Oil India Ltd Share Price – NSE  / BSE

Crude Oil & Natural Gas, Mid Cap

Oil India announced the cessation of Pankaj Kumar Goswami, Director (Operations) from the Board of the company with effect from 01 October 2024.

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Indian state-owned companies Oil India, ONGC Videsh (OVL) and Khanij Bidesh India (KABIL) announced the signing of memorandum of understanding (MoU) with International Resources Holding RSC. (IRH), UAE, for global cooperation in Critical Mineral supply chain.

The parties intend to leverage their respective expertise, resources, and networks to pursue opportunities that are mutually beneficial and to achieve operational excellence and secure a stable supply of critical energy minerals, Oil India stated in the press release.

Under the terms of the MoU, the parties will work together in a cooperative and coordinated manner and will focus on project identification, conducting joint due diligence, collaborate on risk management strategies and devise a long-term offtake strategy, it added.

Oil India is a state-owned Maharatna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 30 June 2024, the Government of India held 56.66% stake in the company.

The petroleum business company reported 9.09% decline in standalone net profit to Rs 1,466.84 in Q1 FY25 as compared to Rs 1,613.43 crore posted in Q1 FY24. However, revenue from operations (excluding excise duty) jumped 17.67% to Rs 5,331.92 crore in Q1 FY25 from Rs 4531.18 crore reported in the same period a year ago.

Shares of Oil India tumbled 5.15% to Rs 577.75 on the BSE.

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A Memorandum of Understanding (MoU) was signed between Indian entities comprising of Oil India, OVL & KABIL and International Resources Holding RSC Ltd. (IRH), UAE on 10 September 2024 for global cooperation in Critical Mineral supply chain primarily with the objective of collaboration, identification, acquisition, and development of Critical Mineral projects on a global scale, including India.

The Parties intend to leverage their respective expertise, resources, and networks to pursue opportunities that are mutually beneficial and to achieve operational excellence and secure a stable supply of critical energy minerals.

Under the terms of the MoU, the Parties will work together in a cooperative and coordinated manner and will focus on Project Identification, conducting joint due diligence, collaborate on risk management strategies and devise a long-term offtake strategy.

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Oil India (OIL) and Indra Dhanus Gas Grid (IGGL) signed the hook-up agreements for connecting OIL's natural gas fields of upper Assam with the Duliajan Feeder Line of the North-East Gas Grid and also for evacuation of natural gas to be produced from OIL's DSF block in Tripura through IGGL's 12” NB x 86 km Agartala- Tulamura natural gas pipeline.

This agreement marks a step forward in OIL's shared vision of enhancing the energy infrastructure in North-East region and also OIL's commitment towards a gas based economy for the nation.

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