FUELLING INDIA'S
ENERGY NEEDS

The first commercial discovery of crude oil in the country was made in Digboi

The Legacy of Oil India Ltd dates back to 1889 when the first commercial discovery of crude oil in the country was made in Digboi, Assam in the extreme corner of North Eastern India. From a humble beginning in the tropical rainforests of Digboi, search for hydrocarbons in India gathered momentum. The first well at Digboi Field was dug by Assam Railways and Trading Company Limited (AR&T Co. Ltd.). AR&T established Assam Oil Company (AOC) in 1899 to take over the petroleum interests of AR&T. Later on, UK based Burma Oil Company (BOC) arrived in 1911 in Upper Assam and acquired petroleum interests of AOC.

Independent India’s first discovery of hydrocarbon was made at Naharkatia.

Thereafter, systematic drilling began in 1891 and Independent India’s first discovery of hydrocarbon was made at Naharkatia in 1953 and then in Moran in 1956 both in Upper Assam. The oil industry, after independence, remained operated by foreign company for a considerable period. Burma Oil Company (BOC) kept its position as largest company in India till end of its operation.

Oil India Private Limited was incorporated as a rupee company to take over Burmah Oil Company’s affairs in Assam

Meanwhile, on 18th February 1959, for development and production of Naharkatia and Moran prospects and to increase the pace of exploration in Assam, Oil India Private Limited was incorporated as a rupee company to take over Burmah Oil Company’s affairs in Assam. The company was owned 2/3rd by Assam Oil Company/ Burmah Oil Company and 1/3rd by Government of India and in 1961 they became equal partners by transforming OIL into a Joint Venture company. OIL discovered Kusijan oilfield in 1969 and Jorajan oilfield in 1972. Later, Eocene gas was discovered by OIL in Tengakhat field of Assam in 1973.

OIL became fully owned Government of India Enterprise as a full-fledged PSU.

Till the end of 1970s, Indian E&P industry was dominated by the two National Oil Companies - ONGC and OIL to whom Petroleum Exploration Licence were granted on nomination basis. Exploration was primarily confined to on land and shallow offshore. The strategic initiative was taken by government in 1979 to attract foreign investment, technology and capital to deal with future commitment and started offering block systematically through bidding. By 1981 Government took over OIL and it became full-fledged PSU.

Oil India has continued to grow, nurture, and deliver while also spreading its wings Pan-India and Overseas.

Oil India has continued to grow, nurture, and deliver while also spreading its wings Pan-India and Overseas. To achieve its vision to be the fastest growing company, the company had realized the need to look beyond the shores of India. Aggressively seeking for overseas business opportunity was one of the strategic goals of OIL. Within a short span of 4-5 years, OIL was already present in 6 countries like Iran, Libya, Gabon, Sudan, Yemen and Nigeria. The focus was also on West Africa, CIS countries and Middle-East countries. With the discovery of heavy oil in Farsi Block in Iran, OIL already had tasted its first success overseas.

OIL launched its IPO and awarded Navratna Status

With perseverance and unstinted commitment of OilIndians, there was increase of over 5% per annum in oil and gas production that commensurate increase in profitability. The Company’s shares were listed on the National Stock Exchange in September 2009. OIL share became the highest priced PSU IPO till date and was oversubscribed 31 times. Subsequently, OIL was awarded Navratna Status in 2010.

OIL forayed into harnessing renewable energy by setting up solar Power Plants and wind farms

In 2012, OIL forayed into harnessing renewable energy by setting up solar Power Plants and wind farms on a commercial scale to diversify its energy portfolio. In 2018, the Company ventured into the City Gas Distribution (CGD) projects to diversify its energy value chain. The Assam Gas Company Limited (AGCL) and Oil India Limited (OIL) signed agreement for the establishment of a joint venture company to lay, build and operate city natural gas distribution networks in parts of Assam and Tripura. The Assam government-owned AGCL has 51 per cent stake, while OIL holds the remaining 49 per cent share in the joint venture company.

OIL acquired majority stake in Numaligarh Refinery Limited (NRL) having state-of-the-art 3 MMTPA refinery in Assam

On March 25th, 2021, OIL acquired majority stake in Numaligarh Refinery Limited (NRL) having state-of-the-art 3 MMTPA refinery in Assam, resulting in OIL becoming the promoter and the holding company of NRL. It was not only a strategic business decision but one of the defining moments of its journey as an exploration and production company looking for vertical integration in the oil and gas value chain. With the massive refining capacity enhancement project of NRL and exploration plans of OIL in existing and new hydrocarbon blocks in the Northeast, the combine is committed to contribute immensely in ensuring energy security and achieve the targets set under North East Hydrocarbon Vision 2030.

OIL was bestowed the prestigious Maharatna status, thus making the company the 13th Maharatna Central Public Sector Enterprise

For the fiscal year 2022-23, the company had reported impressive financial results. It's annual turnover reached a commendable figure of Rs 41,039 crores and net profit for the same period stood at Rs 9,854 crores. Subsequently, in 2023, OIL was bestowed the prestigious Maharatna status, thus making the company the 13th Maharatna Central Public Sector Enterprise. The elevation brought with it greater responsibility and expectations and inspired the OilIndians to deliver towards securing energy for the nation. The Oilindians with renewed vigour continues to uphold the highest standards of performance, innovation and greater accomplishments.