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The story of Oil India Limited (OIL) lines and symbolises the improvement and increase of the Indian petroleum enterprise. From the discovery of crude oil in the a long way east of India at Digboi, Assam in 1889 to its present repute as a totally integrated upstream petroleum corporation, OIL has come a long way, crossing many milestones.Oil India Limited
On February 18, 1959, Oil India Private Limited become incorporated to increase and increase the newly observed oil fields of Naharkatiya and Moran within the Indian North East. In 1961, it became a joint assignment business enterprise between the Indian Government and Burmah Oil Company Limited, UK.
In 1981, OIL became a wholly-owned Government of India employer. Today, OIL is a top of the line Indian National Oil Company engaged in the commercial enterprise of exploration, development and manufacturing of crude oil and herbal gasoline, transportation of crude oil and production of LPG. OIL also affords various E&P associated services and holds 26% fairness in Numaligarh Refinery Limited.
The Authorized proportion capital of the Company is Rs. 2000 Crores. The Issued, Subscribed and Paid share capital of the employer is Rs. 1084.Forty one Crore. At present, The Government of India, the Promoter of the Company is preserving fifty six.66% of the overall Issued & Paid-up Capital of the Company. The balance 43.34percentof the Equity capital is held with the aid of Public and others along with Bodies Corporate, Mutual Funds, Banks,FPIs, Resident Individuals etc. Oil India LimitedOIL has over 1 lakh squarekm of PEL/ML regions for its exploration and production activities, maximum of it inside the Indian North East, which accounts for its whole crude oil manufacturing and majority of fuel production. Rajasthan is the alternative generating location of OIL, contributing 10 according to cent of its overall fuel manufacturing.
Additionally, OIL’s exploration activities are spread over onshore regions of Ganga Valley and Mahanadi. OIL additionally has participating hobby in NELP exploration blocks in Mahanadi Offshore, Mumbai Deepwater, Krishna Godavari Deepwater, etc. As well as diverse remote places tasks in Libya, Gabon, USA, Nigeria and Sudan.
In a recent CRISIL-India Today survey, OIL changed into adjudged as one of the 5 great principal PSUs and one of three exceptional strength zone PSUs within the us of a.
Keeping in perspective the Indian Government’s liberalisation coverage and the dismantling of the Administered Pricing Mechanism, OIL improved its business sports each inside and out of doors the u . S . A ., adding hydrocarbon associated ventures like gasoline primarily based power era to its portfolio.
In the E&P region, in India, OIL has signed Production Sharing Contracts (PSCs) with non-public corporations 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 personal, OIL has joined ONGC, GAIL, BPRL, HPCL, NTPC, BGEPIL, APGIC, GSPCL and IOC in obtaining exploration blocks presented beneath New Exploration Licensing Policy (NELP) of the Government of India.
Acquisition of overseas exploration blocks and oil & gas homes is a strategic recognition region of OIL. To facilitate this method, the Government of India prolonged the mechanism of Empowered Committee of Secretaries (ECS) for brief clearance of remote places proposals of OIL in consortium with IOC and other Public Sector Companies in December 2005.
OIL is actively pursuing possibilities 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 partner with reputed groups to together satisfy this objective. In India, OIL welcomes joint challenge possibilities in gas-primarily based industries consisting of the strength quarter and trunk pipeline ventures.
OIL provided E&P consultancy for the primary time when you consider that its inception to M/s Morris Petroleum, integrated in Nigeria, toward evaluation and submission of bids for development of marginal fields supplied by way of the Government of Nigeria via the Nigerian Petroleum Company.
Human Resource Management at OIL is an included approach that specialize in business enterprise’s religion to work with human beings and paintings thru them to manage trade and strive for continued excellence.
The revel in and rigors of a century’s life of oilfield operations has bred a work lifestyle without a parallel inside the annals of oil businesses. Growth, dynamism, adaptability and technological awareness has marked the existence of OIL, and nowadays it’s miles OIL’s prized team of workers whose unstinted determination, dynamism and dedication has led the Company directly to new frontiers of development.
The Company works toward building high quality employee-employer courting via nurturing projects, improvements and aspirations with nice HR practices and dedication. The HR guidelines and practices are usually sensitive to employees needs in the direction of building a professional working environment. The Company has an splendid record in keeping true commercial members of the family considering its inception. The strategy nowadays is to construct a cohesive and harmonious industrial members of the family weather thru mutual cooperation, agree with and integration of numerous unions in its fields and initiatives.
As on March 31, 2020, OIL has 6680 employees such as 1656 executives and 5024 unionised employees. Optimum improvement of Human Resources stands out to be the byword of the Company’s objectives, concomitant with the united states of america’s globalization initiatives.
The Company lays extremely good emphasis on continual gaining knowledge of, training and improvement. For this purpose, it has installed two mega institutes at its Fields’ Headquarters at Duliajan, Assam- The Management Training and Development Centre and the Employee Training and Development Centre which often conducts, amongst others, Level Based Customized General Management cum Leadership/ capability building programmes with reputed management institutes/faculty for exclusive stages of officers as well as employees.
The Institute of Well Control Technology (IWCT) become installation in 2012 at the premises of Learning & Development Department, which presents international class technology, training and publicity to inner as well as outside individuals on “Rotary Drilling Well Control Course” and the “Well Intervention Pressure Control Course” as consistent with International Well Control Forum (IWCF) certification syllabus with the aid of professionally skilled and licensed internal trainers.
Organization restructuring turned into done in the year 2016 which modified the Strategic Business Unit (SBU) structure of the Company to Asset Based structure.