Oil India in talks with global peers on joint exploration: report

Oil India Ltd (OIL) is in talks with global exploration and production (E&P) firms to team up on deep and ultra-deep water blocks it secured under the Open Acreage Licensing Programme (OALP), and to bid in the upcoming OALP-X round, Mint reported on Monday.

Both international oil companies and national oil companies have shown interest in partnering with OIL for these ventures, the Mint report said, citing chairman and managing director Ranjit Rath.

The state-run company is also expanding its overseas exploration footprint.

OIL currently holds 10 assets across seven countries, including Russia, Venezuela, Nigeria, and Bangladesh, and is engaged in ongoing development and exploration in several of them.

Recently, OIL also signed a memorandum of understanding with Brazil’s Petrobras to collaborate on offshore E&P in India.

The agreement was signed during the India Energy Week 2025 in February, when the company also engaged with several other domestic and foreign players for potential partnerships.

OIL is also seeking opportunities in critical mineral exploration, and has acquired a graphite and vanadium block in Arunachal Pradesh and submitted bids for potash blocks.

The company is looking for mineral assets both in India and abroad.