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Updated On:17/08/2021

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JVs / PSCs / Alliances

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Keeping in perspective the Indian Government's liberalisation policy and the dismantling of the Administered Pricing Mechanism, OIL expanded its business activities both within and outside the country, adding hydrocarbon related ventures like gas based power generation to its portfolio.

DOMESTIC

In the E&P sector, in India, OIL has signed Production Sharing Contracts (PSCs) with private companies like Essar Oil, Hindustan Oil Exploration Company (HOEC), Geo Global Resources (GGR), Geo-Enpro Petroleum, Hindustan Mittal Energy Ltd (HMEL), Geo-Petrol International Inc., Shiv Vani, Assam Company India Ltd (ACIL) and Reliance Industries (RIL). Besides bidding on its own, OIL has joined ONGC, GAIL, BPRL, HPCL, NTPC, BGEPIL, APGIC, GSPCL and IOC in acquiring exploration blocks offered under New Exploration Licensing Policy (NELP) of the Government of India.



The list of PSCs, their locations and partners where OIL has participating interest or Operatorship as of March 2018:

JOINT VENTURES (as on March 2018):
Sl.No. Block No. Date of Execution Company's Participating Interest(%) Other Partners Participating Interest(%) Operator
1 Kharsang PSC 16.06.1995 40 JEPL
Geo Petrol
Geo-Enpro		 25
25
10		 Geo-Enpro
2 AAP-ON-94/1 30.06.1998 44.086 IOCL
HOEC		 29.032
26.882		 HOEC

OIL AS OPERATOR (as on March 2018):
Sl.No. Block No. Date of Execution Company's Participating Interest(%) Other Partners Participating Interest(%) Operator
1 MZ-ONN-2004/1 02.03.2007 85 Shiv-Vani 15 OIL
2 RJ-ONN-2004/2 02.03.2007 75 GGR 25 OIL
3 KG-ONN-2004/1 02.03.2007 90 GGR 10 OIL
4 AA-ONN-2010/2 28.03.2012 50 ONGCL
GAIL		 30
20		 OIL
5 AA-ONN-2010/3 28.03.2012 40 ONGCL
BPRL		 40
20		 OIL

OIL AS NON OPERATOR (as on March 2018):
Sl.No. Block No. Date of Execution Company's Participating Interest(%) Other Partners Participating Interest(%) Operator
1 WB-ONN-2005/4 22.12.2008 25 ONGCL 75 ONGCL
2 GK-OSN-2010/1 28.03.2012 30 ONGCL
GAIL		 60
10		 ONGCL

OIL AS NON OPERATOR in DSF Block (as on March 2018):
Sl.No. Block No. Date of Execution Company's Participating Interest(%) Other Partners Participating Interest(%) Operator
1 AA/ONDSF/KHEREM2016 RSC signed
on
27.03.2017
PML A/F		 40 HOEC
PPCL		 40
20		 HOEC

Alliances
Acquisition of overseas exploration blocks and oil & gas properties is a strategic focus area of OIL. In alliance with various Indian oil and gas PSUs and reputed international oil and gas companies, OIL is actively pursuing opportunities to acquire producing E&P assets, exploration acreages, etc. in Africa, Middle East, South East Asia, South America, CIS countries and Russia, and is willing to associate with reputed companies to jointly fulfill this objective. The Company’s overseas E & P portfolio as on 31st March 2021 is spread over 08 countries covering Russia, USA, Venezuela, Mozambique, Nigeria, Bangladesh, Libya and Gabon. The portfolio includes 5 (five) producing assets spread across Russia, USA & Venezuela, 2 (two) discovered and development assets in Mozambique and Nigeria and 4 (four) exploratory assets in Libya, Gabon, and Bangladesh.

International Asset Overview
International Asset Overview

The oil & gas reserves position (as on 31.03.2021) of 06 (Six) overseas producing and discovered assets (Company's Proportionate Share) viz. Niobrara Shale Oil (USA), License-61 (Russia), Vankorneft (Russia), TaasYuryakh (Russia), Carabobo (Venezuela) and Area-1 (Mozambique) are as under:

Particulars 1P 2P 3P
Oil+Condensate (MMT) 13.4076 32.5406 53.1424
Gas Reserves (MMTOE) 13.2647 21.8506 25.9646
O+OEG (MMTOE) 26.6724 54.3912 79.1071

During 2020-21, production from overseas assets corresponding to OIL’s participating Interest in these assets stood at 2.10 MMTOE.


