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Oil India Ltd. Company History and Annual Growth Details

Oil India Ltd was incorporated as a private limited company on February 18, 1959 under the name "Oil India Private Limited", pursuant to a promotersÂ agreement dated January 14, 1958, between the President of India, Burmah Oil Company Limited and Assam Oil Company Limited. At the time of our incorporation, Burmah Oil Company Limited and the President
of India held two-thirds and one third of our Equity Share capital, respectively. Our Company was incorporated with the main object of exploration and production of crude oil (including natural gas). Our Company became a deemed public limited company with effect from March 28, 1961 and the word "private" was deleted from the name of our Company on May 4, 1961.

Pursuant to an agreement, dated July 27 1961, between Burmah Oil Company Limited and Assam Oil Company Limited and our Company, Burmah Oil Company Limited transferred certain of its Equity Shares to the President of India, and both became equal partners holding a 50:50 interest in the Equity Share capital of our Company. Thereafter, pursuant to the Burmah Oil Company (Acquisition of Shares of Oil India Limited and of the Undertakings in India of Assam Oil Company Limited and the Burmah Oil Company (India Trading) Limited) Act,
1981, the E uity Shares in our Company held by Burmah Oil Company Limited were transferred to the President of India, pursuant to which our Company became a wholly owned Government company. We received a fresh certificate of incorporation on conversion to a public limited company from the RoC on August 30, 1995.

Major events

The following table illustrates the major events in the history of our Company since our incorporation in 1959.

Year Event

1959 Oil India Private Limited incorporated with Burmah Oil Company Limited holding
two-thirds of the Equity Share capital and the President of India holding one-third
of the Equity Share capital

1961 Oil India Private Limited transformed into an equal partnership joint venture
company between Burmah Oil Company Limited and the President of India

1961 Gas-based power plant commissioned at Duliajan, Assam

1962 Completed construction of a 401 km (16 inch diameter) pipeline from Duliajan to
Guwahati

1963 Completed construction of a 756 km (14 inch diameter) pipeline from Guwahati
to Barauni

1972 Discovery of commercially producible crude oil in Jorajan fields and Kharsang fields

1981 Our Company became a wholly owned enterprise of the GoI

1982 LPG plant based on turbo expander technology commissioned at Duliajan, Assam

1988 Discovery of commercially exploitable gas reserves in Tanot, Rajasthan

1989 Discovery of commercially exploitable gas reserves in Dandewala, Rajasthan

1990 Discovery of commercially producible crude oil in ecocene formation in Dikom

1991 Dicovery of commercially producible crude oil in ecocene formation in Kathaloni

1992 Entered into an agreement with Hydrocarbon Research Incorporated, for initiating
coal oil coprocessing studies

1995 Entered into PSCs with various companies, to revive the declining Kharsang producing
field

1997 Grant of Mini Ratna-I status

2002 Entered into a consortium with OVL and IOCL to execute a service contract with
the National Iranian Oil Company for the Farsi Block, Iran

Golden Peacock award for corporate social responsibility, awarded by the
Federation of Indian Chambers of Commerce and Industry

2003 Award for excellent safety performance, awarded by the Oil Industry Safety
Directorate

Our Company certified to conform to Quality Management System ("QMS") Standard:
International Standardisation Organisation ("ISO") 9001:2000 from Det Norske
Veritas ("DNV") for "production, storage and filling of LPG in cylinders and tankers
for distribution to marketing agency". The certificate is valid until October 31, 2009

2004 Upgrading of our Company to a Âschedule AÂ company

Entered into a memorandum of understanding with IOCL for pursuing overseas
exploration and production opportunities

Acquired participating interest in a pipeline outside India by entering into an
agreement with OVL for construction of a 741 km long pipeline in Sudan

Our pipeline department at Noomati, Guwahati certified to conform to QMS Standard:
ISO 9001:2000, Operational Health and Safety Standard ("OHSAS") 18001:1999
and ISO 14001:1996 from DNV for "operations and maintenance of cross country
pipelines". The certificates are valid until April 30, 2010

2005 Entered into a memorandum of understanding with IOTL for jointly taking up pipeline
and related projects in India and overseas

