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Updated On:16/04/2018

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Business Development

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The Business Development department of Oil India Limited (OIL) is engaged in OIL’s growth through business development activities focussing on a two-pronged growth strategy;


  • (i) through acquisition of Exploration & Production (E&P) assets outside India and
  • (ii) through diversification into non-E & P energy value chain, such as, Renewable Energy, City Gas Distribution, Petrochemicals, pipelines and LNG business within India and outside.

OIL entered the international oil and gas business with its first international acquisition in Oman in 1998-99. OIL currently owns participating interest in 13 oil and gas blocks having its footprint in 9 countries viz. Russia, USA, Venezuela, Nigeria, Gabon, Libya, Mozambique, Bangladesh and Yemen. The Company has a diverse portfolio of exploratory assets, producing assets, pipeline, unconventional shale oil play and has consolidated its experience to take up operatorship in overseas assets of Libya, Gabon and Myanmar.


OIL has strengthened its capabilities and forged strong alliances with notable IOCs and NOCs to emerge as a world class player in the oil and gas sector. It has acquired several notable assets in countries of strategic importance to support India’s energy security, growth and to create a balanced oil and gas portfolio for the Company. A few noteworthy acquisitions of OIL in recent times include a) its into unconventional shale oil and gas in Niobrara Shale, USA; b) its first high value overseas acquisition in a mutli trillion cubic feet (tcf) discovered gas asset in Mozambique which is being developed as a mega intergrated greenfield LNG Project.


OIL led the Indian consortium in the acquisition of stakes in two producing assets- Vankorneft and TYNGD in Russia which increased OIL’s crude oil and gas production from overseas assets to 1.2 MMTOE in 2016-17 and is projected to be approximately 2.25 MMTOE for 2017-18 which is approximately 1/3rd of OIL’s domenstic oil and gas production. OIL’s overseas crude oil and natural gas reserves as of April 2017 stands at 40.146 MMT and 6.788 MMTOE respectively.


The year 2017 has been particularly eventful for OIL. The two producing assets in Russia have yielded dividend within a year of acquisition. The Mozambique Project has achieved several milestones which has set the project on a positive path towards achieving Final Investment Decision. OIL’s BD initiative to diversify into non E&P energy value chain viz. City Gas Distribution was successful as OIL, jointly with HPCL won the bid for development of City Gas Distribution (CGD) Network in the geographical areas of Cities of Ambala & Kurukshetra (Haryana) and Kolhapur (Maharashtra). 


As a way forward, the Perspective Plan 2030 of OIL has set an ambitious growth plan to make the company an international E&P player with operations at scale in at least two geographical clusters outside India, higher production, reserves and cash flows while being known globally for its capabilities to extract value from mature assets. In particular, the 2030 growth aspirations of the Company has set up a target to reach Production of 15 MMTOE in 2030 more than 50 per cent of which would be coming from outside the current Main Producing Area (MPA), including two or three sizeable clusters (1.5-2 MMTOE each) outside India.


OIL’s BD Department will continue to make dedicated and sincere efforts in to position the Company as the fastest growing energy company with a substantial global presence, contributing positively towards India’s energy security and to emerge as a notable Indian player in the international E&P business.