The story of Oil India Limited (OIL) traces and symbolises the development and growth of the Indian petroleum industry. From the discovery of crude oil in the far east of India at Digboi, Assam in 1889 to its present status as a fully integrated upstream petroleum company, OIL has come far, crossing many milestones. Oil India was incorporated as a private limited company on February 18, 1959 under the name ‘Oil India Private Limited’, pursuant to a promoters’ agreement dated January 14, 1958, between the President of India, Burmah Oil Company Limited and Assam Oil Company Limited. At the time of the incorporation, Burmah Oil Company Limited and the President of India held two-thirds and one third of the Equity Share capital, respectively.

The Company was incorporated with the main object of exploration and production of crude oil (including natural gas). The Company became a deemed public limited company with effect from March 28, 1961 and the word ‘private’ was deleted from the name of the Company on May 4, 1961. In 1981, OIL became a wholly-owned Government of India enterprise. Today, OIL is a premier Indian National Oil Company engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. OIL also provides various E&P related services and holds 26% equity in Numaligarh Refinery Limited.

Business area of the company

The company is engaged in exploration, development and production of crude oil, natural gas, LPG and condensate and providing services such as pipeline transportation and generation of renewable energy. Currently, the company is a vertically integrated E&P company possessing rich expertise in the entire upstream E&P value chain including Seismic API, Drilling, Wireline Logging, Field Development, Production, Reservoir Management, IOR/EOR & Pipeline Laying. The company boasts a legacy spanning over six decades in the oil and gas sector, marked by a steadfast commitment to integrity, sustainability, and knowledge-driven operations.

Awards

• Credit Rating Agencies, Moody’s and Fitch, reaffirmed Oil India Limited’s Credit Ratings. While Moody’s Investor Service rated Oil India Limited as Baa2 (Stable), Fitch rated the Company as BBB-(Stable).
  
• Ranking of 201 in the Platts Top 250 Global Energy Company Rankings for 2016.
  
• The Petrofed Exploration and Production - Company of the year Award-2015.
  
• Indian Chamber of Commerce (ICC) - Public Sector Enterprise Excellence Award, 2015 on CSR & Sustainability
  
• Standing Conference of Public Enterprises (SCOPE): Corporate Communications Excellence Awards-2016 in the ‘Innovative stakeholder Interface’ and the ‘Best External Communication Programme’ categories
  
• 15th Annual Greentech Safety Award 2016 under Gold category in Petroleum Exploration Sector Award for the ‘Best Overall Display’ at the Petrotech-2016 Exhibition.
  
• The Jury choice Award for Strategic Investment at the 4th Governance Now Public Sector Undertaking Awards-2016 Best CFO Award -2016 for OIL's Director (Finance) in Oil & Gas Sector by The Institute of Chartered Accountants of India (ICAI) Awards under various categories at the World Human Resource Development Congress in Feb, 2017
  
