OIL posts record India performance despite robust overseas portfolio

‘OIL’s international foray accounted for 2.097 million metric tonnes of oil equivalent (MMTOE) in FY25’

- SIMONTINI BHATTACHARJEE

Oil India Ltd (OIL) Chairman Ranjit Rath on ‘Thursday mentioned that the company has a robust overseas portfolio, with assets in Russia, Venezuela, and Mozambique, yet achieved a record performance on its home turf.

Addressing the media persons here in the national capital, Rath emphasised that OIL’s international foray accounted for 2.097 million metric tonnes of oil equivalent (MMTOE) in FY25, predominantly from its Russian holdings.

These holdings also generated dividends of $942 million for the year, nearly covering the company’s initial investment in the Vankorneft and Taas Yuryakh projects, where OIL retains minority interests. Thanks to the global hardship, the Russian fields have proven to bea reliable source of revenue, yielding solid dividends.

The firm continues to produce in Venezuela through a joint venture even as the nation faces economic and political instability. Under the agreement, state-run PDVSA holds a majority 60 per cent stake, with OIL acting as a minority partner, like other international companies.