Overseas Investments have several dimensions – more so when the investment is in Oil and Gas. It requires thorough understanding of issues beyond techno-commercial aspects of the asset/company. Important issues in the decision-making processes are factors, such as, Macro-economic environment, country risks, economic, political and regulatory environment of the destination country, fiscal issues, issues and opportunities relating to oil and gas sector, international diplomacy, bilateral relations with India etc. It is also important to have a general understanding and updated information on the Global and Domestic economic trends, movement of oil and gas prices, production and consumption trends of petro products at the back of the mind while dealing with various business opportunities.

OIL has been pursuing acquisition of overseas E&P properties since 1998. However, the thrust for acquisition of overseas E&P properties began from the year 2005, with Government of India facilitating the process through the mechanism of Empowered Committee of Secretaries.

The Company’s overseas E & P portfolio as on 31st March 2022 is spread over 07 countries covering Russia, Venezuela, Mozambique, Nigeria, Bangladesh, Libya and Gabon. The portfolio includes 4 (four) producing assets spread across Russia & Venezuela, 2 (two) discovered and development assets in Mozambique and Nigeria and 4 (four) exploratory assets in Libya, Gabon, and Bangladesh. In addition to the above, OIL has 10% PI in 741 Km long Multiproduct pipeline construction and operation project in Sudan which was completed in 2005.

The oil & gas 2P reserves position (as on 31.03.2022) of 05 overseas producing and discovered assets (Company's Proportionate Share) viz. License-61 (Russia), Vankorneft (Russia), TaasYuryakh (Russia), Carabobo (Venezuela) and Area-1 (Mozambique) stood at 50.64 MMTOE. During 2021-22, production from overseas assets corresponding to OIL’s participating Interest in these assets stood at 2.20 MMTOE.

As on 31.03.2022, an amount equivalent to USD 663 million has been received at the SPV level as dividend corresponding to OIL’s stake in Vankorneft and TYNGD in Russia.