Oil India Limited
On February 18, 1959, Oil India Private Limited was incorporated to expand and develop the newly discovered oil fields of Naharkatiya and Moran in the Indian North East. In 1961, it became a joint venture company between the Indian Government and Burmah Oil Company Limited, UK.
In 1981, OIL became a wholly-owned Government of India enterprise. Today, OIL is a premier Indian National Oil Company engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. OIL also provides various E&P related services and holds 26% equity in Numaligarh Refinery Limited.
The Authorized share capital of the Company is Rs. 500 Crores. The Issued, Subscribed and Paid share capital of the company is Rs. 240.45 Crores. At present, The Government of India, the Promoter of the Company is holding 78.43% of the total Issued & Paid-up Capital of the Company. The balance 21.57% of the Equity capital is held by others.
Oil India Limited
OIL has over 1 lakh sq km of PEL/ML areas for its exploration and production activities, most of it in the Indian North East, which accounts for its entire crude oil production and majority of gas production. Rajasthan is the other producing area of OIL, contributing 10 per cent of its total gas production.
Additionally, OIL’s exploration activities are spread over onshore areas of Ganga Valley and Mahanadi. OIL also has participating interest in NELP exploration blocks in Mahanadi Offshore, Mumbai Deepwater, Krishna Godavari Deepwater, etc. as well as various overseas projects in Libya, Gabon, Iran, Nigeria and Sudan.
In a recent CRISIL-India Today survey, OIL was adjudged as one of the five best major PSUs and one of three best energy sector PSUs in the country
"The fastest growing energy company with a global presence providing value to the shareholder"
Oil India is the fastest growing Energy Company with highest profitability.
Oil India delights the customers with quality products and services at competitive prices.
Oil India is a Learning Organization, nurturing initiatives, innovations and aspirations with best practices.
Oil India is a team, committed to honesty, integrity, transparency and mutual trust creating employee pride.
Oil India is fully committed to safety, health and environment.
Oil India is a responsible corporate citizen deeply committed to socio-economic development in its areas of operations
OIL on the threshold of its 50th Year since inception in 1959
It’s celebration time for Team OIL and the Company’s stakeholders!
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.