OVERSEAS

RUSSIA

JSC Vankorneft
  • OIL along with IOCL and BPRL acquired 23.9% participating interest in JSC Vankorneft through Singapore based SPV (Vankor India Pte Ltd), with effect from 5th October 2016.
  • License Validity: 2112
  • Current Production share net to OIL is 26190 BOEPD
Location: Onshore Russia
Area: 1,869 Sq Km
Asset Type: Producing
Partners :
  • Rosneft : 50.1 %
  • ONGC Videsh Ltd : 26.0 %
  • Vankor India Pte Ltd : 23.9 %
  • OIL INDIA INTL PTE. LTD : 33.5%(Effective PI: 8.0065%)
  • IOCL SINGAPORE PTE. LTD : 33.5%(Effective PI: 8.0065%)
  • BPRL INTL.SINGAPORE PTE. LTD : 33.0%(Effective PI: 7.887%)

RUSSIA

LLC TYNGD
  • OIL along with IOCL and BPRL acquired 23.9% participating interest in JSC Vankorneft through Singapore based SPV (Vankor India Pte Ltd), with effect from 5th October 2016.
  • License Validity: 2130
  • Current Production share net to OIL is 16400 BOEPD
Location: Onshore Russia
Area: 1424 Sq Km
Asset Type: Producing
Partners :
  • Rosneft : 50.10
  • British Petroleum : 20.00
  • Taas India Pte Ltd: 23.9 %
  • OIL INDIA INTL PTE. LTD :33.5%(Effective PI: 10.0165%)
  • IOCL SINGAPORE PTE. LTD : 33.5%(Effective PI: 10.0165%)
  • BPRL INTL.SINGAPORE PTE. LTD : 33.0%(Effective PI: 9.867%)

RUSSIA

License 61
  • OIL acquired a 50% participating interest in the oil producing block with effect from 1st, January, 2014.
  • License Validity: 2112
  • Current Production share net to OIL is 750 BOPD
Location: Onshore Russia
Area: 4,991 Sq Km
Asset Type: Producing
Consortium Partners
  • OIL: 50%
  • Petroneft Resources Plc (Operator): 50%

USA

Niobrara Shale Asset
  • OIL acquired a 20% working interest in the liquid rich shale asset in the Denver-Julesburg Basin from Carrizo Oil & Gas, Inc. in October 2012.
  • OIL incorporated 100 per cent wholly owned subsidiary in Texas, USA in the name of Oil India (USA), Inc. (OIL USA) which holds the stake in the asset.
  • Carrizo sold its entire stake in the Niobrara asset to Verdad Resources LLC (“Verdad”) in January 2018. As a result, Verdad became the new operator of the asset.
  • Apart from participating in Carrizo/Verdad Operated wells, OIL USA has also participated in wells drilled by other operators in the region, such as, Noble Energy, Whiting Oil and Gas, Mallards, Bison energy etc.
  • Current production net to OIL is approx 415 BOE/D
Location: Onshore Colorado, USA
Asset Type: Producing
Consortium Partners
  • Verdad Resources LLC. - 60% (Operator)
  • OIL - 20%
  • IOCL - 10%
  • Haimo Oil & Gas – 10%

VENEZUELA

Project 1, Carabobo, Venezuela
  • Consortium has been awarded two development blocks (C1 Central & North) located in Carabobo area of Orinoco Heavy Oil Belt, Venezuela.
  • The project involves exploitation of the extra heavy crude, setting up of up-grader and marketing the product.
  • Mixed Company Contract signed on 12th May 2010 at Caracas.
  • Early accelerated production commenced in 2012
  • Operations affected due to geo-pollical issues and sanctions imposed by USA.
  • Current production net to OIL is approx 280 BOPD
Location: Maturin Sub-basin (East Venezuela)
Area: 383.12 sq.kmAsset Type: Producing
Consortium Partners
Mixed Company (Operator)
  • PDVSA - 71%
  • OIL - 3.5%
  • IOCL - 3.5%
  • OVL - 11%
  • Repsol - 11%

OVERSEAS ASSETS UNDER DEVELOPMENT


NIGERIA

OML 142, Onshore Nigeria
  • Oil farmed into JV M/s Suntera Nigeria 205 who acquired this onland block operated by M/s Summit Oil, Nigeria in 2005
  • M/s Summit Oil assigned 40% PI and 30% Economic Interest to JV - M/s Suntera Nigeria 205 Ltd.
  • Block license has been converted from OPL 205 to OML142 for development of old gas /condensate discovery w.e.f 12th June 2009.
  • Processing and interpretation of the acquired 3D seismic data has been completed in 2016.
  • Field under appraisal for development.
Location: Niger Delta-Anambra basin
Area: 1295 sq km
Asset Type: Under Appraisal/Development
Working and Economic Interest
  • M/s Summit Oil International. Ltd. – 30%
  • M/s Suntera Nigeria 205 JV - 70% [Suntera Resources – 50% (Operator)(effective 35% PI)] [OIL - 25% (17.5% effective PI)] [IOC - 25 % (17.5% effective PI)]

