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Oil India Limited

Oil India Limited

Industry: 
Energy
Symbol: 
NSE:OIL
Country: 
India
Contact Information: 
Sources: 

"A U.S. Congress investigative arm has identified four companies that did business with Iran's energy sector over roughly the past year, despite global sanctions. Based on open-source information, the U.S. Government Accountability Office on Tuesday pinpointed two companies in China and another two in India dealing with Tehran's energy industry during a 13-month period ending in November. Any or all of the parties could come under new global pressure to cease their joint projects...Oil India and another Indian firm, Oil and Natural Gas, each told U.S. auditors they had divested from gas field development efforts noted in their annual reports. However, the investigators still labeled the firms as ‘active’ collaborators with Iran during the recently concluded reporting period." (Global Security Newswire, “Iran's Business Partners Face New Sanctions Scrutiny,” 1/9/14)

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"Iran has offered the first such pact globally since the 1979 revolution that overthrew the monarchy in Iran to an Indian consortium comprising ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd(IOC) and Oil India Ltd (OIL), which won a bid for the block in 2002 from National Iranian Oil Co." (The Wall Street Journal, "Indian firms to ink production-sharing contract with Iran," 6/16/2013)

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Firm/country: Oil India Ltd. (OIL)/India;

Firm activity: Development of Farzad-B natural gas field in the Farsi block;

Status: Part of a consortium that is exploring the Farsi block and

that submitted a 2009 plan to develop the gas field over a 7- to 8- year period;

Commercial activity: 20% stake in the project, with an estimated total investment of $5 billion;

Firm comment: Contacted on February 18, 2010; no response as of March 22, 2010.

(GAO Report 2010, "Firms Reported in Open Sources as Having Commercial Activity in Iran’s Oil, Gas, and Petrochemical Sectors")

"Indian companies including Oil India Ltd and ONGC plan to buy a part of ConcoPhillips' Canadian oil sands assets worth around $5 billion." (Reuters, "India ONGC says presence in Iran, Sudan may affect US plans," 9/4/2012)

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"The Indian government has asked its public sector oil firms to seek legal opinion on the impact of the latest round of US sanctions on Iran on their investment in the Persian Gulf nation, Oil Secretary S Sundareshan said here. The US administration had in May named Oil and Natural Gas Corporation, ONGC Videsh Ltd, Oil India Ltd, IndianOil, Hinduja Group and Petronet LNG among the 41 firms worldwide having energy ties with Iran, an act for which it may impose sanctions on them." (Economic Times, "Oil PSUs to seek legal opinion of impact of sanctions on Iran," July 22, 2010)

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"We had last year mentioned about commercial gas discovery in an Exploration Service Contract for Farsi Off shore Block, Iran, where your Company has 20% PI as a member of the consortium led by OVL. Th e consortium is now in discussion with National Iranian Oil Company (NIOC) and Iran Off shore Oil Company (IOOC) on its development plan." (Company Website - Chairman's Address, 2010) 

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"The Company has overseas presence in seven countries, Libya, Gabon, Nigeria, Yemen, East Timor, Iran and Sudan.  These blocks are part of one of the most prolific basins in Libya. In Iran , OIL has 20% PI in Farsi Block. Discovery of oil and gas in the block has been made, which is being evaluated for commercialization." (Company Website - Press Release, April 2009)

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