• OIL was also ranked 20th in the listing of Best Employer Brand in India out of 470 organizations participating in the 11th Employer Branding Awards, 2017, and was also ranked 45th out of 750 participating organizations in the Dream Companies to Work for listings.
• 2021-22: Grow Care India Safety Award 2021: Pipeline Department of OIL have won the prestigious awards on the HSE front in the Petroleum Storage & Transportation Sector.
• 2021-22: Gold Award in Grow Care India Occupational Health & Safety Awards 2021.
• 2021-22: Gold Award in “11th Exceed Occupational Health Safety & Security Award” by Sustainable Development Foundation.
• 2021-22: Excellence in Learning and Development and Best in Training & Development Team by World HRD Congress.
• 2022-23: Federation of Indian Petroleum Industry - FIPI Awards 2022 “Exploration Company of the Year” and Special Commendation for “Initiatives in Promoting Hydrogen Company of the Year”.
• 2022-23: ‘Award for Institution Building’ at 13th Edition of Asia's Best Employer Brand Awards 2022.
• 2022-23: ET Ascents National Award for Excellence in CSR & Sustainability in the category Best Overall Excellence in CSR.
• 2022-23: 'GOLD AWARD '' under ' Grow Care India Occupational Health & Safety Award 2022'.
• 2023-24: The Company was bestowed with the Saksham 2023 award by PCRA India for its significant contribution towards Energy Conservation & Fuel Efficiency.
• 2023-24: The Eastern Asset awarded the “Gold Award” under the Apex India Safe Workplace Award 2023 in the Petroleum Exploration & Production Sector.
• 2023-24: PHQ was awarded with 1st position in Rajbhasha Shield by the Official Language Department, Ministry of Home Affairs, Govt. of India.
• 2023-24: The Company bagged the prestigious ‘10th Greentech CSR India Award 2023’ for its outstanding achievements in the ‘Healthcare Promotion’ category for its flagship Project ‘OIL Arogya’.
• 2024-25: The Company was bestowed with the prestigious Mine Safety Award 2024, in the category 'Oil Mines Large'; “Sustainability Champion – Editor’s Choice Award” at the Outlook Planet Summit & Awards 2024; Golden Bird National Award 2023-24 on “Fire & Security Excellence” and the ‘Platinum Award’ under “Apex India Green Leaf Award 2024 for Environment Excellence” in Petroleum Storage and Transportation Sector. 
• 2024-25: The Company was also bestowed two awards, i) Best Corporate Social Responsibility Practices and ii) Best Innovation in Emerging Technologies by World HRD Congress.

• 2024-25: The Company’s Rajasthan Field – (a) Production Mine was awarded the 1st Prize in the category of Statutory Reports and Safety Features; in the 38th Mines Safety Week Awards (b) Gas Processing Complex, Dandewala received the 'Merit Winner' in the International Safety Awards 2025 (c) First Rajbhasha Shield under the 'A' category of Offices for outstanding performance in implementation of Official Language.

• 1959- Oil India Private Limited incorporated with Burmah Oil Company Limited holding two-thirds of the Equity Share capital and the President of India holding one-third of the Equity Share capital.
  
• 1961- Oil India Private Limited transformed into an equal partnership joint venture company between Burmah Oil Company Limited and the President of India.
  
• 1961- Gas-based power plant commissioned at Duliajan, Assam.
  
• 1962- Completed construction of a 401 km (16 inch diameter) pipeline from Duliajan to Guwahati.
  
• 1963- Completed construction of a 756 km (14 inch diameter) pipeline from Guwahati to Barauni.
  
• 1972- Discovery of commercially producible crude oil in Jorajan fields and Kharsang fields.
  
• 1981- The Company became a wholly owned enterprise of the GoI.
  
• 1982- LPG plant based on turbo expander technology commissioned at Duliajan, Assam.
  
• 1988- Discovery of commercially exploitable gas reserves in Tanot, Rajasthan.
  
• 1989- Discovery of commercially exploitable gas reserves in Dandewala, Rajasthan.
  
• 1990- Discovery of commercially producible crude oil in ecocene formation in Dikom.
  
• 1991- Dicovery of commercially producible crude oil in ecocene formation in Kathaloni.
  
• 1992- Entered into an agreement with Hydrocarbon Research Incorporated, for initiating coal oil coprocessing studies.
  
• 1995- Entered into PSCs with various companies, to revive the declining Kharsang producing field.
  
• 2002- Entered into a consortium with OVL and IOCL to execute a service contract with the National Iranian Oil Company for the Farsi Block, Iran.
  
• 2004- Upgrading of the Company to a ‘schedule A’ company.
  
• 2004- Entered into a memorandum of understanding with IOCL for pursuing overseas exploration and production opportunities.
  
• 2004- Acquired participating interest in a pipeline outside India by entering into an agreement with OVL for construction of a 741 km long pipeline in Sudan.
  
• 2005- Entered into a memorandum of understanding with IOTL for jointly taking up pipeline and related projects in India and overseas.
  
• 2005- Entered into a memorandum of understanding with ITERA Oil and Gas Company, Russia, to jointly pursue exploration and production opportunities in India and overseas, including in Libya.
  
