50 Years of OIL Updated Date:15/04/2015


OIL on the threshold of its 50th Year since inception in 1959

It’s celebration time for Team OIL and the Company’s stakeholders!

FLASHBACK:
By arrangement with the AR&T Co Ltd., the Burmah Oil Company (BOC) of UK, which was at that time operating in Burma across the Patkai Hills, took over the operation of the Assam Oil Company in 1921. BOC/AOC continued development of the Digboi oilfield and intensified exploration activities. In 1953, the first oil discovery of independent India was made at Nahorkatiya, repeated at Moran in 1956.

Oil India Private Ltd. was incorporated on February 18, 1959 for the development and production of the discovered prospects of Nahorkatiya and Moran and to increase the pace of exploration in Northeast India. It was registered as a Rupee Company with two-third shares owned by AOC/BOC and one-third by the Government of India (GoI). Via a subsequent agreement on July 27, 1961, GoI and BOC transformed OIL into a Joint Venture Company (JVC) with equal partnership. OIL remained a JVC for over two decades.

On October 14, 1981 Oil India Limited (OIL) became a wholly-owned GoI enterprise by taking over BOC’s 50% equity, and the management of Digboi oilfield changed hands from the erstwhile AOC to OIL.

GOLDEN JUBILEE CELEBRATIONS – A PERSPECTIVE
Essentially, OIL has celebrated two milestone years till date. First was the Silver Jubilee Year 1984, and second, a hundred years of the discovery of crude oil in Digboi in 1989. The Digboi discovery was celebrated primarily because OIL’s legacy has its roots in Asia’s first and the world’s second commercially successful oil exploration activity at Digboi, Assam in 1889. The Silver Jubilee Year was celebrated in 1984 because on February 18, 1959, Oil India as a Company (Oil India Private Limited) was born. Though the nature of ownership changed from the private sector to the public sector, Oil India in essence retained its name and continued to carry out its core activity as an E&P company.

Today as the pioneering and second-largest national upstream Oil and Gas Company with a pan Indian presence and growing global footprint, OIL is all set to conquer newer horizons of all-round growth and excellence.