2024-25

Dear Members,
On behalf of the Board of Directors of your Company, it is my pleasure
to present the 66th Annual Report on the performance of your Company containing
Audited Financial Statements (Standalone as well as Consolidated) together with the
Auditors' Report and the Comments of the Comptroller and Auditor General of India for
the year ended 31st March 2025.
Despite the volatility in energy market during the year, your Company
was able to achieve significant performance milestones on both physical and financial
parameters with concerted efforts. Your Company has registered another year of excellent
performance and made substantial progress on most of the priority areas and is committed
to make contributions for the energy security of the country, while creating value
propositions for its various stakeholders.

1. SIGNIFICANT HIGHLIGHTS

A. FINANCIAL HIGHLIGHTS

During the year, your Company has earned total income of ` 23,987.07
crore (Standalone) and ` 37,830.04 crore (Consolidated) as against ` 24,514.28 crore
(Standalone) and ` 37,646.48 crore (Consolidated) in the previous year. The Net profit
margin of the Company for the Financial Year (FY) 2024-25 was 27.64% (Standalone) and
19.47% (Consolidated) as against 25.09% (Standalone) and 19.23% (Consolidated) in the
previous year. 
The Profit Before Tax (PBT) in FY 2024-25 was` 7,850.95 crore
(Standalone) and ` 9,436.43 crore (Consolidated) against PBT of ` 6,745.40 crore
(Standalone) and ` 8,845.91 crore (Consolidated) in the previous year. Your Company has
registered Profit After Tax (PAT) at` 6,114.19 crore (Standalone) and ` 7,039.63 crore
(Consolidated) during the FY 2024-25 against ` 5,551.85 crore (Standalone) and ` 6,980.45
crore (Consolidated) in the previous year. The average crude oil price realisation in the
FY 2024-25 has been US$ 78.09 per barrel as against US$ 83.03 per barrel realised in the
previous year. The average natural gas price remained unchanged at US$ 6.50 per MMBTU for
both the years ended 31st March 2025 and 31st March 2024. 

i) Key financial figures of the Standalone Financial Statements for FY
2024-25 are summarized below:

( ` in crore)

  

    
Particulars
    
FY 2024-25
    
FY 2023-24
  
  

    
Income from Operations
    
22,117.22
    
22,129.79
  
  

    
Other Income
    
1,869.85
    
2,384.49
  
  

    
EBITDA
    
10,635.95
    
11,643.30
  
  

    
Finance Cost
    
866.32
    
760.08
  
  

    
Depreciation, Depletion and Amortisation
    
1,918.68
    
1,775.10
  
  

    
Exceptional items
    
-
    
*2,362.72
  
  

    
Profit Before Tax
    
7,850.95
    
6,745.40
  
  

    
Profit After Tax
    
6,114.19
    
5,551.85
  
  

    
Appropriations
    

    

  
  

    
Interim Dividend
    
1,626.61
    
1,301.29
  
  

    
Final Dividend of previous year
    
406.65
    
596.42
  
  

    
Re-measurement of the net Defined Benefit
    Plans transferred from Other Comprehensive Income
    
18.26
    
45.68
  

* ` 2,362.72 crore was reported as an exceptional item in the FY
2023-24 on account of accumulated Service Tax /GST on royalty till 31st March 2023
(including interest). The matter is sub-judice before the Hon'ble Supreme Court. 

ii) Key for our Group Performance [Consolidated] for FY 2024-25
are summarized below:


( ` in crore)

  

    
Particulars
    
FY 2024-25
    
FY 2023-24
  
  

    
Income from Operations
    
36,163.75
    
36,303.62
  
  

    
Other Income
    
1,666.29
    
1,342.86
  
  

    
EBITDA
    
12,823.92
    
14,304.12
  
  

    
Finance Cost
    
1,069.26
    
963.67
  
  

    
Depreciation, Depletion and Amortisation
    
2,318.23
    
2,128.98
  
  

    
Exceptional items
    
-
    
* 2,365.56
  
  

    
Profit Before Tax
    
9,436.43
    
8,845.91
  
  

    
Profit After Tax
    
7,039.63
    
6,980.45
  
  

    
Appropriations
    

    

  
  

    
Interim Dividend
    
1,626.61
    
1,301.29
  
  

    
Final Dividend of previous year
    
406.65
    
596.09
  
  

    
Re-measurement Benefit Plans of the net
    Defined transferred from Other Comprehensive Income
    
16.18
    
49.22
  

* Exceptional items of ` 2365.56 crore during F.Y. 2023-24 includes `
2,362.72 crore towards accumulated Service Tax /GST on royalty till 31st March 2023
(including interest) which is sub-judice before the Hon'ble Supreme Court and 
` 2.84 crore incurred towards loss due to fire at Numaligarh Refinery.

iii) Financial Performance of our Material Subsidiary 
Numaligarh Refinery Limited 

Numaligarh Refinery Limited (NRL) registered PAT of ` 1,607.77 crore
during FY 2024-25 as compared to ` 2,160.11 crore in the previous year. It also registered
revenue from operations during the FY 2024-25 at ` 25,146.68 crore as compared to `
23,730.61 crore in the FY 2024-25 previous year. Profit was lower by 23.94% at ` 2,215.28
crore as compared to ` 2,912.37 crore of the previous year. The lower PBT and PAT was on
account of reduced spread for the primary products during the financial year. The Compound
Annual Growth Rate (CAGR) for PAT stood at 18.73% since commencement of commercial
production. The Earning per Share (EPS) for the FY 2024-25 stood at` 10.24. iv) Capex
Performance


On group level, Company has made capex investments of 
` 18,169.67 crore during FY 2024-25 which includes capex of ` 9,108.82
crore by Numaligarh Refinery Limited primarily for refinery capacity augmentation from 3
MMTPA to 9 MMTPA. In addition, investment of ` 1,859.37 crore was made towards OIL's
proportionate share of capex of its JVs & Associates during FY 2024-25. The aforesaid
investment of ` 18,169.67 crore further includes ` 4,298.33 crore towards exploration and
development activities at Standalone level. 

v) Contribution to Exchequer

The Company has been one of the largest contributors to the Government
exchequer in the form of duties, taxes and dividend. During FY 2024-25, an amount of `
11,231.86 crore was paid to the exchequer as against ` 11,418.19 crore paid in the
previous year. An amount of ` 6,922.51 crore was paid to the Central Exchequer and `
4,309.35 crore to the States Exchequers compared to ` 7,206.67 crore and ` 4,211.53 crore
paid in the previous year. The break-up of contribution to Central and State Exchequers is
as under:
( ` in crore)

  

    
Particulars
    
FY 2024-25
    
FY 2023-24
  
  

    
Corporate Tax
    
2,325.37
    
2,153.51
  
  

    
SAED
    
773.49
    
1,405.10
  
  

    
Cess
    
2,567.04
    
2,482.00
  
  

    
Dividend & GST
    
1,256.62
    
1,166.06
  
  

    
Central Exchequer
    
6,922.51
    
7,206.67
  
  

    
Royalty
    
2,986.84
    
2,923.97
  
  

    
VAT & Others
    
1,322.51
    
1,287.56
  
  

    
States Exchequers
    
4,309.35
    
4,211.53
  
  

    
TOTAL CONTRIBUTION
    
11,231.86
    
11,418.19
  


B. OPERATIONAL HIGHLIGHTS (i) Crude Oil

Recognizing the evolving dynamics of the global energy landscape, your
Company is executing a comprehensive transformation strategy aimed at ensuring sustainable
growth and strengthening operational resilience. During the FY 2024-25, crude oil
production was 3.458 MMT as against the production of 3.359 MMT in the previous year,
which is 2.95% growth over the last year. The crude oil sale was 3.346 MMT as compared to
3.288 MMT during the previous year. Your Company achieved higher production by arresting
the decline in mature fields deployment of IOR/EOR techniques, monetization & faster
development of new discoveries, production optimization, induction of new technology,
recovery from missed opportunities, infill drilling, monetization sick wells, Cyclic Steam
Stimulation (in Rajasthan) and upgradation of surface facilities & infrastructure. Due
to various reasons like environment and impact of LMD (Low Market Demand) of NG
(associated) there was an opportunity loss of crude oil of 0.002773 MMT not attributable
to the Company.
Despite the fact that there is 2.95 % increase in crude oil production,
revenue from crude oil has decreased marginally due to decrease in crude oil price in the
FY 2024-25. The price realization in respect of crude oil was USD 78.09/bbl in the FY
2024-25 as against USD 83.03/bbl in the previous year, registering decrease of USD
4.94/bbl. The price of crude oil is determined on monthly basis considering monthly
average price of Benchmarked International Basket of crude oil and is further adjusted for
quality differential. 

(ii) Natural Gas

Building on its operational excellence, your Company achieved multiple
record highs during FY 2024-25 while navigating market challenges. During the FY 2024-25,
natural gas production was 3252 MMSCM, which was highest ever achieved since inception, as
compared to production of 3182 MMSCM in the previous year. The Sale of natural gas during
FY 2024-25 was 2668 MMSCM as compared to 2521 MMSCM during the previous year. However,
total opportunity loss in natural gas production due to LMD (Low Market Demand) and low
upliftment by major consumer is 137 MMSCM which is not attributable to the Company. The
revenue from Natural Gas in the FY 2024-25 was ` 5514.09 crore as against ` 5189.98 crore
in the previous year. The average natural gas price realization was USD 6.50 / MMBTU in
the FY 2024-25 which was same as in the previous year. Price of Natural Gas is determined
in terms of “New Domestic Natural Gas Pricing Guidelines 2014”, as amended in
April 2023, wherein price of natural gas produced from nominated fields is fixed at 10% of
the Indian Crude Basket price as notified by petroleum Planning on monthly basis with a
floor price of US$ 4 perMMBTU and a ceiling price of US$ 6.5 per MMBTU to apply for
fiscalyear 2023-24 and 2024-25. Thereafter, the ceiling price shall increase by US$ 0.25
per MMBTU in each financial year.

(iii) Total Production

Total oil & gas production during FY 2024-25 is 6.710 MMTOE O+OEG
(oil & oil gas equivalent), which is also the highest ever O+OEG production since
inception. The oil production shows consistent year-over-year growth, increasing from 3.01
MMT in 2021-22 to 3.458 MMT in 2024-25. This represents a growth of about 14.9% over the
period. With various efforts undertaken by your company, the 2P recovery factor of the
major producing fields is Gas production shows growth from 3.05 BCM in 2021-22 to
3.252 BCM in 2024-25. The overall growth is about 6.6% over the period. Strategic
initiatives have resulted in reduction of flaring by 0.125 MMSCMD in FY 2024 25 compared
to FY 2023 24, thereby contributing to enhanced sales and increased production.

(iv) Liquefied Petroleum Gas (LPG)

During FY 2024 25, the LPG Recovery Plant recorded an availability of
99.89%, while plant efficiency in terms of butane recovery stood at 98.62%, compared to
the design specification of 98%. The plant processed an average of 1.83 MMSCMD (66.18
MMSCFD) gas with an average butane of 1.01% (v/v) in the feed gas in the FY 2024-25. The
LPG Recovery Plant was in operation for 337 days and 30,525 metric tons of LPG was
produced during the year. Along with LPG, 20,375 metric tons of Condensate was also
recovered as by-product which was added to the crude oil production of the Company. LPG
Filling Plant was in operation for 275 days. Revenue earned by selling LPG during FY 2024
25 was ` 178.34 crore. As part of a concerted strategy, your company has closed down
bottling operations of the LPG filling plant w.e.f. 01.04.2024 and now the entire quantity
of LPG produced is getting dispensed in bulk tankers to IOCL. Owing to closure of LPG
Cylinder Bottling plant, annual estimated savings is approximately ` 9 crore. Net
realization of Condensate wassystems, and non-luminous effluent 30.45 crore during the FY
2024 25 as against ` 34.13 crore in the previous year.