• 2005- Awarded Block 86 (Sirte basin) and Block 102/4 in Libya, along with IOCL.
  
• 2006- Executed a farm in agreement with IOCL and Marvis Private Limited, Singapore acquiring a participating interest in Block Shakthi, Gabon to the Company and IOCL.
  
• 2006- Awarded eight blocks in NELP-VI, out of which the Company is operator in six blocks.
  
• 2006- Entered into a joint venture agreement with GAIL, NRL and the Government of Assam to establish a gas-based cracker project at Lepetkata, Assam.
  
• 2007- Entered into a memorandum of understanding with British Gas for pursuing exploration and production opportunities.
  
• 2007- Entered into a memorandum of understanding with HPCL, GAIL, Total France, SA, and Mittal Energy Investment Private Limited for promoting a refinery-cum petrochemical complex in Vizag.
  
• 2007- Entered into a memorandum of understanding with HPCL to jointly pursue oil and gas opportunities in the downstream and upstream segment in India as well as overseas
  
• 2010- OIL granted Navratna status.
  
• 2010- Oil India Limited with other Indian Oil PSUs sign JV agreement for $20 billion Carabobo-1 Project in Venezuela.
  
• 2011- Oil India signs biofuels R&D pact with Energy and Resources Institute-Shri. T. K. Ananth Kumar, Director (Finance), OIL honoured with ‘Best CFO under PSU Category’ by ICAI-OIL Bags the Golden Peacock Award 2010-11 for Excellence in Corporate Governance for the year 2010-11.
  
• 2012- Adani group, Oil India ink agreements to bid BG group in Gujarat Gas Co Ltd (GGCL).-OIL achieves highest production oil, natural gas.
  
• 2013- Oil India Ltd. (OIL) has expanded its presence in the renewable energy sector with successful commissioning of 54 MW wind turbine power plant in Rajasthan.
  
• 2014- MOU between Oil India Limited (OIL) and Zarubezhneft.
  
• 2015- Oil India has commissioned a 54 MW wind energy project in the states of Gujarat and Madhya Pradesh.
  
• 2015- Oil India Ltd has got environment clearance for drilling 20 wells in three blocks in Jaisalmer, Rajasthan for production of 1 mmscmd gas at an estimated cost of Rs 96 crore.
  
• 2015- Oil India Limited signs a Memorandum of Understanding with Rosneft for cooperation in Russia.
  
• 2015- Oil India Limited signs a Memorandum of Understanding with Rosneft for cooperation in Russia.
  
• 2016- Oil India signs agreement to acquire shares in Rosneft.
  
• 2017- Oil India Limited signs Memorandum of Understanding with Centre for Social Responsibility & Leadership.
  
• 2019- Oil India commences exploration activities in Rajasthan's Siyasar block.
  
• 2019- Oil India incorporates JV Company in Assam.
  
• 2019- Government of Arunachal Pradesh grants exploration licenses to Oil India.
  
• 2020- Oil India starts exploring for oil and gas in Andaman Sea.
• 2021: Oil India starts seismic survey in North- eastern state of Tripura.
• 2021: Oil India’s arm escalates capacity expansion cost to Rs 28,026 crore.
• 2022: Assam government signs mining pact with Oil India. 
• 2022: Oil India completes beta demonstration of hydrogen-powered bus developed by Ohm Cleantech. 
• 2022: Oil India partners with Juniper Networks.
• 2023: Oil India to invest Rs 25,000 crore in clean energy projects.
• 2024: Oil India inks joint venture agreement with Assam Power Generation Corporation. 
• 2024: Oil India signs new long-term definitive agreement with Numaligarh Refinery.
• 2024: Oil India inks MoU with Khanij Bidesh India.
• 2024: Oil India wins critical mineral block in Arunachal Pradesh. 
• 2025: Oil India secures 9 blocks under OALP IX. 
• 2025: Oil India signs joint operating agreement with ONGC. 
• 2025: Oil India inks technology service agreement with TotalEnergies.