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| E & P |
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| Forays into E & P |
In keeping with the dynamic business environment, IndianOil's business development initiatives continue to be driven by the emerging opportunities and guided by its corporate vision of becoming a diversified, transnational, integrated energy company. Its business strategy focusses primarily on expansion across the hydrocarbon value chain, both within and outside the country, while simultaneously revisiting its strategic plans and undertaking mid-course corrections, wherever necessary.
To enhance upstream integration, IndianOil has been pursuing exploration & production activities both within and outside the country in collaboration with consortium partners. Recently, IndianOil was associated with two successful discoveries in oil exploration blocks, one each in India and Iran. Commercial appraisal of these blocks is underway. IndianOil also farmed into an exploration block in Gabon along with Oil India Ltd. (OIL) as the operator. In addition, the IndianOil-OIL combine acquired participating interest in a block in Nigeria. The Corporation, in consortium with OIL, Kuwait Energy and Medco Energi of Indonesia also succeeded in acquiring participating interest in two exploration blocks in Yemen, awarded through international bidding.
At home, IndianOil and its consortium partners were awarded two exploration blocks in Mumbai offshore in Round-VI of bidding under the New Exploration Licencing Policy (NELP). With this, IndianOil now has an upstream portfolio consisting of participatory interest in eight blocks under NELP and two blocks under CBM, in addition to two farm-in blocks in northeast India and seven blocks overseas.
Oil & gas will continue to be the principal energy source in the growing economy. The years ahead, therefore, hold great opportunities and challenges. Guided by its experience and inherent spirit, IndianOil shall overcome all the challenges as it has been consistently doing in the past, and scale up its operations to capitalise on all opportunities and realise its corporate vision.
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