(v) Pipeline Operations 

In FY 2024 25, the crude oil pipeline achieved a record transportation
volume of 7.145 MMT of crude oil, surpassing the previous year's 6.712 MMT and
marking the highest-ever throughput. The Digboi-Naharkatia-Bongaigaon Sector transported
3.306 MMT of crude oil for the Company and 1.024 MMT of crude oil for ONGC. The
Barauni-Bongaigaon sector transported 2.789 MMT of imported crude oil for Bongaigaon
Refinery. The Company delivered highest ever 2.789 MMTofImported to operate at crude to
Bongaigaon refinery during the FY 2024-25. Your Company also transported 1.574 MMT of
petroleum products through Numaligarh-Siliguri Product Pipeline with pipeline utilization
of 91.46%. The total revenue earned from transportation business was ` 572.23 crore
(excluding ` 9.28 crore earned from telecom business) during the FY 2024-25 against `
533.66 crore (excluding ` 11.82 crore earned from telecom business) during the previous
year.

Development of Surface Facilities for Production and Evacuation of
Crude Oil, Natural Gas and Associated Products:

To support enhanced production from oil and natural gas development
fields, of advanced surface facilities designed to manage the projected increase in crude
oil, produced water and natural gas volumes.
• Nadua and East Khagorijan Fields (Dibrugarh

District, Assam): Currently operating through Quick Production
Setups (QPS), both fields are poised for substantial increases in oil and gas output.
To accommodate this, a state-of-the-art Oil Collecting Station (OCS) is
being established at
Nadua, while a Group Gathering Station (GGS) is under development at
East facilities are designed with enhanced fluid and gas handling capacities. Both
installations will include EffluentTreatment Plants (ETPs), with treated water reinjected
into oil wells to boost production.
• Baghjan Field (Tinsukia District, Assam): To unlock the
full production potential of this high-yielding field, a modern Field Gas Station (FGGS)
is being constructed. This facility will handle the collection, processing, and
transportation of non-associated natural gas. It will be equipped with gas dehydration
units, flare stacks, conforming to international oilfield safety standards. Upon
commissioning, the FGGS is expected to significantly increase gas output and improve the
quality of gas supplied for downstream applications.
• Lakwagaon Field (Sivasagar District, Assam): 


Your company is also developing an integrated Group Gathering Station
(GGS) at Lakwagaon Field, which will comprise an Oil Collecting Station (OCS), Effluent
Treatment Plant (ETP), and a Water Injection Station (WIS). Once operational, this
facility will enable the field production capacity, ensuring efficient management and
enhanced recovery.
• Capacity Augmentation of Numaligarh Siliguri Product Pipeline
(NSPL): Your company owns and operates a 16 inch cross country Numaligarh Siliguri
Product Pipeline (NSPL) of length 654 Km and with existing capacity of 1.72 MMTPA for
transporting products of Numaligarh Refinery Limited (NRL) viz., Motor Spirit (MS), High
Speed Diesel (HSD) and Superior Kerosene Oil (SKO). The NSPL Capacity Augmentation Project
has been undertaken to increase the existing pipeline throughput from 1.72 MMTPA to 5.5
MMTPA, in order to evacuate the additional petroleum products following the expansion of
NRL's refinery capacity from 3 MMTPA efficiently to 9 MMTPA. Health, Safety, and
Environment (HSE) performance has always been a top priority and for strengthening of HSE,
several initiatives have been implemented in this project as well, such as the
installation of safety training kiosks at all sites, regular monthly motivation programs
for all project workers, the establishment of safety galleries, special focus in
maximizing near miss incident reporting etc.

Other Significant Steps / Initiatives
• Compliance with OISD Safety Guidelines and Strengthening
of Field Installations


In line with the Company's commitment to the highest safety
standards, a comprehensive study was undertaken to address observations raised by the Oil
Industry Safety Directorate (OISD). Based on the recommendations, mitigation measures are
being systematically implemented on a turnkey basis. This initiative will not only ensure
closure of legacy gaps but also reinforce the operational safety and reliability of field
installations in accordance with statutory and regulatory requirements.

• Refurbishment and Centralisation of Vintage Facilities


To align with evolving regulatory frameworks, including OMR 2017, OISD
standards and the guidelines of PNGRB, CEA, DGMS and Pollution Control Boards, the Company
initiated a detailed assessment of its vintage facilities. A Detailed which have
demonstrated Project Report (DPR) has been prepared to evaluate both the technical
feasibility and economic viability of refurbishment and centralisation, considering
current production profiles. The study also explored the establishment of a greenfield
Condensate Recovery Plant, positioning the Company to modernise ageing infrastructure and
enhance resource utilisation.

• Gap Analysis for Production Optimisation in Mature Fields


Recognising the need to maximise recovery from its mature assets in
Assam and Arunachal Pradesh, the Company has undertaken a gap analysis to benchmark
production potential against current performance. The exercise is designed to identify
systemic bottlenecks, propose targeted mitigation strategies and support their
implementation in the field. This initiative is operational and unlock incremental
production, thereby strengthening long-term energy security.

• Hydraulic Fracturing for Enhanced Recovery: 


Hydraulic fracturing is an established reservoir stimulation technique
aimed at improving the productivity index of producing wells by creating conductive
channels within the reservoir rock. During the year, the Company successfully executed
hydraulic fracturing operations in its Upper Assam encouraging fields, results in terms of
productivity enhancement. Building on these outcomes, a structured programme of additional
hydraulic fracturing jobs has been planned for FY 2025 26. This initiative emphasizes
Company's focus on deploying advanced recovery technologies to maximise output from
mature fields and optimise reservoir performance in line with long-term production
strategies. 
• Sick well liquidation: Liquidation of sick wells is given
top priority for arresting decline and enhancing production from old fields. Total 166 nos
of Workover jobs for sick well liquidation were completed in 2024-25, including both
rigless (Live Condition Perforation) and with rig, and 66 nos of wells were brought into
production with onstream potential gain of 430 KLPD (279 MTPD) as on 31.03.2025. Total 30
nos of Workover rigs were deployed for liquidation of sick wells during the financial year
2024-25, and internationally reputed consultant D&M was engaged for analysis of 25 nos
of sick wells apart from study by in-house teams for maximizing potential gain from sick
well liquidation.
• Plunger Lift System: During FY 2024 25, the Plunger Lift
System was successfully implemented across all three of our fields Eastern, Central, and
Western. The system has proven effective in enhancing overall production performance. 
• Radial Drilling: Radial Drilling Technology offers a fast
and cost-effective approach to enhance hydrocarbon recovery from marginal and mature oil
and gas fields. To extend the drainage area in productive formations using this
technology, a number of wells were successfully completed during the year, resulting in
improved crude oil and natural gas output. 

Workover Resources:

As of 31st July 2025, a total of 29 Workover Rigs are operational and
are currently deployed across the states of Assam and Arunachal Pradesh. In addition to
these, two in-house Workover Rigs are presently under the commissioning phase, further
augmenting the available fleet for enhanced field operations.
In addition to the above, one Workover Rig is operational in the
Rajasthan Field. In line with our strategic objective to enhance operational
interventions, the company has already initiated the procurement and hiring process for
additional Workover Rigs as well as Snubbing Unit. These efforts are aimed at
strengthening our well servicing capabilities and ensuring timely execution of workover
operations to maximize asset productivity.
Procurement action has been initiated for 7 (seven) new workover rigs
to enhance capacity. This initiative aims to modernize the fleet, mitigate potential
downtime and safety risks associated with aging equipment, and increase overall in-house
rig availability and productivity.
Also action has been initiated to charter-hire 6 (six) new workover
rigs for a period of seven years, replacing the six existing rigs scheduled for de-hiring
at the end of the current calendar year. This initiative is expected to reduce maintenance
requirements, minimize downtime, and enhance overall productivity.
After these procurements the number of Workover Rigs will go upto 33
within this FY and will go upto 39 within two years.

(vi) Renewable Energy 

In alignment with the national vision for clean energy transition, your
Company has continued to expand its renewable energy portfolio and strengthen its presence
in the green energy sector. As of 31st March 2025, the total installed capacity of the
Company for renewable energy was 188.1 MW comprising of 174.1 MW from wind energy and 14.0
MW from solar energy. During the FY 2024-25, the Company has generated revenue of `
111.74 crore from its renewable energy projects. Further, to develop green energy
infrastructure in the northeastern part of the country, the Company incorporated a Joint
Venture Company i.e. APGCL OIL Green Power Limited (AOGPL) on 21st February 2025 in
association with Assam Power Generation Corporation Limited (APGCL) wherein APGCL holds
51% stake and OIL holds 49% stake. AOGPL has identified primarily solar power projects of
total capacity of 645 MW in the State of Assam. Foundation stone for the initial 25 MW
Solar power project in Namrup, Assam has been laid by the Hon'ble Chief Minister,
Assam on 14th June 2024. 

(vii) Operational Performance of NRL

NRL processed 3066 TMT of crude oil during the FY 2024-25 against its
design capacity of 3000 TMTPA, reflecting strong operational consistency. Domestic crude
oil received from OIL and ONGC during the year was 3033 TMT, which is the highest ever
domestic crude oil received by the refinery and optimize well in a year. In addition to
domestic crude oil, the refinery also processed 22 TMT of champion grade imported crude
oil from Brunei and a small quantity of crude oil condensate (0.147 TMT) from the nearby
Hazarigaon field (DSF) operated by Vedanta Limited. A higher capacity utilization of the
refinery could be maintained due to the availability of domestic crude oil and improved
reliability of the refinery units. Secondary processing units, Diesel Hydrotreater (DHDT)
and Hydrocracker Unit (HCU) were operated at a higher throughput of 108% and 102%
respectively. Some of the major projects being undertaken by NRL are as under:-

Numaligarh Refinery Expansion Project (NREP):

The flagship Numaligarh Refinery Expansion Project under execution at
NRL is a brown field introduce an independent train of process units adjacent to the
existing 3 MMTPA plant incorporating the latest refining technology to process variety of
international crudes. The project shall triple the crude processing capacity of NRL from 3
MMTPA to 9 MMTPA. In addition to conventional units, the refinery component of the project
includes Petro Fluidized Catalytic Cracking Unit (PFCC) for downstream petrochemical
integration and Residue Processing & Treating Unit (RPTU) for maximizing bottom
residue upgradation. As on 31.03.2025, overall physical progress is 71.9% and financial
progress is 68.4%.

Paradip Numaligarh Crude Oil Pipeline (PNCPL):

As a part of the refinery expansion project, NRL is executing a crude
oil pipeline project from Paradip in Odisha to Numaligarh, Assam. The crude oil pipeline
will traverse through five states of Odisha, Jharkhand, Bihar, West Bengal and Assam. The
length of the pipeline is 1,635 KMs and 9 MMTPA in capacity. Crude Oil Import Terminal
(COIT) is also being constructed at Paradip on BOOT (Build, Own, Operate, Transfer) basis
to facilitate storage and pumping of the crude oil. As on 31.03.2025, overall physical
progress is 83.8% and financial is 80.8%.

Assam Bio Ethanol Private Limited (ABEPL):

NRL, in collaboration with two other foreign companies, have formed the
Joint Venture Company i.e. “Assam Bio initiativeto Ethanol Private Limited”,
which is setting up a second-generation bio-refinery at Numaligarh, Assam to produce
ethanol from non-food grade feed stock bamboo. The approved cost is ` 4,930 crore. The
first trial run has been conducted successfully to establish conversion of bamboo to
ethanol. During the trial run, bamboo was successfully processed through the digestor,
bamboo washing section, enzymatic hydrolysis and fermentation sections. The project is
targeted to be commissioned by end of August, 2025. As on 31.03.2025, overall physical
progress is 99.2% and financial progress is 99.64%.

