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To meet the emerging challenges of post-deregulated era of the oil sector, IndianOil in 1995 set up the IndianOil Institute of Petroleum Management (IiPM) as an apex centre for learning. The only one of its kind in the petroleum sector, IiPM aims to create a vibrant bridge of knowledge managers to lead the Indian energy companies. Since the last 12 years, IiPM has been conducting global standard international business management programmes for executive along with various management development programmes.

As an ISO 9001-2000 certificate institute, IiPM has been awarded the Golden Peacock National Award for "Innovative Training Practices" by the Institute of Directors (IOD), for 1998, 2000, 2005, 2006 and for the year 2007 as well. For the year 2006-2007, the Indian Society of Training & Development (ISTD) also presented the "Innovative Training Practices" award to IiPM. It also received the "Best Innovation in Teaching" award from the Association of Indian Management Schools for the year 1998-99.

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