Oil India Limited or OIL
Earlier it was incorporated as a private limited company on February 18, 1959, under the name of "Oil India Private Limited," and according to a promoters' agreement, it was dated January 14, 1958, between the President of India, and Burmah Oil Company Limited and Assam Oil Company Limited. During incorporation, the Burmah Oil Company Limited and the President of India held two–thirds and one-third percent of the Equity Share capital. It has the primary objectives of exploration as well as the production of crude oil, which includes natural gas. Soon, the Company became a deemed public limited company with effect from March 28, 1961, and the word "private" was deleted entirely from the name of the Company as on May 4, 1961.
According to an agreement as on July 27, 1961, it was between Burmah Oil Company Limited and Assam Oil Company Limited. And then, Burmah Oil Company Limited transferred all of its Equity Shares to the President of India, and both became equal partners by holding a 50:50 interest in the Equity Share capital of the Company. Thus, pursuant to the Burmah Oil Company and after the acquisition of shares of Oil India Limited & of the undertakings in India of Assam Oil Company Limited & the Burmah Oil Company (India Trading) Limited Act, in 1981, the Equity Shares in the Company which was held by Burmah Oil Company Limited were soon transferred to the President of India, according to it the Company became a wholly owned Government company. Soon, it received a fresh certificate of incorporation on conversion to a public limited company from the RoC as on August 30, 1995.
Some of the Business areas of the Company:
- Exploration–
It has over 1 lakh sq km of PEL/ML areas for both of its research as well as the production activities, and most of it is in the Indian North East, which accounts for its complete crude oil production and also the majority of the gas production. Also, Rajasthan is one of the OIL producing areas, and it contributes to 10 percent of its total gas production.
Additionally, OIL's exploration activities are spread over coastal areas of Ganga Valley and Mahanadi. OIL also has participating interest in the NELP exploration blocks located in Mahanadi Offshore, Mumbai Deepwater, Krishna Godavari Deepwater, and others as well. It has overseas projects as well in Libya, Gabon, Iran, Nigeria, and Sudan.
- Drilling and Workover–
It currently owns and operates 13 drilling rigs and 14 workover rigs, besides charter hiring drilling rigs based on operational requirements. Over 1,000 wells are covering over 3.5 million meters, varying in depth from 1,000 – 5,000 meters, have been drilled in various surface and subsurface environments, including high underground pressures and temperature conditions.
- Production Services–
It has accumulated over a hundred years of experience in oil and gas production since the discovery of Digboi oilfield in 1889. From proper completion to wellbore servicing, installation, operation, and maintenance of new surface handling facilities, and it has the expertise to manage the entire range of procedures that are required for the onshore oil and gas production. It has mastered the techniques to produce and condition the waxy (paraffinic and asphaltenic) the crude oil of Assam.
- Pipeline–
It is the pioneer in crude oil transportation in places like south–east Asia and owns and operates approximately 1,432 km of the cross–country crude oil pipelines. It was also commissioned in 1962, as the crude oil pipeline was traversed 79 river crossings which including the mighty Brahmaputra River which keeps rushing via paddy fields, tropical rain forests and also the world's most fabulous watershed zone known as the Teesta Area. The state of the art pipeline can transport over 8.0 MTPA of crude oil and feeding 4 Public Sector Refineries in the North–east of India. It owns ten crude oil pumping stations and 17 repeater stations spread across the eastern India states of Assam, West Bengal, and Bihar.
The Milestones:
2007:
It entered into a memorandum of understanding with the HPCL to jointly pursue oil & the gas opportunities in the downstream and upstream segment in India as well as overseas
2010:
- OIL granted Navratna status
- Oil India Limited with other Indian Oil PSUs sign JV agreement for $20 billion Carabobo–1 Project in Venezuela
2011:
- Oil India signs biofuels R&D pact with Energy and Resources Institute
- T. K. Ananth Kumar, Director (Finance), OIL was also honored with "Best CFO under PSU Category" "by ICAI
- OIL Bags the Golden Peacock Award 2010–11 for Excellence in Corporate Governance for the year 2010–11
2012:
- Adani group, Oil India ink agreements to bid BG group in Gujarat Gas Co Ltd (GGCL).
- OIL achieves highest production oil, natural gas
Awards:
- 2012 –
- It bags E&P Company Award for the year 2010–11
- It was honored with "Performance Excellence Award 2011(Organisation)" "by IIIE
- OIL bagged the most prestigious Oil Industry Safety Directorate Award
- OIL bags' IPE CSR Corporate Governance Award– 2012.'
- Oil India Limited was awarded the prestigious award of BUSINESS LEADERSHIP AWARD in SECTOR OIL & GAS given by the NDTV Profit
- 2013
- It was conferred with the 'CAG Pick of the Year' Award.
- It won the 7th ENERTIA Awards 2013.
- OIL won Corporate Excellence Award 2013 for Best Investor Relations.