Entered into a memorandum of understanding with ITERA Oil and Gas Company,
Russia, to jointly pursue exploration and production opportunities in India and
overseas, including in Libya

Awarded Block 86 (Sirte basin) and Block 102/4 in Libya, along with IOCL

Annual award for environment excellence, awarded by Greentech

Corporate social responsibility award, awarded by the Tata Energy Research Institute

Award for best performance in energy conservation, awarded by
Petroleum ConservationResearch Association

Our LPG recovery and bottling plant was certified to conform to QMS Standard:
OHSAS 18001:1999 and ISO 14001:2004 from DNV for "recovery, storage, bottling and
despatch of LPG in bottles and road tankers". The certificates are valid until May
13, 2008

Our hospital at Duliajan, Assam was certified by Bureau Veritas Certification (formerly,
"BVQI") Standard; ISO 9001:2000. The certificate is valid until October 5, 2008

Our gas turbine power station at Duliajan, Assam was certified by BVQI Standard;
OHSAS 18001:1999. The certificate is valid until March 8, 2008

Our chemical laboratory at Duliajan, Assam was certified by BVQI Standard: ISO
9001:2000. The certificate is valid until November 19, 2008

Our Tengakhat Oil Collecting Station at Duliajan, Assam was certified to conform
to QMS Standard: OHSAS 18001:1999 from DNV for "receipt, processing, storage
and despatch of crude oil". The certificate is valid until May 13, 2008

2006 Executed a farm in agreement with IOCL and Marvis Private Limited, Singapore
acquiring a participating interest in Block Shakthi, Gabon to our Company and IOCL

Awarded eight blocks in NELP-VI, out of which our Company is operator in six blocks

Entered into a joint venture agreement with GAIL, NRL and the Government of Assam to
establish a gas-based cracker project at Lepetkata, Assam

Best public sector unit award in a survey of public enterprises conducted by the
Department of Public Enterprises, GoI

2007 Entered into a memorandum of understanding with British Gas for pursuing
exploration and production opportunities

Entered into a memorandum of understanding with HPCL, GAIL, Total France, SA,
and Mittal Energy Investment Private Limited for promoting a refinery-
cum petrochemical complex in Vizag

Entered into a memorandum of understanding with HPCL to jointly pursue oil and gas
opportunities in the downstream and upstream segment in India as well as overseas

Enterprise excellence award, awarded by the Indian Institute of Industrial Engineering

SAP-ACE-2007 award for customer excellence in the best oil and gas sector
implementation category

Our Research and Development Department is accredited by the National
Accreditation Board for Testing and Calibration Laboratories, India in accordance
with the standard "ISO/IEC 17025:2005" for "general requirements for the
competence of testing and calibration laboratories" in the field of chemical testing.
The certificate is valid until April 4, 2009

Our Fire Service at Moran was certified to conform to the Quality Management
System Standard: ISO 9001:2000, ISO 14001:2004 and ISO 18001:1999 from DNV
for "operation and maintenance of fire service". The certificates are valid until
February 6, 2010

Our fire service at Duliajan was certified to conform to QMS Standard: ISO 9001:2000,
ISO 14001:2004 and OHSAS 18001:1999 from DNV for "operation and maintenance
of fire service". The certificates are valid until February 6, 2010

2008 Our hospital at Duliajan, Assam was certified by BVQI Standard OHSAS 18001:2007.
The certificate is valid until August 25, 2011

Our hospital at Duliajan, Assam was certified by Bureau Veritas Certification (formerly,
"BVQI") Standard ISO 9001:2000, ISO 14001:2004. The certificate is valid until August 25,
2011

2009

-Oil India makes significant oil discovery in India

-Oil India IPO opens for subscription

-Listing of equity shares of Oil India Ltd

2010

-OIL granted Navratna status

-Oil India has been producing 10,000 tons of oil a day

-Oil India Limited with other Indian Oil PSUs sign JV agreement for $20 billion Carabobo-1 Project in Venezuela

2011

-Oil India signs biofuels R&D pact with Energy and Resources Institute

-OIL donates Rs 50 lakh to CMÂs Relief Fund

2012

-Adani group, Oil India ink agreements to bid BG group in Gujarat Gas Co Ltd (GGCL).

