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Updated On:20/10/2022

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JVs / PCSs / RSC / Alliances

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DOMESTIC

In the E&P sector, in India, OIL has signed Production Sharing Contracts (PSCs) and Revenue Sharing Contracts (RSCs) to expand its footprint in multiple blocks. Besides operating on its own, OIL has collaborated with private companies like GeoPetrol, Geo-Enpro, JEPL and farmed out participating interests to ONGC, GAIL, IOCL, BPRL, NRL, AHECL to optimize knowledge and risk sharing opportunities. Under the Hydrocarbon Exploration Licensing Policy (HELP) of the Government of India, OIL has participated extensively in the Open Acreage Licensing Policy (OALP) and Discovered Small Fields (DSF) bid rounds. A total of twenty-nine (29) blocks spread across six sedimentary basins in India were awarded to OIL in the OALP bid rounds. Of these, sixteen (16) blocks are in North-Eastern states, five (5) blocks each are in Rajasthan & Odisha, two (2) blocks in Andaman and one (1) block in Kerala Konkan shallow offshore. Further, OIL was awarded three (3) blocks in the DSF rounds, one (1) each in Tripura, Andhra Pradesh and Rajasthan.



The list of blocks and their partners where OIL has participating interest or Operatorship as of March 2022:

JOINT VENTURES Pre NELP (as on March 2022):
Sl.No. Block No. Date of Execution Company's Participating Interest(%) Other PartnersOperator
1 Kharsang 16.06.1995 40 JEPL: 25%
Geo Petrol: 25%
Geo-Enpro: 10%		 Geo-Enpro
2 AAP-ON-94/1 (Dirok) 30.06.1998 44.086 IOCL: 29.032%
HOEC: 26.882%		 HOEC

OIL AS OPERATOR in NELP blocks (as on March 2022):
Sl.No. Block No. Date of Execution Company's Participating Interest(%) Other Partners Operator
1 MZ-ONN-2004/1 02.03.2007 85 Shiv-Vani: 15% OIL
2 KG-ONN-2004/1 02.03.2007 90 GGR: 10% OIL
3 AA-ONN-2010/2 28.03.2012 50 ONGCL: 30%
GAIL: 20%		 OIL
4 AA-ONN-2010/3 28.03.2012 40 ONGCL: 40%
BPRL: 20%		 OIL

OIL AS NON OPERATOR in NELP blocks (as on March 2022):
Sl.No. Block No. Date of Execution Company's Participating Interest(%) Other Partners Operator
1 WB-ONN-2005/4 22.12.2008 25 ONGCL: 75% ONGCL
2 GK-OSN-2010/1 28.03.2012 30 ONGCL: 60%
GAIL: 10%		 ONGCL

OIL AS NON OPERATOR in DSF Block (as on March 2022):
Sl.No. Block No. Date of Execution Company's Participating Interest(%) Other Partners Operator
1 AA/ONDSF/KHEREM2016 27.03.2017 40 HOEC: 40%
PPCL: 20%		 HOEC

OIL AS OPERATOR in DSF Blocks (as on March 2022):
Sl.No. Block No. Date of Execution Company's Participating Interest(%) Other Partners Operator
1 AA/ONDSF/Tulamara/2018 07-03-2019 100 ---- OIL
2 KG/OSDSF/GS-KW/2018 07-03-2019 100 ---- OIL

OIL AS OPERATOR in OALP Blocks (as on March 2022):
Sl.No. Block No. Date of Execution Company's Participating Interest(%) Other Partners Operator
1 AA-ONHP-2017/10 01-10-2018 70 ONGC: 30% OIL
2 AA-ONHP-2017/12 01-10-2018 70 IOCL: 20%
BPRL: 10%
NRL: 10%		 OIL
3 AA-ONHP-2017/13 01-10-2018 70 ONGC: 30% OIL
4 AA-ONHP-2017/16 01-10-2018 100 - OIL
5 AA-ONHP-2017/17 01-10-2018 100 - OIL
6 AA-ONHP-2017/18 01-10-2018 100 - OIL
7 AA-ONHP-2017/20 01-10-2018 70 NRL: 20%
AHECL: 10%		 OIL
8 RJ-ONHP-2017/8 01-10-2018 70 IOCL: 30% OIL
9 RJ-ONHP-2017/9 01-10-2018 100 - OIL
10 AA-OSHP-2018/1 16-07-2019 100 - OIL
11 AA-OSHP-2018/2 16-07-2019 100 - OIL
12 MN-ONHP-2018/1 16-07-2019 100 - OIL
13 MN-ONHP-2018/2 16-07-2019 100 - OIL
14 MN-ONHP-2018/3 16-07-2019 100 - OIL
15 AA-ONHP-2018/4 16-07-2019 100 - OIL
16 AA-ONHP-2018/2 16-07-2019 100 - OIL
17 AA-ONHP-2018/3 16-07-2019 100 - OIL
18 AA-ONHP-2018/5 16-07-2019 100 - OIL
19 RJ-ONHP-2018/2 16-07-2019 100 - OIL
20 MN-ONHP-2018/5 16-07-2019 100 - OIL
21 KK-OSHP-2018/1 16-07-2019 100 - OIL
22 AA-ONHP-2019/1 17-11-2020 100 - OIL
23 AA-ONHP-2019/2 17-11-2020 100 - OIL
24 RJ-ONHP-2019/2 17-11-2020 100 - OIL
25 RJ-ONHP-2019/3 17-11-2020 100 - OIL

