Milestones of OIL India Ltd

Milestones of OIL India Ltd

Milestones of OIL India Ltd

Milestones:

  • 1959 – Oil India Private Limited incorporated with Burmah Oil Company Limited holding two–thirds of the Equity Share capital and the President of India holding one–third of the Equity Share capital
  • 1961 – Oil India Private Limited transformed into an equal partnership joint venture company between Burmah Oil Company Limited and the President of India
  • 1961 – Gas–based power plant commissioned at Duliajan, Assam
  • 1962 – Completed construction of a 401 km (16-inch diameter) pipeline from Duliajan to Guwahati
  • 1963 – Completed construction of a 756 km (14-inch diameter) pipeline from Guwahati to Barauni
  • 1972 – Discovery of commercially producible crude oil in Jorajan fields and Kharsang fields
  • 1981 – The Company became a wholly-owned enterprise of the GoI
  • 1982 – LPG plant based on turbo expander technology commissioned at Duliajan, Assam
  • 1988 – Discovery of commercially exploitable gas reserves in Tanot, Rajasthan
  • 1989 – Discovery of commercially exploitable gas reserves in Dandewala, Rajasthan
  • 1990 – Discovery of commercially producible crude oil in eco scene formation in Dikom
  • 1991 – Discovery of commercially producible crude oil in eco scene formation in Kathaloni
  • 1992 – Entered into an agreement with Hydrocarbon Research Incorporated, for initiating coal oil coprocessing studies
  • 1995 – Entered into PSCs with various companies, to revive the declining Kharsang producing field.
  • 2002 – Entered into a consortium with OVL and IOCL to execute a service contract with the National Iranian Oil Company for the Farsi Block, Iran
  • 2004 – Upgrading of the Company to a ‘schedule A’ company
  • 2004 – Entered into a memorandum of understanding with IOCL for pursuing overseas exploration and production opportunities
  • 2004 – Acquired participating interest in a pipeline outside India by entering into an agreement with OVL for the construction of a 741 km long pipeline in Sudan
  • 2005 – Entered into a memorandum of understanding with IOTL for jointly taking up the pipeline and related projects in India and overseas
  • 2005 – Entered into a memorandum of understanding with ITERA Oil and Gas Company, Russia, to jointly pursue exploration and production opportunities in India and overseas, including in Libya
  • 2005 – Awarded Block 86 (Sirte basin) and Block 102/4 in Libya, along with IOCL
  • 2006 – Executed a farm-in agreement with IOCL and Marvis Private Limited, Singapore acquiring a participating interest in Block Shakthi, Gabon to the Company and IOCL
  • 2006 – Awarded eight blocks in NELP–VI, out of which the Company is an operator in six blocks
  • 2006 – Entered into a joint venture agreement with GAIL, NRL, and the Government of Assam to establish a gas-based cracker project at Lepetkata, Assam
  • 2007 – Entered into a memorandum of understanding with British Gas for pursuing exploration and production opportunities
  • 2007 – Entered into a memorandum of understanding with HPCL, GAIL, Total France, SA, and Mittal Energy Investment Private Limited for promoting a refinery–cum petrochemical complex in Vizag
  • 2007 – Entered into a memorandum of understanding with HPCL to jointly pursue oil and gas opportunities in the downstream and upstream segments 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
    –Shri. T. K. Ananth Kumar, Director (Finance), OIL 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 the highest production of oil, natural gas

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