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Oil India was founded on 18 February 1959, with its registered office in Duliajan, Assam, as a privately held oil exploration company. Burmah Oil Company originally held two-thirds of the stock and the Government of India (via the Office of the President) held the rest. [5]
Until 1955, private oil companies mainly carried out exploration of hydrocarbon resources of India. In Assam, the Assam Oil Company was producing oil at Digboi (discovered in 1889) and Oil India Ltd. (a 50% joint venture between Government of India and Burmah Oil Company) was engaged in developing two newly discovered large fields Naharkatiya ...
India has begun the development of a strategic crude oil reserve sized at 37.4 million barrels (5,950,000 m 3), enough for two weeks of consumption. [43] Petroleum stocks have been transferred from the Indian Oil Corporation to the Oil Industry Development Board (OIDB). [ 44 ]
The Ministry of Petroleum and Natural Gas (MOP&NG) is a ministry of the Government of India responsible for the exploration, production, refining, distribution, marketing, import, export, and conservation of petroleum, natural gas, petroleum products, and liquefied natural gas in the country.
India became the top buyer of Russian sea-borne oil sold at a discount after Western nations imposed sanctions on Moscow and curtailed their energy purchases in response to Russia's invasion of ...
It is based in Navi Mumbai, Maharashtra, India. It is vertically integrated and is involved in hydrocarbon exploration, production, refining and also has interests in the downstream business and operates over 1700 Retail Fuel Outlets in India. [2] It also operates the largest oil refinery in the world, situated in Jamnagar.
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GAIL has 70% equity share in BCPL, a Joint Venture, with Oil India Limited (OIL), Numaligarh Refinery Limited (NRL), Govt. of Assam, each having 10% equity share. Feedstock Supply Agreements have been signed between BCPL and all the three suppliers, viz., Oil and Natural Gas Corporation Limited, Oil India Limited and Numaligarh Refinery Limited.