C. EXPLORATION HIGHLIGHTS 
i) Exploration Thrust: Acquiring Acreages

Leaping forward from the jungles of Digboi oilfield, your Company has
spread its wings managing Assets across different States and Geographies of the country.
Today the Company has operational presence in the states of Assam, Arunachal Pradesh,
Tripura, Nagaland, Odisha, Andhra Pradesh & Rajasthan and offshore areas in Andaman,
Kerala-Konkan & KG shallow waters. The Company is operating in 01 (one) PEL and 25
(twenty-five) PML areas, progress allotted under the nomination regime in the states of
Assam, Arunachal Pradesh and Rajasthan. As part of its endeavor to gain access to more
Prospective Sedimentary Basins, your Company has been actively participating in the OALP
Bidding Rounds and secured a sizeable portfolio of OALP Blocks for carrying out
exploration in unexplored frontiers for making new discoveries. 
The Company is currently carrying out exploration activities in 26 OALP
blocks (excluding 4 relinquished blocks viz., 2 in Rajasthan and 1 each in Assam &
Odisha) in the states of Assam, Arunachal Pradesh, Tripura, Nagaland (PEL grant awaited),
Odisha, Rajasthan and offshore areas in Andaman and Kerala-Konkan. The Company also holds
Participating Interest (PI) in 03 (three) NELP Blocks with operatorship in 01 (one) Block
and as non-operator in the remaining 02 (two) Blocks as on 31st March, 2025. The Company
also has 3 (three) DSF blocks as operator, one block each in Tripura and Krishna-Godavari
Shallow Offshore under DSF-II Bid round and one block in Rajasthan under DSF-III Bid
round. 
The total operating acreage covers an area of 52,298 Sq. Km across 56
nos. of Blocks as on 31st March, 2025. Building on the momentum, your Company had
submitted bids in six (6) Blocks under OALP Bid Round IX of which 2 Blocks each are in
Mahanadi & KG ultra-deep offshore and 1 Block each in Gujarat onshore & Meghalaya
as Operator with a total area of 40,590 Sq. Km and 3 Blocks (1 Block each in Meghalaya,
Gujarat onshore and Mahanadi ultra-deep offshore) jointly with ONGC as operator with a
total area of 10,965 Sq. Km. OIL & ONGC were the lead bidder in the respective Blocks
and thereafter, all the 9 Blocks (total area 51,555 Sq. Km) have been successfully secured
and Revenue Sharing Contracts were signed on 15.04.2025.
Strategic acquisition of new acreages has been one of the key focus
areas of your company & is committed to carry out exploration in newer and challenging
areas of the Northeast, making entry into other prospective Basins like the Cambay and
gradually increasing its offshore footprint in ultradeep frontiers like Mahanadi, KG &
Andaman Basins. Such initiatives are based on the long-term vision to supplement existing
domestic reserves portfolio inline with the Government of India's vision to intensify
exploration in different sedimentary basins of India and increase domestic oil and gas
production. 

ii) Exploration & Development Activities and
Discoveries

Seismic API & drilling activities are upfront early milestone
events of exploration cycle that are achieved through synchronized conduct of a gamut of
closely related activities. Your Company has carried out 444.46 LKM of 2D seismic survey
and 1150.82 Sq. Km. of 3D seismic survey in Nominated PMLs & OALP Blocks during the FY
2024-25. So far, out of 29 OALP blocks with valid PEL that were awarded under OALP Round I
to VIII, the Company has completed committed seismic acquisition in 28 OALP blocks.
Seismic commitment in one Block could be partially accomplished due to logistical
challenges. 
Your Company drilled 22 (twenty-two) exploratory wells and 35
(thirty-five) development wells leading to a total of 57 wells drilled during FY 2024-25.
Based on the conduct of robust G&G analysis & studies by the Company's in-house
team of geoscientists, vetted by reputed international experts, your Company has
identified drilling locations in all basins where it is operating at present. Your Company
is carrying out meticulous execution of near field exploration programs that entails
making newer discoveries close to existing oil/gas fields and establishing commercial
reserves that can be monetized faster and thereby supplementing oil and gas production
from old fields. 
During FY 2024-25, your company has made 2 (two) discoveries in Mechaki
PML in Assam viz. one oil discovery in well Mechaki-6 and one gas discovery in well
Mechaki-7. Both the wells were drilled targeting Paleocene-Lower Eocene plays exceeding
5700 meter reflecting reaching deeper and challenging geological targets. Well Mechaki-6
is the deepest producing onland well in Company's operational area. The well
Mechaki-7 is also planned for monetization. With the onset of production from well
Mechaki-6, the Mechaki PML has been successfully upgraded onto producing status from non-producing
category. The discovery at Mechaki-6 after monetisation, produced 0.00513 MMT during FY
2024-25.
In a significant breakthrough, the Company has also established
hydrocarbon presence for the first time in North-Bank of River Brahmaputra in Assam in
exploratory well Kobochapori-1 drilled in Block AA-ONHP-2017/10 awarded under OALP-I
Round. The North Bank of Brahmaputra has been at the center stage of explorationists,
enigmatic for decades, however, with the oil discovery in Kobochapori area, the presence
of a working petroleum system in this part of the Assam Shelf Basin has been finally
established. This discovery will provide strong impetus to the ongoing North Bank
exploration efforts. These outcomes are a direct result of the Company's integrated
approach combining Near-field exploration with Rank exploratory initiatives, reaffirming
hydrocarbon production and advancing India's energy self-reliance.
Under OALP regime, the Company has completed drilling of seven (7) nos.
of exploratory wells viz, Jambheshwar-1 (RJ-ONHP-2019/2) in Rajasthan, Dima Hasao-1
(AA-ONHP-2018/3), Kobochapori-1 (AA-ONHP-2017/10) & Namrup Borhat-2 (AA-ONHP-2017/20)
in Assam, Puri-3 (MN-ONHP-2018/2) & Cuttack-2 (MN-ONHP-2018/5) in Odisha and Vijaya
Puram-1 (AN-OSHP-2018/2) in Company's operationalskilland Andaman Offshore. Another three
(3) wells are under drilling viz. Maijan-1 (AA-ONHP-2017/18) in Assam, Bhadrak-1
(MN-ONHP-2018/3) in Odisha & Vijaya Puram-2 (AN-OSHP-2018/1) in Andaman Offshore. 
In its endeavor to monetize DSF assets in an expeditious manner, your
Company, during the year, has successfully drilled 03 development wells for production of
natural gas in the DSF Block RJ/ONDSF/BakhriTibba/2021 in Rajasthan as per the committed
work program. Evacuation infrastructure is in place and gas production will commence
shortly from the Block. Likewise, your Company is also gearing up to start the drilling of
its first ever well in the state of Tripura in the DSF Block AA/ ONDSF/Tulamara/2018. In
addition to robust G&G studies carried in-house, a multiple number of specialized
technical studies have been conducted through reputed international Consultancy firms to
derive independent opinions on the drillable prospects identified for drilling. 
This includes Petroleum System Modelling (PSM) studies which have been
carried out in Mahanadi, Assam Shelf, Andaman, Kerala Konkan & Bikaner Nagaur Basins
to understand the regional petroleum system elements and mitigate exploration risks. This
has helped in re-affirmation the exploratory and development locations planned to be
drilled by the Company in different sedimentary basins of the country. Technical
due-diligence of Blocks offered under OALP Bid Round-IX was also carried out internally
which was validated by third party international experts. Further, reservoir related
studies to maximize oil/gas recovery from producing fields, of infilldevelopment locations
in Lakwagaon, Dikom-Chabua, Hapjan and other areas in Assam as well as Baghewala heavy
oilfield development campaigns.
During the year, your Company deployed a strong fleet of drilling rigs
21 nos. in total (10 nos. in-house & 11 nos. chartered hired) for carrying out the
planned drilling activities in its operational areas in Assam, Rajasthan, Mahanadi and
Andaman offshore. With projections of increased drilling requirements in forthcoming
years, your Company is working to procure/hire additional rigs in next few years.
Introduction of Integrated Drilling Services (IDS) has significantly improved operational
efficiency, especially in deeper wells. With enhanced bit performance and coordinated
service delivery, wells are now drilled in substantially lesser time. 
The Company is planning to commence Multilateral Drilling in one of the
prolific oil fields in Barekuri area, Assam to effectively address land scarcity
challenges. This drilling technology will enable multiple branches from a single wellbore,
thereby significantly reducing the surface footprint, enhancing reservoir access,
improving production rates, and lowering infrastructure and environmental costs.
To cater to the rising drilling demand and improve operational
efficiency, the duration of charter hire services has been significantly extended. The
strategic induction of a mix of 2000 HP and 3000 HP rigs has added greater flexibility for
drilling deeper and more challenging wells. This planned expansion will also increase the
available rig fleet, facilitating the achievement of drilling has led to targets within
reduced timelines. 
The procurement of new-generation rigs will further boost drilling
performance, minimize non-productive time, and enable in Rajasthan as part of field faster
and more cost-effective well completion. Your Company initiated AGG & GM data
acquisition campaign in the North-Eastern Region to decipher regional geological setting
& plays covering OALP acreages, PMLs and areas around Kaziranga & Mikir hills with
a cumulative quantum of 34,190 Flight LKM. The acquisition campaign commenced on 16th
February, 2025 and a total of 5,711 Flight LKM has been acquired as of 31st March 2025.
Considering Company's above cited 2D, 3D and AGG & GM Survey,
total equivalent Seismic survey completed for the FY 2024-25 stands at 4203 Sq. Km.
For comprehensive appraisal of the Indian sedimentary basins, 2D
seismic profiles have been planned in 07 onland sedimentary basins under Mission Anveshan
by Government of India (GoI). Out of the total allocated project quantum of 20,275 LKM 2D
seismic API, your Company is entrusted to carry out approx. 9,400 LKM seismic API in the
unapprised areas of Rajasthan & Ganga-Punjab Basin with planned the states of
Rajasthan, Punjab, Bihar & Uttar Pradesh. The 2D seismic acquisition in Rajasthan,
Uttar Pradesh (Azamgarh and Badaun) and Bihar (Muzaffarpur) has commenced and a total of
2602.92 LKM of 2D seismic data have been acquired as of 31st March 2025. 
Further to boost exploration activities to provide valuable inputs to
ascertain hydrocarbon potential in the Continental Shelf areas of the country in Western
and Eastern offshore beyond EEZ boundary, GoI has initiated the Extended Continental Shelf
(ECS) survey for 2D Seismic API. A total quantum of 30,000 LKM of 2D seismic API is
proposed to be carried out in Eastern & Western Offshore (15,500 LKM in Western Sector
by ONGC & 14,500 LKM in Eastern Sector by OIL). The 2D seismic data acquisition
campaign by the Company has commenced and a total of 7362.55 LKM has been acquired as of
31st March, 2025.
The Company has been following a stage-gate approach for driving its
exploration campaign in the OALP Blocks. The activities are focused on a holistic campaign
through concerted efforts of not only completing the committed work program but to augment
the understanding of the hydrocarbon prospectivity through additional/supplementary work
programs, wherever necessary. Towards this end, the Company has carried out supplementary
seismic API in the OALP Blocks in Mahanadi Basin to support the ongoing exploration
campaign. 

iii. Oil and Gas Reserves a. Domestic

Your Company has strong oil and gas reserves base in domestic assets
including JVs. The Reserves accrued during the FY 2024-25 is 5.8714 MMToE (2P). The
particulars of oil and gas reserves as on 1st April, 2025 are furnished below: covering

  

    
Reserves
    
1P
    
2P
    
3P
  
  

    
Oil + Condensate Reserves (MMT)
    
29.4271
    
69.3852
    
90.0790
  
  

    
Balance Recoverable Gas (BCM)*
    
88.9198
    
139.0337
    
180.1169
  
  

    
O+OEG (MMTOE)
    
106.9778
    
190.2508
    
246.8594
  

*Based on projected volume of gas under various sales contracts, 1P, 2P
and 3P Gas Reserves are 29.7160, 53.7330 and 63.7830 BCM respectively. 

b. Overseas

As of 1st April 2025, the oil & gas reserves position of 04 (four)
overseas producing assets (Company's Proportionate Share), namely, Vankorneft
(Russia), Taas Yuryakh (Russia), Petro Carabobo (Venezuela) and Golfinho-Atum (Mozambique)
are furnished below:

  

    
Reserves
    
1P
    
2P
    
3P
  
  

    
Oil + Condensate Reserves (MMT)
    
8.7083
    
20.5084
    
33.2024
  
  

    
Gas (BCM)
    
11.6373
    
20.3940
    
24.2794
  
  

    
O+OEG (MMTOE)
    
20.3456
    
40.9024
    
57.4818
  


2. CAPITAL STRUCTURE


The Authorized Share Capital of the Company is 


` 2000 crore. As on 31st March, 2025, the Paid-up Share Capital of the
Company was ` 1626.61 crore [comprising of 162.66 crore equity shares of ` 10 each]. At
present, the Government of India, the Promoter of the Company, is holding 56.66% of the
total Paid-up Capital of the Company. The balance43.34%oftheEquitycapitalis cial
statements). held by Public and others including Bodies Corporate, Mutual Funds, Banks,
Foreign Portfolio Corporates, Resident Individuals etc. The Company achieved the highest
market capitalisation of ` 1,24,907.21 crore on 30th August 2024. 