-OIL achieves highest production oil, natural gas

-Oil India bags E&P Company Award for 2010-11

-Oil honoured with "Performance Excellence Award 2011(Organisation)" by IIIE

-OIL bagged the most prestigious Oil Industry Safety Directorate

-OIL and IOC jointly acquire 30% stake in Carrizo's Niobrara shale assets in Colorado, USA
Award.

- Oil India has given the Bonus in the Ratio of 3:2

2013

-OIL plans to spend Rs 12,000 cr in North East for business expansion, diversification.

- Oil India Ltd. (OIL) has expanded its presence in the renewable energy sector with successful commissioning of 54 MW wind turbine power plant in Rajasthan.

-OIL declares final dividend of 70%.

2014
-Oil India Ltd recommended Final Dividend @ Rs. 0.50 per share (i.e. 5%) to shareholders.
-MOU between Oil India Limited (OIL) and Zarubezhneft.

2015
-Oil India Ltd has commissioned a 54 MW wind energy project in the states of Gujarat and Madhya Pradesh
-Oil India Ltd has got environment clearance for drilling 20 wells in three blocks in Jaisalmer, Rajasthan for production of 1 mmscmd gas at an estimated cost of Rs 96 crore
-Oil India Limited signs a Memorandum of Understanding with Rosneft for cooperation in Russia

2016
-Oil India signs agreement to acquire shares in Rosneft
-Oil India Limited bags the Jury choice award for Strategic Investment at the 4th Governance Now PSU
-Oil India Limited bags the Award for the 'Best Overall Display' at the Petrotech-2016 Exhibition
-Oil India Limited bags the PetroFed E&P Company of the Year Award- 2015
-Oil India Limited winning the SCOPE CORPORATE OMMUNICATION EXCELLENCE AWARDS-2016 in two categories

2017
- New Hydrocarbon Discoveries by Oil India Limited
- Dedication to the nation of Skill Development Institute, Guwahati on December 8, 2017
- Union Minister Lays Foundation Stone of Kamakhya Development Project
- OIL SHIKSHYA RATNA PURASKAR 2017
- OIL was also ranked 20th in the listing of Best Employer Brand in India out of 470 organizations participating in the 11th Employer Branding Awards, 2017, and was also ranked 45th out of 750 participating organizations in the Dream Companies to Work for listings.
- The Jury choice Award for Strategic Investment at the 4th Governance Now Public Sector Undertaking Awards-2016 Best CFO Award -2016 for OIL's Director (Finance) in Oil & Gas Sector by The Institute of Chartered Accountants of India (ICAI) Awards under various categories at the World Human Resource Development Congress in Feb, 2017

2018
-Oil India has recommended the issue of Bonus Shares in the ratio of 1:2.
-Oil India Limited awarded as Winner of the "Golden Peacock Occupational Health & Safety Award" for the year 2018.
-Oil India Limited bags ÂBest Exhibitor AwardÂ at Geo India 2018.
-OIL wins "Golden Peacock Award for Corporate Social Responsibility" for the year 2018.

2019
-Oil India stands as a winner of Oil & Gas blocks under Open Acreage Licensing Policy.
-The "Best PSU award" by CSR Times for OILÂs CSR initiatives in the area of Healthcare, Education and Skill Development at the National CSR Summit & CSR Times Award 2019.

2020
-Oil India signs MoU with Assam Hydrocarbon & Energy Company.
-Oil India Limited bagged the prestigious "Nurturing Leadership Award-2020".

2021
-Oil India Ltd Proposed acquisition of-equity shares of Numaligarh Refinery Limited ("NRL").
-Oil India Limited (OIL) won the coveted Federation of Indian Petroleum Industry (FIPI) Award 2020 in the category Exploration & Production- Company of the Year and Excellence in Human Resource Management in a award ceremony held at New Delhi, on 27th Jan, 2021.

2022
-Oil India Records Highest Ever Quarterly Profit in Q2 FY-23
-Oil India approved For Investment by its Subsidiary Company - Numaligarh Refinery Limited for Implementation of Petrochemical Project.

2023

- Oil India Ltd Launched new look Logo, redefined Vision and Values.

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