 for Excellence in Corporate Governance for the year 2010-11

The 'World Council of Corporate Governance' (WCFCG) and 'Centre for Corporate Governance' (CFCG) have been doing tremendous work in the field of Corporate Governance and encouraging PSUs, Private and Government entities to practice better Governance in their organization to manage the business in a sustainable manner. To encourage and recognize the achievements and contributions made by all these entities in the field of Corporate Governance, Institute of Directors (IOD) had organized Golden Peacock Awards for the year 2010-11.

To felicitate various major companies in different categories, an award ceremony was organised during 11th International Conference on Corporate Governance & 2nd Global Summit on Sustainability held on 12th - 14th October, 2011 at London, UK. OIL submitted application for National and Global category in Excellence in Corporate Governance under PSU Sector and had been honoured with "Special Commendation Award" for "Excellence in Corporate Governance for the year 2010-11" under PSU Sector. OIL had taken various Corporate Governance initiatives since its listing and made prompt disclosure of information to its stakeholders through Investors Cell.

The award was presented by Rt. Hon. Baroness Verma, Minister in Govt. Whips Office and House of Lords Spokesperson for International Development, UK along with Vindi Banga, Sr Partner, Clayton Dubilier & Rice & Ex Chairman Hindustan Unilever and Lt. Gen. J S Ahluwalia, PVSM (Retd), President, Institute of Directors, New Delhi.

Oil India bags three Petrofed Awards

Oil India Limited bagged three Petrofed Oil & Gas Industry awards for the year 2009.

Oil India received the Oil & Gas Pipeline Transportation Company of the year award, Special Commendation award for Innovator of the Year-Team and Mrs Rupshikha Saikia Borah, General Manager (Treasury), Oil India Limited, received the special commendation award for Woman of the Year in The Oil & Gas Industry.

It is indeed a proud moment for all in Oil India limited to have been recognized for their efforts. The awards have strengthened the resolve of the Company’s employees to perform even better.

The scheme of awards approved by the Governing Council of PetroFed is open to all companies operating in India in the oil and gas sector. Preliminary evaluation of all applications received was undertaken by PricewaterhouseCoopers (PwC), the knowledge partner who assisted the Awards Committee in presenting the recommendations to the Jury for ratification.

The Jury is headed by Hon’ble Mr. Justice J. S. Verma, former Chief Justice of India. The other members of the Jury are Dr. Abid Hussain, former Ambassador to the United States of America and Shri Naresh Narad, former Chairman, Public Enterprises Selection Board.

Shri. T. K. Ananth Kumar, Director (Finance), OIL honoured with "CFO 100 Recognising Winning Edge 2010"

Shri. T. K. Ananth Kumar, Director (Finance) has been honoured with the "CFO 100 Recognising Winning Edge 2010 in Raising Capital / Capital Restructuring" at a recent event held in Mumbai.

The "CFO 100 Recognising Winning Edge 2010" presented in a glittering ceremony of pomp and splendour at Taj President Hotel, Mumbai. Shri M Damodaran, Former Chairman, SEBI was the Chief Guest. The function was attended by top CEOs and CFOs of industry to name few were Shri. T. V. Mohandas Pai, Board Member, Infosys Technologies Limited, Shri. Suresh C Senapaty, Executive Director & CFO, Wipro Limited and many more. The award was jointly presented to him by Shri. Pramath Raj Sinha, Founder & Managing Director and Smt. Anuradha Das Mathur, Co-Founder & Director, Nine Dot Nine Mediaworx Pvt. Ltd.

OIL felicitates XIXth CWG medalists

Oil India Limited felicitated Mr. Soubhajit Saha & Ms Mouma Das for their sterling performance in the XIXth commonwealth games held at New Delhi . Mr. Soubhajit Saha won the gold medal in the men's doubles event & a bronze medal in the team events.

Ms Mouma Das got a silver medal in the women’s team events and a bronze medal in the women's double event.

At a glittering ceremony held in the corporate office at Noida, the Chairman & Managing Director, Mr. N.M. Borah presented a cheque of Rs. 3.00 lakhs to Mr. Soubhajit Saha & Rs. 2.5 lakhs to Ms. Mouma Das for their medal winning efforts in the common wealth games.