3. DIVIDEND


Your Company paid 1st Interim Dividend @ ` 3.00 per share (i.e. 30% on
the paid-up equity share capital) amounting to ` 487.98 crore and 2nd Interim Dividend @ `
7.00 per Share (i.e. 70% on paid up equity share capital) amounting to ` 1,138.63 crore
for FY 2024-25. The Board of Directors has recommended a Final Dividend of ` 1.50 per
share (i.e. 15% on the paid-up equity share capital) for FY 2024-25, subject to the
approval of the shareholders at the 66th Annual General Meeting of the Company.

4. CREDIT RATINGS


reflected in the TheCompany's current credit ratings ascribed by the
ratings agencies as given below:

  

    
Category
    
Rating Agency
    
Rating International
    
Remark
  
  

    
Long Term
    
Moody's Investor
    
Baa3 (Stable)
    
At par with India's Sovereign rating
  
  

    
Long Term
    
Service Fitch Ratings
    
BBB- (Stable)
    
At par with India's Sovereign rating
  
  

    

    
Domestic
  
  

    
Long Term
    
CRISIL
    
CRISIL AAA (Stable)
    
Highest Rating
  
  

    
Short Term
    
CRISIL
    
CRISIL A1+
    
Highest Rating
  
  

    
Long Term
    
CARE EDGE
    
CARE AAA (Stable)
    
Highest Rating
  
  

    
Short Term
    
CARE EDGE
    
CARE A1+
    
Highest Rating
  


5. DETAILS OF LOANS, GUARANTEES AND INVESTMENTS/ DEPOSITS


The particulars of investment made, loans extended, guarantees and
securities provided along with the purpose for which the loan or guarantee or security is
proposed to be utilized by the recipient are provided in the standalone financial
statements. (Ref. Note no. 6, 8, 43&46tothestandalone

6. RELATED PARTY TRANSACTIONS


All contracts / arrangements / transactions entered by the Company
during the year with related parties were in ordinary course of business and at arm's
length basis. The policy on materiality of related party transactions and dealing with
related party transactions may be accessed on the Company's website at
www.oil-india.com. Attention is also invited to Note- 46 to the financial statements and
Form AOC-2 attached herewith.

7. HUMAN ASSETS


Your Company core driver of value creation. In alignment with its
Vision 2030 and 2040, the Company adopted best-in-class HR practices to build a
future-ready, engaged workforce. As on 31st March 2025, the Company employed 6,412
personnel, including 1,854 executives and 4,558 unionized staff. The attrition rate
remained below 0.30%, reflecting Women comprised around 7.8% of the workforce, with
ongoing efforts to enhance diversity and inclusion across all roles. The Company
accelerated its transformation into a future-ready organization by embedding strategic HR
interventions aligned with its long-term business vision. Key initiatives included:

Structured Training Calendar and Upskilling initiatives

The Company expanded its Learning & Development (L&D) footprint
through a robust annual training calendar, executed via MTDC and allied institutes. The
Company's annual training calendar spans the entire value chain from geoscience, drilling
and production to interpersonal skill development, ensuring comprehensive capability
building across disciplines.

Technical Competency Framework (TCF)

The Company completed its Technical Competency Framework, covering all
major disciplines. This framework defines role-specific coordination and drilling software
proficiency to seismic analysis and stakeholder management, ensuring targeted capability
building across operational verticals.

Offshore Drilling Capacity Building

The Company strengthened its offshore drilling capabilities through
specialized training programs, including basic sea survival courses conducted at premier
institutes. These are vital for enhancing offshore drilling capabilities and ensuring
safe, execution of offshore drilling activities.

Succession Planning and Leadership Pipeline

Recognizing the demographic shift with senior experts nearing
retirement, the Company institutionalized a formal succession planning process. Critical
roles were mapped and tailored development plans including mentoring, job rotations, and
executive education were implemented to groom high-potential talent. This initiative
safeguards continuity and preserves institutional knowledge.

8. SPORTS


Your Company believes that sports is an integral part of all round
development of human personality and achieving excellence in sports has real bearing on
national prestige and morale. Therefore, employees are encouraged to participate and excel
in sports. The Company has actively supported and promoted sports under the umbrella of
Petroleum Sports Promotion Board (PSPB), All India Public Sector Sports Promotion Board
(AIPSSPB) and other bodies duly recognized by the Government of India. The Company
participated in various sports events in Football, Golf, Cricket etc. during the year.
Your Company's following teams were in limelight of sports:
Para team secured 4 gold, 3 silver and 7 bronze medals in the 6th Para
Games 2025. 
Winner in the 44th PSPB Inter-Unit Football Tournament, 20th Captain
Jintu Gogoi Vir Chakra Memorial Invitational Football Tournament and 32nd PSPB Inter Unit
Basketball Tournament.
Runner-up in the AIPSSCB Football Tournament and Badminton Tournament.
Women's doubles Team and Women's Singles Individual player
emerged as the Winners and Runner-up in the 43rd PSPB Inter-Unit Table Tennis Tournament. 
Men's and Women's Team emerged as Winners in the Team Event
in the AIPSSCB Table Tennis Tournament. Meanwhile, in Men's Single event and
women's singles event, OIL players emerged as the Winner and Runner-up respectively.
In Men's, Women's & mixed doubles event, OIL teams emerged as the Winner.
efficient Veteran team secured the Runners-up position respectively in the 43rd PSPB
Inter-Unit Lawn Tennis Tournament.
OIL-A team secured the Runners-up position respectively in the 45th
PSPB Inter Unit Golf Tournament.
Men's Veteran and Women's Team emerged as Winner in 5th PSPB
Inter-Unit Squash Tournament. Meanwhile, in Men's Single, OIL players emerged as the
Runner-up respectively.
Secured the First Board Prize in the 34th PSPB Inter-Unit Chess
Tournament. Furthermore, OIL Team won the 1st Prize and 2nd Prize in the Unrated Category
also.
Athletics team secured 2 Gold, 2 Silver and 6 Bronze medals in the 43rd
PSPB Inter-Unit Athletics Meet. 
Women's team emerged as the Winner in Team Event and in Men's
Single event, the Company's player emerged as the Winner in the 43rd PSPB Inter-Unit
Badminton Tournament. 
Snooker Team secured the Runner-up position in the Non-Professional
Individual Event in 20th PSPB Inter-Unit Billiards & Snooker Tournament.

9. IMPLEMENTATION OF GOVERNMENT DIRECTIVES FOR PRIORITY SECTIONS


Your Company complies with the directives of the Government of India
for priority sections of the society. The representation of various priority sections in
executive and unionized employees categories in the Company as on 31st March, 2025 is as
under:

  

    
Category
    
SC
    
ST
    
OBC
    
Minority
    
PWD
    
Women
  
  

    
Executives
    
273
    
165
    
554
    
125
    
47
    
237
  
  

    
Unionized Employees
    
406
    
749
    
2154
    
259
    
121
    
269
  
  

    
Total
    
679
    
914
    
2708
    
384
    
168
    
506
  


10. IMPLEMENTATION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 AND MATERNITY BENEFIT ACT, 1961

The Company is committed towards prevention of sexual harassment of
women at workplace and takes prompt action in the event of reporting of any such
incidents. The Company has in place mechanism [Internal Complaints Committees (ICCs) at
various offices] for prevention of sexual harassment in line with the requirements of the
Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act,
2013. The disclosure regarding complaints under the Sexual Harassment of Women at
Workplace (Prevention, Prohibition & Redressal) Act, 2013 during the FY 2024-25, is as
under:

  

    
Sl. no. Particulars
    
Number of complaints
  
  

    
1 Number of complaints of sexual harassment
    received in the year
    
One (01)
  
  

    
2 Number of complaints disposed off during
    the year
    
One (01)
  
  

    
3 Number of cases pending for more than
    ninety days
    
NIL
  

Your Company is committed to provide safe, secure and conducive work
environment to its female employees and extends all kind of protection to women in the
workplace. The Company aims to protect the dignity of motherhood and the rights of working
women. Accordingly, the Company complies with all provisions as specified under the
Maternity Benefit Act 1961.

11. CORPORATE GOVERNANCE

Your Company believes that good corporate governance plays a critical
role in establishing a positive organizational culture. Pursuant to the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 and DPE guidelines on Corporate
Governance, a report on Corporate Governance along with Management Discussion &
Analysis Report and Business Responsibility & Sustainability Report forms part of
Board's Report and furnished as part of this Annual Report. 
The details of the meetings & composition of the Board, Statutory
Committees of the Board including terms of reference, Company's policy on
Directors' appointment, remuneration & their shareholding in the Company,
establishment of whistleblower mechanism, information related to Annual General Meeting
& Dividends, Investor Education & Protection Fund (IEPF) details and other
matters, etc. are part of report on Corporate Governance. In terms of Regulation 34 (2)
(f) of SEBI LODR Regulations, 2015, Business Responsibility & Sustainability Report
(BRSR) describing the initiatives taken by the Company from an Environmental, Social and
Governance perspective, forms part of the Annual Report. Your Company has published the
Business Responsibility and Sustainability Report [BRSR] alongwith the assurance of the
specified parameters as per the Business Responsibility and Sustainability Report Core of
the value chain, which are hosted on the website of the Company on the link:
https://www.oil-india.com/files/investor services_documents/Business_Responsibility_and_
Sustainability_Report_for_FY_2024_25.pdf

12. RTI ACT, 2005

In line with its commitment to transparency, employees, TOLIC
accountability andgoodgovernance,yourCompanyhas Official effectively implemented the
provisions of the Right to Information Act, 2005 (RTI Act). As a designated Public
Authority under Section 2(h) of the RTI Act, the Company fulfils its statutory obligations
diligently.
To ensure seamless execution of the mandates of the Act, the Company
has appointed Central Public Information Officers (CPIOs), Central Assistant Public
Information Officers (CAPIOs), and Appellate Authorities across all operational spheres.
The RTI Cell efficiently disposes applications through the Government of India's RTI
Online portal. In adherence to the Government's proactive disclosure guidelines, the
RTI section on the Company's official website is regularly maintained and updated
with all relevant and disclosable information.
The Company addressed RTI applications and appeals within the statutory
timeframe of 30 days, reflecting the Company's emphasis on timely and responsible
information dissemination.
The Status of RTI applications / appeals during the FY 2024-25 are as
follows:

  

    
Total Applications
    
Applications Disposed
    
Pending Applications
    
First Appeals before Appellate Authority
    
Appeal disposed off
    
Pending Appeals
  
  

    
300*
    
270
    
30
    
36
    
35
    
1
  

(*Includes Applications carried over from the previous FY)

13. IMPLEMENTATION OF OFFICIAL 
LANGUAGE (RAJBHASHA)

Your Company puts continuous efforts for increased use of
OfficialLanguage with the OfficialLanguage Policy/Act/Rules/Orders of the Govt. of India.
Hindi workshops were held regularly so as to enable officers and employees to work in
Hindi conveniently and efficiently. Meetings ofOfficial Language Implementation Committee
were held quarterly. The responsibility of the Chairmanship of Duliajan for Town Committee
(TOLIC) was also borne by the Company. Half-yearly meeting of TOLIC were organised as per
schedule of Department of Official Language, Govt. of India Executives/ Employees were
encouraged to attend Hindi Training Classes and to write more and more words in Hindi
through Incentive Scheme formulated by the Company. Total of 492 Nos. of officers and
employees took training of Hindi through workshop in Official Language. 76 officers and
employees have passed Hindi Prabodh, Praveen, Pragya & Parangat exam and given
incentives as per company rules. To Propagate members and students, various literary
competitions were held during Hindi Month Celebration. New initiative of Hindi section
i.e. "Aaj Ka Shabd" is being prepared and published on the Company's web
daily.
Annual programme of OfficialLanguage Hindi for the FY 2024-25, which
was issued by Deptt. of Official Language, Ministry of Home Affairs, Govt. of India, was
circulated to all Spheres/ Deptts. of the Company and regular monitoring and reviewing
jobs are being done in Quarterly Meeting with Departmental representatives. In House Hindi
Journal “OIL KIRAN” was published regularly. In-House Journal “OIL
NEWS” was published in Trilingual form i.e. Assamese, Hindi and English.

