State-owned Oil India Ltd (OIL) is in discussions with French energy giant TotalEnergies to explore hydrocarbon blocks off India’s coast, either as a technical collaborator or equity partner, according to a senior company executive.
Oil India plans to bid aggressively in upcoming offshore block auctions under the next round of the Open Acreage Licensing Policy (OALP). “We are in talks with TotalEnergies and are preparing a memorandum of understanding to define their role, whether they join as a technical or participating interest partner,” the executive said. The company is also in discussions with other international oil players such as Thailand’s PTTEP, Malaysia’s Petronas, and Vietnam’s Petrovietnam for similar collaborations.
OIL has already signed a memorandum of understanding (MoU) with PTTEP and is in the MoU stage with Petronas. “Both PTTEP and Petronas have reviewed our data and shown interest,” the executive added.
OIL is targeting an oil production of 3.8 million tonnes and 3.8 billion cubic metres of natural gas by FY25. The company has maintained an annual production growth rate of 5-6% over the last few years.
Internationally, OIL plans to drill over 75 wells this fiscal year, including additional wells in Libya. The company has drilled five and a half wells in Libya and aims to complete two more by FY25 as part of its work commitment. “Once the remaining wells are drilled, we’ll have a clearer picture of field development,” the source noted.
Operations in Libya’s Block 95/96, where OIL holds a 25% stake alongside Indian Oil Corp and SIPEX (the block operator), are expected to resume this year after being suspended in 2014 due to civil unrest. “Libya is stabilizing, and we anticipate some production developments by the end of this fiscal year,” the executive added.
OIL is also negotiating with ONGC Videsh for drilling operations in Bangladesh, while unrest in the country has not affected diesel supplies via the Indo-Bangla Friendship Pipeline or the expansion of the Numaligarh refinery.
Domestically, OIL plans to begin drilling in the Andaman blocks by October, with a rig already en route, and start operations in Kerala’s offshore blocks shortly after. A tender for the Kerala project will be floated next month.
