Oil India in talks with global peers for joint exploration

State-run Maharatna company seeks partners for deep & ultra-deep sea acreages, future bids

- Rituraj Baruah

State-run Oil India Ltd (OIL) is in talks with global oil and gas exploration and production (E&P) companies to partner for exploration in deep and ultra-deep acreages won by it and also to jointly participate in upcoming bid rounds, its top official said.

Ranjit Rath, chairman and managing director of OIL, said in an interview that several government-owned national oil companies (NOCs) and private international oil companies (IOCs) have shown interest in jointly bidding for blocks in the upcoming 10th round of auction under Open Acreage Licensing Programme (OALP-X).

Further, he said that OIL is looking at expanding its international footprint to ensure energy security, and is also exploring a foray into critical mineral exploration overseas, through partnerships. It has already bagged a domestic vanadium and graphite block and is vying for more critical mineral mines.