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 focuses primarily on expansion across the hydrocarbon value chain, both within and outside the country.
To enhance upstream integration, IndianOil has been pursuing exploration & production activities both within and outside the country in collaboration with consortium partners.
IndianOil has built a sizeable portfolio of oil & gas assets, with participating interest in 10 domestic and eight overseas blocks. The eight overseas blocks are located in USA, Canada, Venezuela, Libya, Gabon, Nigeria and Russia.
An Indian consortium, with IndianOil as one of the partners, has acquired 23.9% of Vankor and 29.9% of Taas assets in Russia from Rosneft. In February 2018, an Indian consortium comprising IndianOil, ONGC Videsh and BPRL acquired a 10% stake in ADNOC's Lower Zakum Concession, Offshore Abu Dhabi. In the consortium, IndianOil owns a 30% participating stake.
During the year 2016-17, IndianOil's cumulative oil & gas production increased by 145% (from 8,741 to 21,402.8 Mboe). The per day oil & gas production from producing assets increased by 466% (from 9,802 to 55,514 Mboe/d) on a year-on-year basis. The Corporation's 2P reserve rose by 114% during the year to 961.40 Mboe. During 2016-17, IndianOil also participated in Discovered Small Field Bid Round and acquired 3 Contract Areas as sole operator.