 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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