Overseas Alliance and JVs

OIL farmed into JV M/s Suntera Nigeria 205 who acquired this onland block operated by M/s Summit Oil, Nigeria in 2005. M/s Summit Oil assigned 40% PI and 30% Economic Interest to JV - M/s Suntera Nigeria 205 Ltd. Block license has been converted from OPL 205 to OML142 for development of old gas /condensate discovery w.e.f 12th June 2009. Processing and interpretation of the acquired 3D seismic data has been completed in 2016. Field under appraisal for development.

• Location: Niger Delta-Anambra basin
• Area: 1295 sq km
• Asset Type: Under Appraisal/Development
• Working and Economic Interest
  • M/s Summit Oil International. Ltd. – 30%
  • M/s Suntera Nigeria 205 JV - 70% Suntera Resources – 50% (Operator)(effective 35% PI) OIL - 25% (17.5% effective PI) IOC - 25 % (17.5% effective PI)

OIL acquired a 4% participating interest in the natural gas rich (45-75 Tcf) asset in January, 2014. Tentative timeline for first LNG production is 2025. Plan of Development of Golfino- Atum field approved on 6th Feb 2018. Final Investment Decision was taken on 18th June 2019. Longterm Sales and Purchase Agreements have been executed for 11.134 MMTPA of LNG. Project Financing Closure achieved on 24th March 2021. The project is under Force Majeure since 22nd April 2021 due to adverse security situation.

• Location: Offshore, Mozambique
• Area: 9,653 sq km
• Asset Type: Under Development
• Consortium Partners
  • TOTALENERGIES: 26.5% (Operator)
  • BPRL: 10%
  • PTTEP: 8.5%
  • Mitsui: 20%
  • BREML (JV of OVL 60% and OIL 40%): 10%
  • OVRL: 10%
  • ENH: 15% (Carried Interest )

Production Sharing Contract signed on 17th February, 2014. Block Validity is upto 16.02.2025. 2D Seismic API of 2700 LKM & drilling of 1 well is completed and remaining MWP (minimum work programme) committed for initial exploration period (IEP) i.e. drilling of one well is to be completed.

• Location: Shallow Water Offshore, Bangladesh
• Area: 7,269 sq km
• Asset Type: Exploratory
• Consortium Partners
  • OVL: 45% (Operator)
  • OIL: 45%
  • BAPEX: 10% (Carried Interest)
• MWP in Initial Exploration Period
  • 2D Seismic API:2700 LKM
  • No of Wells: 02

Production Sharing Contract signed on 17th February, 2014. Block Validity is upto 16.02.2025. 2D Seismic API of 2850 LKM is completed and remaining MWP (minimum work programme) committed for initial exploration period (IEP) i.e. drilling of one well is to be completed.

• Location: Shallow Water Offshore, Bangladesh
• Area: 7,026 sq km
• Asset Type: Under Exploration
• Consortium Partners
  • OVL: 45% (Operator)
  • OIL: 45%
  • BAPEX: 10% (Carried Interest)
  • MWP in Initial Exploration Period
    • 2D Seismic API:2850 LKM
    • No of Wells: 01

The block is located in the less explored interior basin towards the north-eastern part of this geo-politically stable, oil-rich country. The Block Name & Number has been changed to SHAKTHI-II (G4-245) after signing the new PSC in Jan’ 2014. The block is adjacent to the Panocean Energy-operated producing Remboue oil field (Block ET 2000). Drilled 5 wells and discovered oil and gas in 3rd well during PSC G4 220 (2006-2013). Entered in Phase – II of New PSC, Phase-II valid until - 15.04.2025. Phase – II Seismic API completed & 2 locations released for drilling.

• Location: Interior Basin
• Area: 3761 sq km
• Asset Type: Under Exploration
• Consortium Partners
  • OIL: 50% (Operator)
  • IOCL: 50%
  • Work Commitment in Initial Exploration. Period of New PSC SHAKTHI-II (G4-245).
    • Phase-I: 2 Appraisal Wells and 2D Seismic acquisition of 600 GLKM.
    • Phase-II: 2 Exploratory Wells and 2D Seismic acquisition of 400 GLKM and Seismic Processing & Interpretation of 1000 GLKM.
    • Phase-III: 1 Exploratory Well

This area is located in the Ghadames basin in the Southwestern part of Libya. In Exploration and Production Sharing Agreement (EPSA), Bid Round IV, 2007, the Consortium of M/s SIPEX, OIL and IOC won this oil-prolific onshore block. The PSC was signed on May 25, 2008. Block Validity is upto 06.05.2026.

Current Status

• 2D Seismic (2652 GLKM) and 3D (2891 Sq. Km) survey and Interpretation of data completed.
• Total 6 wells drilled (5 completed & 1 incomplete).
• Discovered oil and gas in the 1st well, gas in 3 wells. & observed gas flow in the other well. Estimated Gross In-Place oil resources: 27.915 MMbbl; Gross Technically Recoverable Condensate Resources: 189.923 MMbbl
• Block was under Force Majeure (FM) since 20th May 2014 because of socio-political unrest in the country.
• FM revoked in June’ 2023.
• Remaining MWP: Completion of the 6th temporary abandoned well, followed by drilling of the other two MWP wells.
• Location: Ghadames Basin
• Area: 6629.18 sq. km
• Asset Type: Under Exploration
• Consortium Partners
  • SIPEX - 50% (Operator)
  • OIL - 25%
  • IOCL- 25%
• Work Commitment
  • 2D Seismic: 2000 LKM
  • 3D Seismic: 2600 Sq. Km
  • No of Wells: 08