IndianOil Corporation Ltd
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.

The overseas portfolio includes nine blocks spanning Libya, Iran, Gabon, Nigeria, Timor-Leste, Yemen and Venezuela. IndianOil is 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 has acquired participating interest in a block in Nigeria. The Corporation, in consortium with OIL, Kuwait Energy and Medco Energi of Indonesia has acquired a participating interest in two exploration blocks in Yemen. As part of consortium, IndianOil has been awarded Project -1 in the Carabobo heavy oil region of Venezuela. To boost E&P activities, IndianOil has incorporated Ind-OIL Overseas Ltd. – a special purpose vehicle for acquisition of overseas E&P assets – in consortium with Oil India Ltd.

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). IndianOil’s domestic portfolio includes nine oil & gas blocks and two Coal Bed Methane blocks. Oil & gas 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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