MOZAMBIQUE

Area Rovuma 1 Offshore
  • OIL acquired a 4% participating interest in the natural gas rich (45-75 Tcf) asset in January, 2014.
  • Tentative timeline for first LNG production is 2025.
  • Plan of Development of Golfino- Atum field approved on 6th Feb 2018
  • Final Investment Decision was taken on 18th June 2019
  • Field under appraisal for development.• Longterm Sales and Purchase Agreements have been executed for 11.134 MMTPA of LNG
  • Project Financing Closure achieved on 24th March 2021.
Location: Offshore, Mozambique
Area: 9,653 sq km
Asset Type: Under Appraisal/Development
Consortium Partners
  • TOTALENERGIES: 26.5% (Operator)
  • BPRL: 10%
  • PTTEP: 8.5%
  • Mitsui: 20%
  • BREML (JV of OVL 60% and OIL 40%): 10%
  • OVRL: 10%
  • ENH: 15% (Carried Interest )
OVERSEAS ASSETS UNDER EXPLORATION


BANGLADESH

Block SS-04
  • OIL signed the Production Sharing Contract on 17th February, 2014.
  • Block Validity has been extended upto 16.02.2023.
  • Commitment of 2D Seismic API of 2700 LKM has been fulfilled and remaining MWP (minimum work programme) committed for initial exploration period (IEP) i.e. drilling of two wells has been planned to be completed by 16.02.2023.
Location: Shallow Water Offshore, Bangladesh
Area: 7,269 sq km
Asset Type: Under Exploration
Consortium Partners
  • OVL: 45% (Operator)
  • OIL: 45%
  • BAPEX: 10% (Carried Interest)

MWP in Initial Exploration Period
  • 2D Seismic API:2700 LKM
  • No of Wells: 02

Block SS-09
  • OIL signed the Production Sharing Contract on 17th February, 2014.
  • Block Validity has been extended upto 16.02.2023.
  • Commitment of 2D Seismic API of 2850 LKM has been fulfilled and remaining MWP (minimum work programme) committed for initial exploration period (IEP) i.e. drilling of one well is expected to be completed by 16.02.2023.
Location: Shallow Water Offshore, Bangladesh
Area: 7,026 sq km
Asset Type: Under Exploration
Consortium Partners
  • OVL: 45% (Operator)
  • OIL: 45%
  • BAPEX: 10% (Carried Interest)

MWP in Initial Exploration Period
  • 2D Seismic API: 2850 LKM
  • No of Wells: 01

GABON

Block SHAKTHI
  • The block is located in the less explored interior basin towards the north-eastern part of this geo-politically stable, oil-rich country.
  • The Block Name & Number has been changed to SHAKTHI-II (G4-245) after signing the new PSC in Jan’ 2014
  • The block is adjacent to the Panocean Energy-operated producing Remboue oil field (Block ET 2000).
  • Drilled 3 wells and discovered oil and gas in 3rd well during PSC G4 220 (2006-2013)
  • Drilling of two appraisal wells completed during Phase 1 of PSC G4-245 (2014-2017)
  • Drilling of two wells expected to commence by later part of 2021 during Phase 2 of PSC G4-245 (Valid till 2022)
Location: Interior Basin
Area: 3761 sq.km
Asset Type: Under Exploration
Consortium Partners
  • OIL -50% (Operator)
  • IOCL- 50%

Work Commitment in Initial Exploration Period
  • Phase-I: 2 Appraisal Wells and 1200 GLKM closed grid 2D Seismic API
  • Phase-II: 1 Appraisal Well and 1 Exploratory Well
  • Phase-III: 1 Exploratory Well

LIBYA

Area 95/96 - Onshore Libya as on March2021:
  • This area is located in the Ghadames basin in the Southwestern part of Libya.
  • In Exploration and Production Sharing Agreement (EPSA), Bid Round IV, 2007, the Consortium of M/s SIPEX, OIL and IOC won this oil-prolific onshore block.
  • The PSC was signed on May 25, 2008

Current Status
  • 2D Seismic (2652 GLKM) and 3D (2891 Sq. Km) survey and Interpretation of data completed.
  • Total 6 wells drilled.
  • Discovered both oil and gas in four wells. Estimated in place reserves : 80 MBBL
  • Under Force Majeure (FM) since 20th May 2014 because of socio-political unrest in the country. The EPSA has been extended till lifting of FM conditions.
Location: GhadamesBasin
Area: 6934 sq km
Asset Type: Under Exploration
Consortium Partners
  • SIPEX - 50% (Operator)
  • OIL - 25%
  • IOCL- 25%

Work Commitment
  • 2D Seismic- 2000 lkm
  • 3D Seismic - 2600 Sq. Km
  • No of Wells : 08
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