OIL has an expansive hydrocarbon exploration and development programme with plans to significantly ramp up gas production, alongside a defined roadmap for advancing clean energy projects.

MGL, having successfully forayed into the LNG value chain, operates LNG retail stations and is actively pursuing other clean energy initiatives.

Under the MoU, the two organisations will collaborate to explore opportunities across the LNG value chain and in emerging clean energy areas.

Oil India’s Director (Operations) said: 'The collaboration will focus on assessing technical and commercial viability of LNG in the heavy-duty transport segment and on exploring projects in clean energy. Our objective is to take feasible pilots to commercial scale.”

Oil India is engaged in exploration, development, and production of crude oil and natural gas, transportation of crude oil, and production of LPG. It also provides various exploration & production (E&P)-related services for oil blocks.

On consolidated basis, the company’s net profit rose 0.6% to Rs 1896.42 crore despite a 2.4% decline in net sales to Rs 7928.66 crore in Q1 FY26 over Q1 FY25.

The scrip added 0.24% to currently trade at Rs 420.60 on the BSE.