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Proven oil reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated, with a high degree of confidence, to be commercially recoverable from a given date forward from known reservoirs and under current economic conditions.
Oil India was formed in 1959 to operate this new field and other nearby concessions, with Burmah Oil holding 2/3rd equity holding and Government of India holding 1/3rd equity. Later in 1961, this was changed to 50/50 shareholding. In 1982, Burmah Oil transferred all its shares to Government of India and Oil India became 100% Government owned.
The Indian Oil Group owns and operates 11 of India's 23 [29] refineries with a combined refining capacity of 80.7 million tonnes per year. [30] Indian Oil's cross-country pipeline network, for the transport of crude oil to refineries and finished products to high-demand centres, spans over 13,000 km.
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Get breaking Business News and the latest corporate happenings from AOL. From analysts' forecasts to crude oil updates to everything impacting the stock market, it can all be found here.
It has about 25% market-share in India among public-sector companies (PSUs) and a strong marketing infrastructure. Oil and Natural Gas Corporation owns 51.11% shares in HPCL and others are distributed amongst financial institutes, public and other investors.
At present 1.06 million km 2 area is held under Petroleum Exploration Licenses in 18 basins by national oil companies viz. Oil and Natural Gas Corporation Limited , OIL India Limited and Private/Joint Venture companies. Before implementation of the New Exploration Licensing Policy (NELP) in 1999, a mere 11% of Indian sedimentary basins were ...
India was the second top net crude oil (including crude oil products) importer of 205.3 Mt in 2019. [ 4 ] By March 2021, India's domestic crude oil production output fell by 5.2% and natural gas production by 8.1% in the FY21 as producers extracted 30.4917 Mt of crude oil and 28.67 BCM of natural gas in the fiscal year.