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 has been 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. The Company’s overseas E & P portfolio as on 31st March 2022 comprises of 10 assets spread over 7 countries covering Libya, Gabon, Nigeria, Venezuela, Mozambique, Bangladesh and Russia. The portfolio includes 4 (four) producing assets spread across Russia & Venezuela. Two assets, one each in Mozambique and Nigeria are under development. Four assets in Libya, Gabon and Bangladesh are under exploration. OIL has divested its entire stake in Niobrara Shale Asset in Jan 2022.

International Asset Overview
International Asset Overview

The oil & gas reserves position (as on 01.04.2022) of 05 (Five) overseas Producing and discovered assets (Company's Proportionate Share) namely, License-61 (Russia), Vankorneft (Russia), TaasYuryakh (Russia), Carabobo (Venezuela) and Area-1(Mozambique) is as furnished below:

Particulars 1P 2P 3P
Oil+Condensate (MMT) 12.2624 30.6658 50.5862
Gas Reserves (MMTOE) 11.6445 19.9763 23.6521
O+OEG (MMTOE) 23.9069 50.6421 74.2383

During 2021-22, production from overseas assets corresponding to OIL’s Participating Interest in these assets stood at 2.2 MMTOE compared to 2.1 MMTOE in 2020-21. Cumulative dividends corresponding to OIL’s share and as received at SPV level upto March 2022, from producing assets TYNGD and Vankorneft stood at USD 663 Mn.


OVERSEAS PRODUCING ASSETS

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 24810 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 29.9% participating interest in LLC TYNGD through Singapore based SPV (Taas India Pte Ltd), with effect from 12th October 2016.
  • License Validity: 2130
  • Current Production share net to OIL is 18660 BOEPD
Location: Onshore Russia
Area: 1424 Sq Km
Asset Type: Producing
Partners :
  • Rosneft : 50.10
  • British Petroleum : 20.00
  • Taas India Pte Ltd: 29.90%
  • 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.
  • Current Production share net to OIL is 980 BOPD
Location: Onshore Russia
Area: 4,991 Sq Km
Asset Type: Producing
Consortium Partners
  • OIL: 50%
  • Petroneft Resources Plc (Operator): 50%

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.
  • 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 350 BOPD
Location: Maturin Sub-basin (East Venezuela)
Area: 383.12 sq.km
Asset Type: Producing
Consortium Partners
  • 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
  • Longterm Sales and Purchase Agreements have been executed for 11.134 MMTPA of LNG
  • Project Financing Closure achieved on 24th March 2021.
  • The project is under Force Majeure since 22nd April 2021 due to adverse security situation.
Location: Offshore, Mozambique
Area: 9,653 sq km
Asset Type: Under 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
  • Production Sharing Contract signed on 17th February, 2014.
  • Block Validity is upto 16.02.2023.
  • 2D Seismic API of 2700 LKM & drilling of 1 well is completed and remaining MWP (minimum work programme) committed for initial exploration period (IEP) i.e. drilling of one well is to be completed.
Location: Shallow Water Offshore, Bangladesh
Area: 7,269 sq km
Asset Type: Exploratory
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

BANGLADESH

Block SS-09
  • Production Sharing Contract signed on 17th February, 2014.
  • Block Validity is upto 16.02.2023.
  • 2D Seismic API of 2850 LKM is completed and remaining MWP (minimum work programme) committed for initial exploration period (IEP) i.e. drilling of one well is to be completed.
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 5 wells and discovered oil and gas in 3rd well during PSC G4 220 (2006-2013)
  • Entered in Phase – II of New PSC, Phase-II valid until - 15.04.2023
  • Phase – II Seismic API completed & 2 locations released for drilling
Location: Interior Basin
Area: 3761 sq km
Asset Type: Under Exploration
Consortium Partners
  • OIL: 50% (Operator)
  • IOCL: 50%

Work Commitment in Initial Exploration
Period of New PSC SHAKTHI-II (G4-245).
  • Phase-I: 2 Appraisal Wells and 2D Seismic acquisition of 600 GLKM.
  • Phase-II: 1 Appraisal Well, 1 Exploratory Well and 2D Seismic acquisition of 400 GLKM and Seismic Processing & Interpretation of 1000 GLKM.
  • Phase-III: 1 Exploratory Well

LIBYA

Area 95/96 - Onshore Libya as on March 2022:
  • 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 (5 completed & 1 half-completed).
  • Discovered oil and gas in the 1st well, gas in 3 wells. & observed gas flow in the other well. Estimated Gross In-Place oil resources: 27.915 MMbbl; Gross Technically Recoverable Condensate Resources: 189.923 MMbbl
  • 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.
  • Remaining MWP: Completion of the 6th temporary abandoned well, followed by drilling of the other two MWP wells
Location: Ghadames Basin
Area: 6629.18 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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