Oil India Limited (OIL) has announced a significant development in its international operations, specifically regarding its stake in the Area-1 Offshore Rovuma Basin Block in Mozambique. The company has informed that the force majeure on the project has been lifted, signaling a positive turn of events for the energy giant.

Project Details and Ownership

Oil India Limited holds a 4% interest in the Area-1 Offshore Rovuma Basin Block through a joint venture entity, Beas Rovuma Energy Mozambique Limited (BREML). The project's initial development phase includes two LNG trains with a total capacity of 13.12 MMTPA (Million Metric Tonnes Per Annum).

Timeline of Events

• April 2021: Force majeure declared due to security concerns in Cabo Delgado Province, Northern Mozambique.
• November 2023: Force majeure lifted following significant improvement in the security situation.

Implications of Force Majeure Lifting

The lifting of the force majeure is a positive development for Oil India and its partners in the project. This decision by the Area-1 concessionaires indicates:

1. An improved security environment in the region
2. Potential resumption of development activities
3. Progress towards the project's operational phase

Project Significance

The Area-1 Offshore Rovuma Basin Block represents a strategic international asset for Oil India Limited. The resumption of activities could contribute to:

• Enhancing OIL's global portfolio
• Potential future revenue streams from LNG production
• Strengthening India's energy security through diversified international assets

While the lifting of force majeure is a positive step, stakeholders will likely monitor the situation closely as the project moves forward. The development serves as a reminder of the complex interplay between geopolitical factors and energy projects in challenging environments.

Oil India Limited, as a Maharatna CPSE (Central Public Sector Enterprise) under the Government of India, continues to play a significant role in the country's energy landscape, both domestically and internationally. The progress in this Mozambique project aligns with the company's strategy of expanding its global footprint in the oil and gas sector.

Oil India Limited , a Maharatna CPSE under the Government of India, has recently disclosed significant changes in its senior management team. The company, known for its operations in the oil and gas sector, has announced a transition in the crucial position of Resident Chief Executive (RCE).

Upcoming Leadership Transition

The company has officially communicated the following changes in its senior management:

Profile of the Incoming RCE

Shri Binayananda Bharali, who will assume the role of Resident Chief Executive, brings a wealth of experience to the position:

• Educational Qualification: M.Tech in Applied Geology
• Professional Experience: Over 30 years in the industry
• Current Position: Executive Director (OSD) in the RCE's Office

This transition marks a significant moment for Oil India Limited, as the RCE plays a crucial role in overseeing the company's operations and strategic initiatives.

Regulatory Compliance

Oil India Limited has made this announcement in compliance with Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. This regulation requires listed entities to disclose material events or information to stock exchanges promptly.

The company's proactive disclosure of these management changes demonstrates its commitment to transparency and good corporate governance practices. Such timely announcements are crucial for investors and stakeholders to stay informed about significant developments within the organization.

As Oil India Limited prepares for this leadership transition, the industry will be watching closely to see how the new RCE will steer the company in the dynamic oil and gas sector. The extensive experience of Shri Binayananda Bharali suggests a continuation of seasoned leadership at the helm of this important position within the company.