14. PUBLIC PROCUREMENT POLICY FOR MICRO & SMALL ENTERPRISES (MSEs)

The Company adheres to the Public Procurement Policy for MSEs. The
Budgeted and actual procurement of goods and services from MSEs during the FY 2024-25 are
as under:

  

    
S. No Particulars
    
FY 2024-25
  
  

    
1 Budgeted procurement of goods and services
    from MSEs
    
` 820.00 crore
  
  

    
Actual procurement 
    

  
  

    
2 a) Total value of goods and services
    procured from MSEs (including MSEs owned by SC/ ST entrepreneurs) Hindiinofficial
    work in line
    
`1790.30 crore
  
  

    
3 b) Percentage of procurement of goods and
    services from MSE (including MSEs owned by SC/ ST entrepreneurs) out of total procurement
    excluding high-technology items
    
57.49 %
  

Total procurement of goods and services during FY 2024-25 as per
guidelines of MoP&NG and recorded in ‘Sambandh Portal' is ` 3114.37 crore
and as detailed above the total procurement through MSEs during FY 2024-25 is ` 1790.30
crore which is 57.49% of total procurement mentioned in ‘Sambandh Portal'. Total
procurement from SC/ST-MSEs and Women MSEs during FY 2024-25 is ` 67.77 crore and `
129.90 crore respectively. Procurement of Goods and services through GeM portal during FY
2024-25 is ` 3,556.52 crore which is 161.66% of GeM Procurement Plan of ` 2200.00 crore
for goods and services during the year.
Total Procurement of goods and services by the Company during FY
2024-25 is ` 9557.03 crore (Standalone) including high technology items. NRL: GeM
procurement for FY 2024-25 is ` 522.23 crore against approved planned GeM procurement of `
360.00 crore. Similarly, procurement from MSEs was ` 646.76 crore against total
procurement plan of ` 1658.81 crore, Total procurement from SC/ST-MSEs and Women MSEs by
NRL during FY 2024-25 is ` 8.02 crore and ` 7.39 crore respectively.

15. VIGILANCE

The Vigilance Wing is headed by Chief Vigilance Officer (CVO), who acts
as an advisor to the Chairman & Managing Director of the Company on vigilance matters
and functions as a link between the Management and the Central Vigilance Commission (CVC)
& the Central Bureau of Investigation (CBI). Vigilance basically functions under three
facets: (i) Preventive (ii) Punitive and (iii) Surveillance & Detection.

Preventive Vigilance: This calls for constant review of roles,
procedures and practices for refiningand improving the system thereby reducing scope for
corruption and leading to better operational results. To strengthen this facet of
Vigilance framework, during the FY 2024-25, several system improvement measures were
recommended and implemented on the basis of scrutiny of various Contracts & Purchases
files, inspections of installations both periodic and surprise, intensive examinations of
high value projects/ works done internally. Additionally, policy matters were also taken
up for improvements like amendment in Delegation of Powers, Tender Conditions etc. to name
a few. 
Extensive use of technology through E-procurements, E-payments, Vendors
Invoice Management System etc. has further emerged as effective tools of preventive
vigilance. To create awareness and to sensitize employees about the Company rules and
regulations, in-house awareness programs were conducted in various spheres of the
organization. The awareness programs included namely “Keep in Touch” (KIT),
“Catch Them Young” (CTY) and “Vigilance Sensitization”. Further,
Management has been advised to regularly conduct induction and mid-career training
programs on preventive vigilance. In addition to this, second edition of an inhouse
vigilance bulletin named “DRISHTI” containing case studies of various
inspections and recommended best practices was also released during the year.
One major event towards Preventive Vigilance is observance of
“Vigilance Awareness Week” (VAW). During the year, in line with the directives
of CVC, as a prelude to VAW 2024, a 3-month campaign on Preventive Vigilance was conducted
across the Company from 16th August to 15th November 2024. The campaign focused on five
areas viz. Capacity Building Programs, Identification and implementation of Systemic
Improvement Measures, Updation of Circulars/Guidelines/Manuals, Disposal of Complaints,
Dynamic Digital Presence. Key accomplishments during the campaign period are namely
release of Arbitration & Conciliation Process, release of Policy Framework for
Collaborative Study with Academic Institutes/ Government Agencies. As a part of Capacity
Building, over 1,740 employees were imparted training on different topics and various
Systemic Improvement Measures relating to policies, tenders & ERP were undertaken.
The VAW 2024 was observed from 28th October to 3rd November 2024 across
the Company on the theme “Culture of Integrity for Nation's Prosperity”.
The week started with the Integrity Pledge, which was administered by CMD at Corporate
Office and by the respective heads of spheres in other offices. 
A special issue of Vigilance in-house journal “InTouch” was
also released on the occasion of VAW 2024. Several activities were conducted both within
and outside the Company. Some of these activities include Talks by eminent personalities,
Training, Seminar/ Webinars, Workshops, Quiz, Debate, etc. In addition, several
competitions in nearby schools and colleges were also organized. Vendors' Grievance
Redressal Camp / Awareness Programs and Gram Sabhas were also organized in different
spheres of the Company, enabling the stakeholders to redress their problems. In addition
to above, continuous efforts are on to imbibe ethical behavior by encouraging everyone to
take the online “Integrity Pledge”. The link for online “Integrity
Pledge” has been made available on the Company's website and can be easily
accessed by the employees, their families, vendors/contractors/stakeholders. 

Punitive Vigilance: This function involves complaints handling,
investigations, monitoring of disciplinary cases etc. Based on complaints received by the
organization from various sources including the CVC and the concerned Ministry,
investigations are done and taken to their logical conclusion. For effective and timely
disposal of disciplinary cases, management has been advised to conduct training on the
role of inquiry officers & presenting officers among officers at different levels of
the organization. Also, as and when required, assistance is also extended to the CBI in
the investigation of cases entrusted to them. Number of Complaints received and disposed
off during the year are as under:

  

    
Brought Forward
    
Received
    
Disposed
    
Pending
  
  

    
2
    
14
    
15
    
1
  

As far as vigilance cases are concerned, during the year, 1 vigilance
case (disciplinary proceeding) involving 3 officialswas handled during the year.

Surveillance & Detection: This function includes conducting
regular & surprise inspections, CTE Type intensive examination of projects / works,
besides carrying out scrutiny of annual property returns, audit paras, etc. During the FY
2024-25, several inspections / examination / scrutiny in all spheres of the Company were
carried out and observations or findings were appropriately taken up with the management.

16. RESEARCH AND DEVELOPMENT

To ensure sustained value creation over the long term, your Company is
focused on addressing the challenges facing the fossil fuel industry, particularly in
exploration and production. It aims to develop innovative solutions that mitigate
exploration risks, overcome limitations of geophysical methods in challenging terrains,
address declining production from mature fields and enhance flow assurance for waxy crude.
Emphasizing technology and innovation, the Company is committed to fulfill promises while
prioritizing the well-being of employees, communities and the environment. This commitment
is fostered by robust R&D initiatives and the adoption of state-of-art technologies.
The Company currently operates two R&D facilities: the R&D Department at its Field
Headquarters in Duliajan and the Centre of Excellence for Energy Studies (CoEES) in
Guwahati, focusing on both immediate and future research needs. Notably, the R&D
Department has secured one patent grant during the FY 2024-25.
CoEES is extensively pursing research and development to augment
recovery from the mature fields Company by focusing on areas of Field Development
Planning, Enhanced Oil Recovery, Petroleum System Modelling, Sedimentological Studies,
Basin Analysis, Geochemical and EOR laboratory studies through in-house expertise and
industry-academia collaborations. In line with India's Net-Zero emissions goal, CoEES
is also actively working towards Company's carbon neutral targets by conceptualizing and
planning studies through Carbon Capture & Sequestration, Geothermal Energy, Critical
Mineral Exploration, and to tap on to the Natural Hydrogen and Gas Hydrate opportunities.
Additionally, CoEES is developing a state of the art Core Repository integrated with an
advanced geological laboratory, to support R&D in hydrocarbon exploration and field
development, as well as in the exploration of critical minerals, geothermal energy and
natural hydrogen. To enhance the impact and effectiveness of its R&D endeavours, the
Company collaborates extensively with academia, research institutes, start-ups, other PSUs
and industry bodies. These partnerships aim to build a comprehensive knowledge base that
will drive the nation towards energy self-reliance and independence in the years ahead.
The Company at standalone basis invested ` 147.30 crore in R&D activities during FY
2024-25 which is 1.88% of PBT.
NRL has set up R&D facilities and Centre of Excellence in
collaboration with various research and academic institutes like IIT Guwahati, CSIR-NEIST,
RGIPT etc. 
OIL-NRL (consolidated) invested `174.99 crore in R&D activities
during FY 2024-25 which is 1.872% of consolidated PBT.

17. CORPORATE SOCIAL RESPONSIBILITY & SUSTAINABLE DEVELOPMENT

The Company continues to actively engage with local communities within
and beyond its operational areas, identifying their needs and implementing development
projects accordingly. Its Corporate Social Responsibility (CSR) initiatives are aligned
with the activities prescribed under Schedule VII of the Companies Act, 2013 and
subsequent amendments. Key focus areas include Healthcare, Education, Skill Development,
Sustainable Livelihood, Women Empowerment, Swachh Bharat Abhiyan (Clean Drinking Water
& Sanitation), Promotion of Rural Sports, Preservation of Art, Culture & Heritage,
Environmental Sustainability and Relief & Rehabilitation, among others. Details of
major CSR initiatives undertaken during the year are provided in the Annual Report onof
the CSR Activities as a part of the Annual Report 2024-25. During the year under review,
the Company spent ` 129.53 crore on CSR activities, which constitutes 2.23% of the average
net profit of the preceding three financial years This amount exceeds the mandatory CSR
expenditure of ` 115.98 crore, as calculated in accordance with the statutory provisions
under Section 135 of the Companies Act, 2013. 
The Responsibility Statement of the CSR and Sustainability Development
Committee, confirming the implementation and monitoring of CSR activities are in
compliance with the Company's CSR Policy and objectives, forms an integral part of
the Annual Report on CSR Activities
Your Company's subsidiary - Numaligarh Refinery Limited spent `
85.16 Crore in CSR activities against the mandatory spend of ` 84.50 Crore. 

