Alliances Acquisition of overseas exploration blocks and oil & gas properties is a strategic focus area of OIL. In alliance with various Indian oil and gas PSUs and reputed international oil and gas companies, OIL has been actively pursuing opportunities to acquire producing E&P assets, exploration acreages, etc. in Africa, Middle East, South East Asia, South America, CIS countries and Russia. The Company’s overseas E & P portfolio as on 31st March 2022 comprises of 10 assets spread over 7 countries covering Libya, Gabon, Nigeria, Venezuela, Mozambique, Bangladesh and Russia. The portfolio includes 4 (four) producing assets spread across Russia & Venezuela. Two assets, one each in Mozambique and Nigeria are under development. Four assets in Libya, Gabon and Bangladesh are under exploration. OIL has divested its entire stake in Niobrara Shale Asset in Jan 2022.
International Asset Overview 
The oil & gas reserves position (as on 01.04.2022) of 05 (Five) overseas Producing and discovered assets (Company's Proportionate Share) namely, License-61 (Russia), Vankorneft (Russia), TaasYuryakh (Russia), Carabobo (Venezuela) and Area-1(Mozambique) is as furnished below:
| Particulars | 1P | 2P | 3P |
| Oil+Condensate (MMT) |
12.2624 |
30.6658 |
50.5862 |
| Gas Reserves (MMTOE) |
11.6445 |
19.9763 |
23.6521 |
| O+OEG (MMTOE) |
23.9069 |
50.6421 |
74.2383 |
During 2021-22, production from overseas assets corresponding to OIL’s Participating Interest in these assets stood at 2.2 MMTOE compared to 2.1 MMTOE in 2020-21. Cumulative dividends corresponding to OIL’s share and as received at SPV level upto March 2022, from producing assets TYNGD and Vankorneft stood at USD 663 Mn.