Oil India Explores Offshore Blocks with Global Partners
State-owned Oil India Ltd (OIL) is actively engaging in discussions with global energy companies to explore hydrocarbon blocks off India’s coast.
The company is in talks with French energy firm Total Energies, either as a technical partner or a “participating interest” partner. These efforts come as OIL prepares for aggressive bidding in the upcoming rounds of the Open Acreage Licensing Policy (OPAL), which will put several offshore blocks up for auction.
OIL is also in advanced discussions with other international players, including PTT Exploration and Production Public Company from Thailand, Malaysian state-owned PETRONAS, and Vietnamese state-owned Petro Vietnam.
The company has already signed a non-disclosure agreement with PETRONAS, and they are moving toward formalizing a Memorandum of Understanding (MoU) to advance exploration plans.
In terms of production, Oil India is targeting 3.8 million tons of crude oil equivalent and 3.8 billion cubic meters of natural gas by financial year 2025. Over the past few years, the company has been experiencing a steady annual production growth rate of 5-6 percent.
On the international front OIL is committed to drilling over 75 wells this financial year.
In Libya, where it holds a 25 percent participating interest in Block Area 95/96. OIL has already completed five-and-a-half wells and aims to drill two more by the civil unrest but is now looking to resume activity as the situation stabilizes. India Oil Corporation and Sonatrach International Production and Exploration (SIPEX), the block’s operator, are its partners in this project.
Additionally, OIL is negotiating terms with ONGC Videsh Ltd for its drilling operations in Bangladesh. Despite the current unrest in Bangladesh, the company’s diesel supplies via the Indo-Bangla Friendship Pipeline remain unaffected, and expansion of the Numaligarh refinery continues as planned.
OIL is also poised to start drilling operations in the Andaman Blocks by October and will soon issue tenders for operations in offshore blocks in Kerala, further expanding its exploration efforts domestically and internationally.