18. HEALTH, SAFETY & ENVIRONMENT 

Your Company places the highest importance on Health, Safety &
Environment (HSE) in every aspect of its operations. The unwavering commitment to HSE is a
core part of our corporate values, focused on protecting the well-being of our employees,
contractors, communities and the environment. During FY 2024 25, the Company achieved a
notable milestone with a lowest ever Lost Time Injury Frequency Rate (LTIFR) of 0.071,
reflecting our dedication to workplace safety. Our extensive safety training programs
covering all executives, employees and contractual staff, have significantly enhanced our
safety culture, improving awareness and compliance across the organization.
As part of our commitment to responsible growth and operational
excellence, we have revised and strengthened our Environmental Policy & HSE Policy.
Apart from the statutory training, capacity building on various HSE related topics like
Hazard Identification & Risk Assessment (HIRA), Hazard & Operability Study (HAZOP)
& Quantitative Risk Assessment (QRA), Statutory Acts, Rules & Regulations, Fire
Fighting and sensitisation on Stop Work Authority, Zero Tolerance Policy were emphasized.
With strict adherence of Toolbox Talks, Standard Operating Procedures,
Permit to Work System, Job Safety Analysis in place, Loss Control Management Tour by
Senior Executives resulted in the significant improvement in HSE Standards.
The “Project: KAVACH- Key to Awareness, Value Creation and
Change” launched in 2023-24 in the Company to systematically implement 11 strategic
HSE Goals covering amongst others (i) strengthening of the HSE Managemen System,
Benchmarking and ISO Certification of Installations, (ii) Integration of Technology/
Digitization initiatives, (iii) ESG initiatives and Occupational Health & Safety. With
the incorporation of KAVACH in an advanced stage it is envisaged that Safety Culture in
the organisation will further improve. Initiatives in Digitization like, incident
reporting and audit management was done through HSSE Portal and Loss Control Management
Tour also made available through Mobile App and Website. HSE Galleria established across
the spheres is an interactive and educational platform for the employees of the Company.
Development of HSE
Brand Ambassadors is a significant step to strengthen safety culture in
every department.
ISO Certification under the Integrated Management System (IMS)
comprising the international standards viz: ISO 9001:2015 Quality Management System, ISO
14001:2015 Environmental Management System, ISO 45001:2018 Occupational Health &
Safety Management System has been completed in the Company & thereby resulting in a
systematic continuous improvement in the HSE standards at international levels.
HSE Campaign: Observance of Fire Service Week, World Environment Day,
National Safety Day, Earth Day organised as per Government Notifications. Awareness
campaign has been created through First Aid Competition, Safety Song & Skit
Competition, Safety Quiz competition, drawing competition and Safety Award Ceremony for
recognising the performance by the teams and individuals. Organised Safety Orientation
programmes for Families of employees. The sensitization is also done by circulating Safety
Awareness Videos and Fire Safety Tips on weekly basis and conducting Street plays in
operational areas.
Looking ahead, we remain committed in our mission to uphold the highest
standards of health, safety and environmental performance. We will continue to build on
our accomplishments, striving for excellence in all areas of HSE. Our commitment to
innovation, employee empowerment and stakeholder engagement will guide us as we navigate
the challenges and opportunities of the future.

19. RISK MANAGEMENT

Your Company has institutionalised the enterprise-wide Risk Management
Program and Framework to not only provide a comprehensive view of risk exposures but also
to facilitate a risk informed decision-making, in this highly volatile business
environment. The Company has adopted a combination of a bottom-up and top-down approach to
drive Risk Management across the company. The approach includes identification, regular
assessment of risks, defining and monitoring mitigation strategies by respective risk
owners across functions of the Company. A robust risk governance structure has been
developed to enable greater oversight over the risk management process. The Company
follows a three-tier system of managing risks across the organization comprising of
Operational Risk Management Committees (ORMC) at Sphere level; Risk Management Steering
Committee (RMSC) at Corporate level; Risk Management Committee (RMC) at Board level.
A comprehensive risk register has been developed, supporting a
proactive approach to risk management within organization. This register undergoes regular
updates to capture new and emerging risks, which are thoroughly deliberated during
multiple meetings at ORMC, RMSC & RMC.
Thus enterprise-level risks are identified through a structured risk
assessment process involving all spheres and relevant stakeholders and classified as High,
Medium & Low. The high-category risks are being actively monitored and managed through
mitigation plans, controls, and regular reporting. The remaining risks classified as
medium or low and are also being regularly monitored and managed with appropriate
mitigation plans.
As we look ahead, we remain committed to strengthening our risk
culture, enhancing transparency and evolving our risk practices in line with a dynamic
business environment. 

20. START-UP INITIATIVES

In alignment with the vision of Start-Up India, a flagship initiative
of the Government of India, the Company has implemented the Start-up Nurturing, Enabling
and Handholding (SNEH) program, which has cultivated a dynamic ecosystem of startups that
push boundaries and explore new frontiers. The initiative supports entrepreneurial
ventures across a diverse range of sectors, including oil and gas, battery recycling,
hydrogen-powered transportation, app-based fuel delivery, robotics, carbon capture,
effluent treatment, biotechnology, healthcare, tourism and electric mobility. 
As part of SNEH, the Company has signed Memorandum of Understanding
(MoUs) with 5 (five) leading institutions namely IIT Guwahati, Guwahati Biotech Park, IIT
Bhubaneswar, IIM Lucknow & IIT Delhi for incubation support. In the initial phases of
this initiative, the Company has supported 15 (fifteen) number of startups and ` 21 Crore
has been disbursed to them in accordance with tripartite agreements amongst the Company,
incubator and the Startup. 10 (ten) more startups were selected through IIT Delhi and fund
disbursement is being made in phases. During the current year, 15 (fifteen) more startups
have been selected through IIM Lucknow and fund disbursement will be initiated after
launching of OIL's Alternative Investment Fund (AIF).
Green Technology Private Limited, a startup supported under the SNEH
initiative, was recognized among India's Top 5 startups at Avinya'25 Energy
Startup Challenge during India Energy Week 2025, the country's premier global energy
sector event. The recognition was conferred by the Hon'ble Minister of Petroleum and
Natural Gas, Government of India, Shri Hardeep Singh Puri. Additionally, UGreen was also
ranked among the Top 3 startups at Electraverse, the startup challenge held during
ELECRAMA, the world's largest exhibition for the electrical and allied electronics
industry, organized by the Indian Electrical and Electronics Manufacturers'
Association (IEEMA). 
The Company supported innovative startups, notably Caliche Private
Limited (focuses on biochemical sand influxcontrol for oil wells) and Carbonation India
Private Limited (dedicated to sustainable waste solutions for the oil and gas sector) also
participated in the event. The Company's supported startup, Beta Tank Robotics Pvt
Ltd has developed a robot for cleaning of petroleum tanks. The prototype is in the
advanced stage of completion. This tank cleaning robot is anticipated to be a game changer
for the oil and gas industry. The Company actively participated in the second edition of
Startup Mahakumbh at Bharat Mandapam, New Delhi held from 3rd to 5th April 2025. Under the
theme ‘Startup India @ 2047: 
Unfolding the Bharat Story'- the event highlighted disruptive
innovations from across India, with 2,923 exhibitors, 103,349 unique attendees and over
2.5 lakh exhibition footfall. The Company's participation at Startup Maha Kumbh 2025
showcased it's active role in fostering deep tech innovation, supporting early-stage
ventures and sharing critical strategic expertise

21. NET ZERO PURSUIT 

Your Company is committed to achieve the 2040 Net Zero target and has
demonstrated its commitment to transitioning into a clean and integrated energy company
aligning with the nation's climate goals. As part of this Net Zero pursuit, the
Company is implementing a structured, science-based roadmap to achieve net zero emissions
by 2040, with interim targets of ~25% reduction by 2026, ~85% by 2030, and ~95% by 2035
over the base year FY 2023-24. 
Through Project "Santulan", launched in FY 2024 25,
the Company operationalized 26 high- impact initiatives focused on GHG reduction,
environmental sustainability and strategic enablers. The Company has committed an
investment of approximately ` 20,000 crore towards key decarbonization levers, which
include reduction of flaring, renewable energy, compressed biogas (CBG), green hydrogen,
electrifying traditional gas fired equipment, CCS/CCUS, Geothermal, energy efficiency
upgrades, energy storage solutions and Dynamic Gas Blending in Drilling Rigs. As a result
of these concerted efforts, the Company has already achieved a 12.5% reduction in GHG
emissions from 1.450 MMTCO2e in FY 2023 24 to 1.268 MMTCO2e in FY 2024 25 over the base
year. This progress reflects that the Company is well on track to meet its interim targets
and the long-term Net Zero goal.
Your Company initiated reduction in routine flaring with a goal to
achieve Zero Flaring by 2025. A total of 11 nos. of gas compression facility has been
installed to reduce flaring by compressing the LP flare gas and distributing it in the gas
network. A significant milestone in flare gas reduction has been achieved with the
completion of the Kumchai-Kusijan pipeline for evacuation of the gas produced in Kumchai
thus reducing flare of 0.07 MMSCM high pressure gas daily. The Company has also installed
new pipeline infrastructures for gas evacuation to improve gas utilization thus
contributing to reduction in emissions.
With Installed Renewable Energy Capacity of 188.1 MW, the Company is
committed to deploying 5-5.5 gigawatts of renewable energy capacity by 2040, emphasizing
wind, solar and other sustainable energy sources. Your Company has formed a Joint Venture
(JV) with Assam Power Generation Corporation Limited (APGCL) for the development and
installation of 645 MW solar power projects across Assam. The Company has installed 833
KWp roof top solar plants during the FY 24-25 and has an installed capacity of 1989 KWp
solar plant for captive utilisation. The Company also plans to further install 1500 KWp of
roof top solar across assets pan India. 
In alignment with the Government of India's mission to promote
affordable, sustainable, and clean energy solutions, and reaffirming supporting the
national clean energy transition and fostering a circular economy, your Company has
undertaken a target to establish 25 Compressed Bio Gas (CBG) plants across various regions
of the country. A key milestone in this journey was achieved on 2nd October 2024, when the
Hon'ble Prime Minister of India conducted a virtual groundbreaking ceremony for CBG
plants at four strategic locations in Assam Tinsukia, Sivasagar,
Jorhat, and Guwahati marking a significant step forward in the Company's clean energy
roadmap. During the reporting year, the Company's Board approved a capital outlay
of ` 3,750 crore for this initiative. Open tenders have been floated for the development
of CBG plants at Tinsukia (Assam) and Meherpalli in Khorda District (Odisha), while tender
documents for three additional plants Jorhat (Assam), Agartala (Tripura), and Cuttack
(Odisha) are at advanced stages of preparation. Furthermore, 19 Detailed Project Reports
(DPRs) are currently under various stages of development to evaluate and prioritize
additional CBG plant locations based on technical and commercial viability.
To accelerate project execution, the OIL Board has also approved the
formation of two Joint Venture (JV) companies with established CBG developers M/s GPRS and
M/s HWTPL. Applications have been submitted to the Department of Investment and Public
Asset Management (DIPAM), Government of India, seeking necessary approvals for undertaking
CBG plant development under the JV framework.
The Company has forged prominent collaborations with leading national
and international platforms to accelerate its sustainability and decarbonization journey.
As a signatory to the Oil & Gas Decarbonization Charter (OGDC), the Company has
committed to industry-wide collective action towards reducing greenhouse gas emissions and
achieving net-zero targets. In the pursuit to reduce GHG emissions, your company has
entered into an cooperation agreement with Total Energies for detection and Methane and
Carbon dioxide emissions in the Company's production installations. The detection of
Methane and Carbon dioxide emissions will be done through a drone based survey using
TotalEnergies AUSEA (Airborne Ultra light Spectrometer for Environmental Applications)
technology. Further, your Company through its material subsidiary NRL has embarked on a
journey to Green Hydrogen, which signifies our commitment to harnessing the potential of
hydrogen as a clean and sustainable energy source. 
As part of this initiative a 2.4 KTPA of green OIL's commitment to
hydrogen plant is currently being built and is expected to be commissioned within the year
2025. The potential for reduction of CO2 emission will be 0.024 MMTPA. In strengthening
its green portfolio, the Company, through its subsidiary NRL, is establishing the 50 KTPA
2G Ethanol plant based on bamboo feedstock, under the joint venture Assam Bio-Refinery
Private Limited, which is at advanced stage of commissioning.
Your Company in its pursuit towards the Net Zero has taken initiative
to electrify operations through use of Green Energy. Efforts are being made towards
transition of field operations by increasing electrification using green energy.
Initiatives have been taken to connect the Company's installations to the grid to
enable supply of renewable power from utility-scale green energy projects. Purchasing of
Green Energy through Power Purchase Agreements (PPAs) are being explored with certified
supply of clean energy for operational requirement. 
The concept of Carbon Capture and Storage (CCS) to enable large scale
underground sequestration is gaining traction in view of drastic climate change.
Identification of suitable storage complex for permanent storage of plays a major role in
path towards decarbonization CO2 and net zero from the perspective of upstream Oil and Gas
Sector. In this regard, your Company has conducted a feasibility study for
reservoirs/aquifers along with design considerations in for capture, transportation and
sequestration of CO2 suitable reservoirs/aquifers within Jaisalmer Basin in Rajasthan.
Successful completion of the study will serve as a demonstration project and pave the way
for CCUS deployment in India.
The Company has taken the strategic initiative to venture into
geothermal energy exploration in India, marking a significant step towards diversifying
its energy portfolio This move aligns with the Government of India's vision to
promote the development of geothermal resources as a sustainable and reliable component of
the country's future energy mix. Recognizing the long-term potential of geothermal
energy, the Company has identified it as a key focus area under its new energy initiatives
and is actively undertaking measures to assess its viability and implement pilot scale
projects. 
In this regard a collaborative Study with Centre for Earth Sciences
& Himalayan Studies (CES & HS) and National Centre for Seismology (NCS) Ministry
of Earth Sciences (MoES), for Geothermal Potential in Arunachal Pradesh has been
undertaken. Also, the Company has initiated a feasibility study on extracting geothermal
energy by repurposing of abandoned / to be abandoned oil and gas wells. Your Company has
taken various energy efficiency measures to reduce emissions. Notable among these are
replacement of conventional appliances with energy efficient total annual emissions abated
in FY 2024-25 was 1,612.46 tCO2e alone from installation of energyIntelligence, Robotics,
appliances with total savings of 2.21 million units. Also, the Company has replaced all
gas fired domestic water heaters with electric geysers which has resulted in abatement of
3,246.56 tCO2e emissions annually. 
Electrical energy storage is one of the frontline solutions towards
reducing emissions and your Company has taken an important step in this regard. Battery
Energy Storage System (BESS) are being explored to enhance energy reliability, grid
stability, and support renewable integration.
Further, your Company has commissioned Dynamic Gas green energy
producers to ensure a steady Blending (DGB) system at Drilling Rig S-7. The Dynamic Gas
Blending (DGB) system, allows diesel engines to operate on diesel and natural gas
simultaneously, reducing environmental impact and operational cost, without compromising
the diesel engine characteristic. This has resulted in direct reduction of emissions due
to lower diesel consumption. It is planned to be extended to other drilling rigs in the
near future.
The Company has also registered 601 hectares of of suitable land across
Assam, Odisha and Rajasthan under the Government of India's Green Credit Program
(GCP). Of this, plantation activities have already been undertaken in 431 hectares,
putting the Company on track to earn green credits by 2026. These credits will help offset
residual emissions and support India's national afforestation goals. 
Through these multi-dimensional initiatives, the Company is not only
reducing its environmental footprint but also creating a scalable and resilient clean
energy model. The Company's proactive approach in FY 2024 25 underscores its
leadership in India's energy transition and reflects its commitment to delivering
long-term value for stakeholders while contributing meaningfully to national and global
climate goals.

