line 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.
enhance upstream integration, IndianOil has been pursuing exploration & production
activities both within and outside the country in collaboration with consortium
The overseas portfolio includes seven blocks spanning USA, Libya, Gabon, Nigeria,
Yemen, Canada and Venezuela. The Corporation has three producing assets, viz., Niobrara Shale Project (USA), Pacific Northwest LNG Project (Canada) and Carabobo Project (Venezuela). During the year, the production from these assets increased to 3,299 mboe (million barrels oil equivalent) from 1,754 mboe in 2013-14, registering an 88 per cent rise. The proved and proved-developed reserves have increased from 1.66 mtoe (million tonnes oil equivalent) as on 31st March, 2014 to 2.18 mtoe as on 31st March, 2015, an increase of 32 per cent.
The cumulative total investment in the domestic assets stands at US$ 353.80 Million (equivalent to 1849.63 crore), and a sum of US$ 1,572.98 Million (equivalent to 9200.37 crore) has been invested in overseas projects.
During the year, the Corporation had two discoveries in Gujarat-Kutch offshore blocks, GK-OSN-2009/1 & GK-OSN-2009/2, and the plan of development of the Assam block, AAP-ON-94/1, has been approved. Additionally, during the year, a major milestone was reached as the development and production phase of the two CBM blocks in Jharkhand (BK-CBM-2001/1 and NK-CBM-2001/1)
began after sustained gas flow from the test wells in both the blocks.
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.