OIL bags India Pride Awards

Oil India Limited received the silver award in the Oil & Gas category of India Pride Awards - Dainik Bhaskar group. The award was received by Shri N. M. Borah, Chairman & Managing Director, Oil India Limited, at a glittering ceremony, in front of many PSU leaders and business magnates.

OIL Receives PSU award

Oil India Limited received the “Heavyweight Miniratna” PSU award at the 2nd, Dalal Street Investment Journal PSU Award 2010, ceremony at New Delhi on 6th April, 2010. The award was presented to Shri N.M.Borah, Chairman & Managing Director, Oil India Limited at a glittering ceremony in presence of CEOs of other PSUs and dignitaries. The award was given taking into account the Company's Net Sales, Operating profit, Net Profit and Balance Sheet size.

Shri Borah gave the credit for the recognition to all the employees of the Company.

OIL bags "PSU with the highest Book Value" award

Oil India Limited was conferred with the "PSU with the highest Book Value" award by Dalal Street, the renowned Financial and Investment Journal. Shri N.M. Borah, Chairman and Managing Director, while accepting the award thanked the organizers for instituting the award and gave the credit for the recognition to the employees of Oil India Limited.

Dalal Street has come out with a special publication and awards recognizing the performance of the Public Sector Undertakings under different performance parameters.

While most publications continue to organize award ceremonies recognizing performances of the private sector companies, Dalal Street felt that the same level of recognition and appreciation needs to be accorded to the PSUs. The Awards selection was done by an independent panel of highly reputed individuals. The awards were instituted under major heads recognizing various aspects of financial, technical, and human performance in the many fields of power, agriculture, technology, infrastructure, energy etc.

OIL has been a consistent and superior performer in various core business areas over the years. Its feats have been recognised in India as well as internationally by world-renowned institutions and agencies. Some of the major awards and accreditations earned by OIL are listed below:

Awards & Accolades
  • Rated No. 1 Public Sector Company, 2006 by the Department of Public Enterprises, Government of India based on performance
  • "Excellent" performance rating by Government of India for past 4 years
  • Performance Excellence Award, 2005-06 by the Indian Institution of Industrial Engineering (IIIE)
  • Counted among the 5 Best Public Sector Undertakings and the 3 Best in the Energy Category by the India Today-CRISIL Survey in 2005
  • Best Project Award for Corporate Social Responsibility, 2005 by TERI, among 130 participating companies
  • Corporate Social Responsibility Award, 2003-04, by TERI for good corporate citizenship and sustainable initiatives among comapnies with turnover above Rs 500 crore
  • Green Tech Award for Environment Management, 2002
  • Golden Peacock Award for Corporate Social Responsibility, 2002
  • Special Commendation Award for Human Resource Management, 2001-2002 by National Petroleum Management Programme - for OIL’s continuously evolving technology and business environment and the Company’s initiatives to enhance safety in operations and quality of work life via good practices
  • Excellent Performing Public Sector Enterprise Award, 1998-99
  • "Excellent" performance rating by Government of India for 1997-98, 1998-99 and 1999-2000
  • Longest Accident Free Period - 1997-98, 1998-99
  • Excellent Performing Public Sector Enterprise Award, 1998-99
  • Excellence in Riverbed Survey Award, 1998-99
  • Best Oil & Gas Processing Unit Award, 1997-98
  • International Green Land Society National Award, 1997-98 for best energy conservation and implementation
  • Corporate Performance Award 1985 from Harvard Business School Association of India and Economic Times
  • Ranked 1 fir Profitability in terms of paid-up capital, net assets and sales from 1981-82 to 1983-84 by the Indian Institute of Public Opinion, among 100 largest corporate enterprises in India
  • ISO-9000:2000 Certification (Quality Management System) : LPG Plant
  • ISO-9001:2000 Certification : Gas Based Power Plant
  • ISO-9000:2000 (Quality Management System) : Trunk Pipeline
  • ISO:9001:2000 : OIL Hospital at Duliajan
  • ISO-14001 (Environment Management) : Trunk Pipeline
  • OHSAS 18001 (Occupational Health and Safety Assessment Series) : Trunk Pipeline
  • ISO/IEC 17025 : 2005 accreditation by NABL, Government of India for OIL’s R&D Department, the first among E&P company laboratories to get this accreditation

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