22. DIGITAL AND MAJOR IT INITIATIVES

Digital Readiness for Innovation and Value in E&P (DRIVE) is a
strategic digital transformation journey of the Company initiated in the year 2019. A
total of 11 digital projects have been implemented across the organization. Carrying
forward this success story and to implement new innovative digital projects in bigger and
much impactful ways, your Company is currently engaged in the process of identifying a new
set of digital projects to be implemented as part of DRIVE 2.0 initiative. A
state-of-the-art Command-and-Control Centre (CCC) shall be the hallmark of this initiative
to showcase, monitor and control the Company's entire value chain. Digital and 4th
Industrial Revolution (4IR) based efficient technologies like Artificial Drone
Technologies, AR-VR etc. shall be adopted more inclusively in the Company's critical
activities for operational efficiency, better HSE, cost optimization and better decision
making. A minimum total of 10 digital projects are envisaged to be implemented by
September 2027.
Alongside ongoing Digital initiative, Company has inducted few notable
IT enabled project/initiative during the last fiscal by the name of “OILENAJORI”
has been launched for the retired/separated members of the Company, providing a single
window platform for collaboration, claim settlement including all HR & Financial
matters. An enterprise wide project management platform “Oracle Primavera” has
been implemented for better management and monitoring of enterprise projects. To mitigate
cyber threats and for adequate compliance in IT security, the Company is setting up a
state-of-the-art Security Operations Centre (SOC) in collaboration with CDAC. Similarly,
for better management and monitoring of entire physical assets of the company, set up of a
sophisticated GIS based Asset Monitoring Information System (AMIS) has been initiated
under the guidance of CDAC.

23. CYBER SECURITY - STRENGTHENING MEASURES

Considering the persistent and evolving nature of cybersecurity threats
for the Company, effective management and mitigation of such threats require sustained,
organization-wide efforts and seamless coordination.
To strengthen its cybersecurity posture, the organization has
overhauled its Information Security Governance Structure to ensure cybersecurity
considerations are strategically aligned with business objectives. As part of a
comprehensive cybersecurity enhancement program, the organization has undertaken multiple
initiatives like Specialized programs have been conducted for building the capabilities of
core cybersecurity groups, Regular cyber incident response drills are being conducted to
test preparedness and refine response mechanisms under simulated attack scenarios.
Despite its relatively recent foray into cybersecurity, the Company has
taken ambitious initiatives in FY 2024-25, including strategic policy interventions,
comprehensive as-is assessments, robust cyber emergency and incident response frameworks,
and progressing towards establishment of a 24x7 ICT Security Operations Centre. The
leadership's unwavering commitment to safeguarding critical cyber infrastructure,
particularly in the context of a volatile geopolitical environment, is demonstrated
through proactive self-defense measures and stringent adherence to regulatory guidelines
issued by CERT-In and NCIIPC. Your Company remains steadfast in its mission to protect its
critical information infrastructure by conducting inaugural audits of key installations,
which are vital not only to the organization but also to the nation's energy
security. The Company year. A dedicated regards cybersecurity as a high-impact,
high-materiality governance priority integral to its sustainability agenda. Cyber risk is
meticulously monitored by the leadership, ensuring robust governance and oversight. These
concerted efforts position your Company on par with its peers in India's oil and gas
sector, setting a strong foundation for an ambitious digital transformation underpinned by
rigorous cybersecurity controls.

24. SUBSIDIARIES / JOINT VENTURES / ASSOCIATE COMPANIES (Ref. Form
AOC-I & Note 49 of Consolidated Financial Statements)
A. MATERIAL SUBSIDIARY 
i. Numaligarh Refinery Limited (NRL)

NRL is a Schedule ‘A' Miniratna Category-I CPSE having a 3
MMTPA Refinery (currently under capacity enhancement to 9 MMTPA) at Numaligarh in Golaghat
District of Assam. As on 31st March 2025 the Company holds 69.63% stake in NRL and has the
management control. Govt. of Assam and Engineers India Limited hold 26% and 4.37% stake in
NRL respectively.

B. SUBSIDIARIES (1) Domestic Subsidiary 
i. OIL Green Energy Limited (OGEL)

OGEL has been incorporated on 31st January, 2025 as a wholly owned
dedicated green energy subsidiary to build a significant portfolio for the Company across
multiple businesses in the green and alternate energy space. It will operate in the domain
of low carbon, new, clean and green energy including renewable energy, green hydrogen and
its derivatives, biofuels, Carbon capture, usage & sequestration, Geothermal energy
and other opportunities directly and indirectly supporting decarbonization and energy
transition.

(2) Overseas Subsidiaries 
i. Oil India International Pte. Ltd. (OIIPL)

OIIPL, a Singapore based wholly owned subsidiary of the Company, holds
33.5% stake each in Vankor India Pte. Ltd (VIPL), Singapore and Taas India Pte. Ltd. 
(TIPL), Singapore which in turn hold 23.9% and 29.9% in Russian
entities namely, JSC Vankorneft and LLC TYNGD respectively. 

ii. Oil India Sweden AB

Oil India Sweden AB is a wholly owned subsidiary of the Company. It
holds 50% shareholding in IndOil Netherlands BV, Netherlands which holds 7.0%
Participating Interest (PI) in the Venezuelan asset namely PetroCarababo S.A. 

iii. Oil India International B.V (OIIBV)

OIIBV, Netherlands is a wholly owned subsidiary of the Company. OIIBV
holds 50% stake in WorldAce Investments Limited, Cyprus which hold 100% stake in LLC
Stimul T, a Russian legal entity. 

C. JOINT VENTURE / ASSOCIATE COMPANIES 
i. Brahmaputra Cracker and Polymer Limited (BCPL)

BCPL owns a Petrochemical Complex at Lepetkata, Dibrugarh, Assam for
production, distribution and marketing of petrochemical products viz. polyethylene (LLDPE
& HDPE) and Polypropylene. Your Company holds 10% equity share capital in BCPL. GAIL
(India) Limited, Government of Assam and Numaligarh Refinery Limited also hold 70%, 10%
and 10% equity share capital respectively. 

ii. DNP Limited (DNPL)

DNPL was incorporated with the primary objective of acquisition,
transportation and distribution of natural gas. Your Company holds 23% equity share
capital in DNPL. Assam Gas Company Limited and Numaligarh Refinery Limited hold 51% and
26% equity share capital respectively. 

iii. Assam Petro-Chemicals Limited (APL)

Your Company is holding 48.80%, Government of Assam along with its
owned entities is holding 51.11% and others are holding 0.09% equity shares of APL. It is
implementing a 200 TPD Formaldehyde project, which is planned to be commissioned by the
mid of F.Y. 2025-26. 

iv. Indradhanush Gas Grid Limited (IGGL)

IGGL, a joint venture of OIL, ONGC, IOCL, GAIL and NRL (with 20% equity
each), is implementing the 1,670 km North East Gas Grid (NEGG) to connect all eight North
Eastern states of India with the National Gas Grid and regional sources.

v. HPOIL Gas Private Limited (HPOIL)

HPOIL, a joint venture between OIL and HPCL with equal equity
participation, was incorporated for the development of CGD networks in Ambala-Kurukshetra
and Kolhapur Geographical Areas (GAs). During the FY 2024-25, HPOIL achieved 100% of its
Minimum Work Programme (MWP) targets in both the GAs. As at the end of March, 2025 HPOIL
is operating 30 CNG Stations and provided 21,005 PNG connections at Ambala-Kurukshetra and
29 CNG Stations and provided 38,914 PNG connections at Kolhapur. HPOIL also secured CGD
authorization for the Nagaland State GA in the 12th CGD bid round in April, 2024. 

vi. Purba Bharati Gas Private Limited (PBGPL)

PBGPL is a joint venture with equity participation of 26% each from OIL
and GAIL Gas Ltd and 48% from Assam Gas Company Ltd. PBGPL has been formed for development
of CGD networks in Kamrup and Kamrup Metropolitan Districts (Kamrup GA) and Cachar,
Hailakandi and Karimganj Districts (Cachar GA) of Assam. In Cachar GA, the company
commissioned four CNG stations and provided 3,235 domestic PNG connections. In Kamrup GA,
the company commissioned 11 CNG stations and provided 5,900 domestic PNG connections. 

vii. North East Gas Distribution Company Limited (NEGDCL)

NEGDCL, a joint venture between OIL (49%) and Assam Gas Company Ltd
(51%), to implement CGD projects in the north bank of Assam and northern & southern
Tripura Geographical Areas. 

viii. APGCL OIL Green Power Limited (AOGPL)

AOGPL is a joint venture between OIL (49%) and Assam Power Generation
Corporation Limited (51%). AOGPL has been incorporated on 21st February, 2025 to execute
projects in the field of green energy. AOGPL has identified solar power projects of total
645 MW capacity in the state of Assam. 

ix. Assam Valley Fertilizer and Chemical Co. Limited (AVFCCL)

AVFCCL, a joint venture of Government of Assam (40%), Oil India Limited
(18%), National Fertilizers Limited (18%), Hindustan Urvarak & Rasayan Limited (13%)
and Brahmaputra Valley Fertilizer Corporation Limited(11%) was incorporated on 25th July
2025 for setting up of new Ammonia-Urea Complex Namrup IV Fertilizer Plant at Namrup,
Assam. 

x. Suntera Nigeria 205 Ltd.

