OIL

Earlier it was incorporated as a private limited company on February 18, 1959, under the name of "Oil India Private Limited," and according to a promoters' agreement, it was dated January 14, 1958, between the President of India, and Burmah Oil Company Limited and Assam Oil Company Limited. During incorporation, the Burmah Oil Company Limited and the President of India held two–thirds and one-third percent of the Equity Share capital. It has the primary objectives of exploration as well as the production of crude oil, which includes natural gas. Soon, the Company became a deemed public limited company with effect from March 28, 1961, and the word "private" was deleted entirely from the name of the Company as on May 4, 1961.

According to an agreement as on July 27, 1961, it was between Burmah Oil Company Limited and Assam Oil Company Limited. And then, Burmah Oil Company Limited transferred all of its Equity Shares to the President of India, and both became equal partners by holding a 50:50 interest in the Equity Share capital of the Company. Thus, pursuant to the Burmah Oil Company and after the acquisition of shares of Oil India Limited & of the undertakings in India of Assam Oil Company Limited & the Burmah Oil Company (India Trading) Limited Act, in 1981, the Equity Shares in the Company which was held by Burmah Oil Company Limited were soon transferred to the President of India, according to it the Company became a wholly owned Government company. Soon, it received a fresh certificate of incorporation on conversion to a public limited company from the RoC as on August 30, 1995.

Some of the Business areas of the Company:

It has over 1 lakh sq km of PEL/ML areas for both of its research as well as the production activities, and most of it is in the Indian North East, which accounts for its complete crude oil production and also the majority of the gas production. Also, Rajasthan is one of the OIL producing areas, and it contributes to 10 percent of its total gas production.

Additionally, OIL's exploration activities are spread over coastal areas of Ganga Valley and Mahanadi. OIL also has participating interest in the NELP exploration blocks located in Mahanadi Offshore, Mumbai Deepwater, Krishna Godavari Deepwater, and others as well. It has overseas projects as well in Libya, Gabon, Iran, Nigeria, and Sudan.

It currently owns and operates 13 drilling rigs and 14 workover rigs, besides charter hiring drilling rigs based on operational requirements. Over 1,000 wells are covering over 3.5 million meters, varying in depth from 1,000 – 5,000 meters, have been drilled in various surface and subsurface environments, including high underground pressures and temperature conditions.