Profile

With its origin dating back to the glorious year of oil discovery in India in 1889, today, OIL is regarded as one of the leading CPSEs in the country creating value for all its stakeholders and contributing meaningfully towards India’s indigenous basket of crude oil.

The story of OIL, being India’s first National E&P Company, traces and symbolizes the growth and development of the Indian petroleum Industry. From the discovery of the crude oil in the far east of India at Digboi, Assam in 1889 to its present status as a fully integrated National Exploration and Production company with footprints across entire E&P value chain.

The strong legacy of technical proficiency in upstream hydrocarbon sector backed by a solid workforce of professional diligence, innovation and performance that has alleviated OIL to newer heights throughout its prolific journey of 64 years.

OIL has taken a leap of faith with total domestic operating acreage of more than 62,000 sq. km spread over areas in the states of Assam, Arunachal Pradesh, Mizoram, Tripura, Nagaland, Odisha, Andhra Pradesh & Rajasthan and offshore areas in Andaman, Kerala-Konkan & KG shallow waters. Aggressive exploration of the company led to a new hydrocarbon discovery in Sesabil area in the Assam Shelf Basin and, which was also brought on continuous production. OIL is also aggressively pursuing its pre-drilling activities in 2 shallow Offshore OALP blocks in Andamans & Nicobar Islands and is taking all endeavours to make its foot hold in the Offshore.

OIL has made considerable improvement in its drilling performance to realise its aspirational target of Mission 4+ to achieve 4+ MMT crude oil and 5 BCM of natural gas annually. Owing to the growth in oil & gas production and improved price realization in FY 2022-23, OIL recorded the highest-ever turnover since inception and registered the highest-ever profit after tax (PAT) in the preceding financial year. The exploration efforts of OIL were recognised as it was bestowed with the prestigious FIPI (Federation of Indian Petroleum Industry) Awards 2022 "Exploration Company of the Year."

The crude oil pipeline network of OIL, including the trunk line of 1,157 km from Naharkatiya to Barauni serves as the “Crude oil lifeline” of the North-eastern region, connecting refineries with respective crude OIL sources.

OIL’s material subsidiary, Numaligarh Refinery Limited (NRL), with its high growth trajectory, has established its position as a model business enterprise in the oil and gas industry of the country. It is a matter of great pride that NRL’s most prestigious project “The India-Bangladesh Friendship Pipeline” was commissioned during FY 2022-23 and inaugurated by the Hon’ble Prime Minister of India, Shri Narendra Modi and the Hon’ble Prime Minister of Bangladesh, Sheikh Hasina on 18th March 2023. NRL, with its eyes set on growth path, has embarked on a major integrated refinery expansion project to augment its capacity from 3 MMTPA to 9 MMTPA. OIL’s Net Zero commitment encompasses a range of initiatives, including adopting cleaner energy sources, investing in renewable energy projects and implementing advanced technologies to minimize greenhouse gas emissions for which about Rs. 25,000 Cr is envisaged to be invested by 2040. OIL’s efforts align with global sustainability goals and contribute to India’s energy transition towards a greener future. By adopting innovative technologies, forging collaborations, and investing in renewable energy projects, Company is playing a vital role in India’s journey towards a low-carbon economy and a sustainable energy future.

OIL being a responsible corporate citizen is focussed to take development beyond boundaries and be inclusive in its approach through a range of Corporate Social Responsibility initiatives for growth & development of local communities and region. Many successful CSR interventions in the key thrust areas of education, healthcare, environment, livelihood, sports, women empowerment, skill development, etc. have been implemented by OIL engaging with local communities for holistic development and ushering in sustainable social change.

The untiring efforts and contribution of dedicated workforce OIL was bestowed with the MAHARATNA status in FY 2023, the highest honour conferred to a Central Public Sector Enterprise (CPSE) in India. OIL has achieved this feat owing to its strong legacy of technical proficiency in upstream hydrocarbon sector and a workforce with professional diligence, innovation and performance that has alleviated the growth of the company to new heights.

With a new Vision of "Be a leading & future-ready integrated energy company committed to sustainable energy security of India through performance excellence" OIL is moving forward with new zeal to explore & conquer newer horizons for energy security for the nation.