Your Company holds 25% stake in Suntera Nigeria 205 Ltd., Nigeria (with
the objective to engage in the petroleum business including exploration, production and
development of crude oil and natural gas in Nigeria) pursuant to a Share Purchase
Agreement (SPA) signed with Suntera Resources Ltd., Cyprus and Indian Oil Corporation
Limited (IOCL). 

xi. Beas Rovuma Energy Mozambique Ltd. (BREML)

Your Company holds 40% share in BREML. BREML holds 10% Participating
Interest in the Rovuma Area 1 Offshore Block in Mozambique. 

25. ANNUAL REPORT OF SUBSIDIARIES AND CONSOLIDATED FINANCIAL STATEMENTS

In accordance with Section 134 of the Companies Act, 2013 and the
applicable Accounting Standards, Audited Consolidated Financial Statements for the year
ended 31st March, 2025 of the Company and its subsidiaries forms part of this Annual
Report. A report on the performance and financial position of the subsidiaries, associates
and joint venture companies of the Company as per the prescribed form (Form AOC-1) of the
Companies Act, 2013 also forms part of this Annual Report. The Complete Annual Reports of
subsidiaries of the Company are available on the Company's website.

26. STATUTORY REQUIREMENTS

Your Directors have made necessary disclosures as required under
various provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
Information on the Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings & Outgo etc. as required under Section 134 of the Companies Act, 2013 and the
Rules made thereunder is given in the Annexure-I to this Report.
The details of the employees who drew remuneration exceeding the limits
laid down in the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 are not required to be annexed to the Annual Report in view of exemptions to the Govt
Companies.
Further, during the FY 2024-25, there was no order or direction of any
court or tribunal or regulatory authority either affecting Company's status as a
going concern or which significantly affected Company's business operations. Neither
any application was made during the FY 2024-25 nor any proceedings are pending against the
Company under the Insolvency and Bankruptcy Code 2016. The Company complies with the
applicable Secretarial Standards issued by the Institute of Company Secretaries of India
(ICSI).

27. STATUTORY AUDITORS, COST AUDITORS AND SECRETARIAL AUDITORS

M/s Gopal Sharma & Co., Chartered Accountants and M/s RKP &
Associates, Chartered Accountants were appointed as Joint Statutory Auditors for the FY
2024-25 by the Comptroller & Auditor General of India (C&AG). The Statutory
Auditors have audited the Accounts of the Company for FY 2024-25 and submitted their
Unqualified Report to the Company. They have not reported any instance of fraud committed
by the officers/employees of the Company. The C&AG has given “NIL” comments
on Financial Statements 2024-25 of the Company. The Cost Audit Report for the FY 2023-24
given by M/s Dhananjay V. Joshi & Associates, Cost Accountants was filed within the
statutory time limit. For the FY 2024-25, M/s Shome & Banerjee, Cost Accountants are
the Cost Auditor of the Company. The report will be filed within the stipulated time
frame.
M/s Amit Agrawal & Associates, Practicing Company Secretaries were
appointed as the Secretarial Auditor of the Company for FY 2024-25. The Secretarial Audit
Report confirmingcompliance to the applicable provisions of the Companies Act, 2013, SEBI
(LODR) Regulations, 2015, SEBI Guidelines and all other relevant rules and regulations
except the Board Composition is annexed as Annexure-II to this Report. Reply of the
Management on the observation on Board Composition in the Secretarial Audit Report is as
under : 
(a) Since the Company is a Govt. of India Enterprise, the Directors on
the Board of Company are appointed by the President of India through Administrative
Ministry - Ministry of Petroleum & Natural Gas (MOP&NG). The Company has been
requesting the MoP&NG for appointment of requisite number of Independent Directors on
the Board of Company for compliance of the extant regulations. 
(b) For a certain period during the year, the composition of Statutory
Board Committees did not meet the statutory requirements. However, on appointment of 3
(Three) Independent Directors on the Board of the Company on 28.03.2025, the said
committees were again re-constituted in compliance with the extant statutory requirements.
As a step towards good corporate governance, the Secretarial Audit Report of our Material
Subsidiary is also annexed hereto as Annexure-III.

28. ANNUAL RETURN

As required under the provisions of the Companies Act, 2013, the Annual
Return for the FY ended 31st March, 2025 in the prescribed form MGT-7 has been prepared
and hosted on the website of the Company at the following weblink:
https://www.oil-india.com/files/ financialfiresults_documents/Annual_Return_forfithe_
year_2024_2025_MGT7.pdf

29. AWARDS AND RECOGNITIONS

During the FY 2024-25, following recognitions and awards/accolades were
conferred upon your Company:
1. The Company was bestowed with the prestigious Mine Safety Award
2024, in the category "Oil Mines Large";“SustainabilityChampion
Editor'sChoice tion also exempted Government Award” at the Outlook Planet Summit
& Awards 2024; Golden Bird National Award 2023-24 on “Fire & Security
Excellence” and the ‘Platinum Award' under “Apex India Green Leaf
Award 2024 for Environment Excellence” in Petroleum Storage and Transportation Sector
2. The Company was also bestowed two awards, i) Best Corporate Social
Responsibility Practices and ii) Best Innovation in Emerging Technologies by World HRD
Congress.
3. The Company's Central Tank Farm (CTF)-Duliajan received the 1st
Green-Enviro Safety Gold Award 2025 in the category of Safety Excellence in the Petroleum
Storage and Transportation sector, Central Tank Farm (CTF)-Moran was awarded the Greentech
Workplace Safety Award 2024 in recognition of excellence in Workplace Safety, Western
Fields was awarded with ‘Gold Award' in “Best Safety Equipment in Petroleum
Exploration Sector” category, 2024-25.
Secondary Tank Farm (STF)-Madhuban was awarded with Energy and
Environment Foundation's Global Safety Sustainability Champion Award 2024. 
4. The Company's Rajasthan Field (a) Production Mine was awarded
the 1st Prize in the category of Statutory Reports and Safety Features; in the 38th Mines
Safety Week Awards (b) Gas Processing Complex, Dandewala received the 'Merit Winner' in
the International Safety Awards 2025 (c) First Rajbhasha Shield under the 'A' category of
Offices for outstanding performance in implementation of Official

30. POLICY ON DIRECTORS' APPOINTMENTS ETC. / PERFORMANCE
EVALUATION

The Company being a Government Company, the provisions of Section 134
(3)(e) and Section 134(3)(p) of the Companies Act, 2013 regarding policy on
Directors' appointment and remuneration, annual evaluation of the performance of the
Board, Committees and individual directors are not applicable in view of the Gazette
notification dated 05th June, 2015 issued by the Government of India, Ministry of
Corporate Affairs granting exemptions to Government Companies as the performance
evaluation of the Directors is carried out by the administrative ministry, i.e.,
MoP&NG as per laid-down evaluation methodology.
Further, the said Companies from the provisions of Section 178 (2)
which requires performance evaluation of every director by the Nomination &
Remuneration Committee. 

31. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS 

No significant regulators or courts or tribunals, during the year that
impact the going concern status of the Company and its operations in the future.

32. VIGIL MECHANISM / WHISTLE-BLOWER POLICY 

Your Company promotes ethical behaviour in all its business activities
and has put in place mechanism for reporting illegal or unethical behaviour. The Company
has a Vigil Mechanism and a whistle-blower policy in accordance with provisions of the Act
and Listing Regulations. The policy on Vigil Mechanism/Whistle-Blower can be accessed on
the Company's website at: https://www.oil-india.com/files/investor_services_
documents/ Whistle_Blower_Policy.pdf

33. CHANGES IN THE BOARD OF DIRECTORS

a. Shri Pankaj Kumar Goswami, Ex-Director (Operations) [DIN-08716147]
ceased to be Director on the Board of Company w.e.f. 1st October, 2024 on attaining the
age of Superannuation on 30th September, 2024. 
b. Ms. Pooja Suri [DIN-03077515] & Shri Raju Revanakar
[DIN-09398201], Independent Directors, ceased to be Directors on the Board of Company
w.e.f. 8th November, 2024 after completion of their 3 years earlier tenure. 
c. In terms of Letter No. CA-31014/2/2022-PNG (43580) dated 18th
November, 2024 issued by MoP&NG, Shri Abhijit Majumder [DIN- 10788427] was appointed
as Director (Finance) with effect from 20th November 2024. 
d. In terms of Letter No. CA-31014/4/2022-PNG (44593) dated 16th
December, 2024 issued by MoP&NG, Shri Trailukya Borgohain [DIN- 10788428] was
appointed as Director (Operations) with effect from 17th December 2024. 
e. Shri Ashok Das, Ex-Director (Human Resources) [DIN-09631932] ceased
to be Directors on the Board of Company w.e.f. 1st January, 2025 on attaining the age of
Superannuation on 31st December, 2024. 
f. Mr. George Thomas, Director, MoP&NG [DIN-10625136] ceased to be
Govt. Nominee Director on the Board of Company w.e.f. 22nd March 2025 post his release
from MoP&NG. 
g. In terms of Letter No. CA-31033/2/2021-PNG-39069 dated 28th March
2025 issued by MoP&NG, Ms. Pooja Suri [DIN-03077515], Shri Raju Revanakar
[DIN-09398201], Shri Balram Nandwani [DIN-00356119] were appointed as Independent
Directors on the Board of Company w.e.f. 28th March 2025. 
h. In terms of Letter No. CA-31014/2/2023-CA-PNG (45461) dated 16th
April 2025 issued by MoP&NG, Dr. Ankur Baruah [DIN- 10927299] was appointed as
Director (Human Resources) with effect from 16th April 2025. 
i. In terms of Letter No. CA-31033/2/2021-PNG-39069 dated 9th May 2025
issued by MoP&NG, Shri Moti Lal Meena [DIN-11111214] was appointed as Independent
Director on the Board of Company w.e.f. 17th May 2025. 
j. In terms of Letter No. CA-31032/1/2021-PNG-37493 dated 19th June
2025 issued by MoP&NG, Shri Vikas Singh, Director, MoP&NG [DIN-11167687] was
appointed as Govt. Nominee Director on the Board of Company w.e.f. 24th June 2025.
Shri Saloma Yomdo [DIN:10696034], Director (Exploration &
Development) is liable to retire by rotation and being eligible, is proposed to be
re-appointed at the forthcoming Annual General Meeting (AGM). His brief profile is
provided in the notice of the AGM. 

34. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134 (5) of the Companies Act,
2013 with respect to Directors' Responsibility Statement, it is hereby confirmed
that: 
i. in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to material
departures; 
ii. the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company at the end of the FY
2024-25 and of the profit and loss of the Company for that period; 
iii. the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provisions of this Act
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
iv. the directors have prepared the annual accounts on a going concern
basis; 
v. the directors have laid down internal financial controls in the
Company which are adequate and are operating effectively; and 
vi. the directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are adequate and operating
effectively.

35. ACKNOWLEDGEMENT

I, on behalf of the entire Board, extend our thanks to the Customers,
Vendors, Investors, Auditors, Bankers & all stakeholders for their unstinted support
during the year. Your Directors place on record the contribution made by the employees at
all levels and the consistent growth of the Company was made possible by their hard work,
solidarity, co-operation and support. Your Directors also acknowledge the support of the
MoP&NG, all other Ministries and Agencies in Central and State Governments and extend
sincere thanks for their guidance & help. 

  

    

    
For and on behalf of the Board of
    Directors
  
  

    

    
Sd/-
  
  

    

    
Dr. Ranjit Rath
  
  

    
Place: Noida
    
Chairman & Managing Director
  
  

    
Date : 12.08.2025
    
DIN: 08275277