Oil India announced that due to the evolving security situation at the Palma area (North of Cabo Delgado Province, Mozambique), TOTAL (the Operator of Area 1 Mozambique LNG Project) has evacuated all the Mozambique LNG project personnel and contractors from the Project area. Subsequently, Operator has declared Force Majeure. Oil India is closely monitoring the situation.

OIL is a Sponsor in Area 1 Block, through its 40% shareholding in BREML, which holds a 10% Participating Interest in Area 1. The remaining 60% shares in BREML are held by ONGC Videsh.

The Project is Operated by Total E&P Mozambique Area 1 Limitada, a wholly owned subsidiary of Total SE, with 26.5 percent working interest. Co-venturers include ENH Rovuma Área Um, S.A. (15 percent), Mitsui E&P Mozambique Area1 Limited (20 percent), ONGC Videsh Rovuma Limited (10 percent), Beas Rovuma Energy Mozambique Limited (10 percent), BPRL Ventures Mozambique B.V. (10 percent), and PTTEP Mozambique Area 1 Limited (8.5 percent).

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Oil India Ltd lost 0.59% today to trade at Rs 118.85. The S&P BSE Energy index is down 0.18% to quote at 6123.81. The index is down 4.16 % over last one month. Among the other constituents of the index, Reliance Industries Ltd decreased 0.56% on the day. The S&P BSE Energy index went up 57.75 % over last one year compared to the 60.06% surge in benchmark SENSEX.

Oil India Ltd has lost 8.12% over last one month compared to 4.16% fall in S&P BSE Energy index and 1.64% drop in the SENSEX. On the BSE, 3481 shares were traded in the counter so far compared with average daily volumes of 93869 shares in the past one month. The stock hit a record high of Rs 139 on 05 Feb 2021. The stock hit a 52-week low of Rs 74.9 on 22 Apr 2020.

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Oil India announced that Moody's Investors Service (Moody's) has affirmed the Baa3 issuer ratings and senior unsecured bond ratings of Oil India (OIL).

Moody's has also affirmed the Baa3 rating on the backed senior unsecured notes issued by Oil India International (WhollyOwned Subsidiary of OIL). Moody's has downgraded OIL's Baseline Credit Assessment (BCA) to ba1 from baa3.

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Oil India has on 25 March 2021 entered into a share purchase agreement for the proposed acquisition of 39,84,36,929 equity shares in the share capital of Numaligarh Refinery (a company primarily engaged in the business of refining of petroleum products) from Bharat Petroleum Corporation.

Also, Engineers India is also a party to the SPA and would independently be acquiring 3,21,46,957 equity shares from BPCL pursuant to the SPA

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