Oil India Limited (OIL) and TotalEnergies have signed a groundbreaking Technology Service Agreement on November 19, 2025, in New Delhi. This strategic collaboration aims to bolster exploration activities in deep and ultra-deepwater offshore frontiers of Indian sedimentary basins, including the stratigraphic wells mandated by the Government of India.

Key Highlights of the Agreement

• Signing Ceremony: The agreement was signed in the presence of Sh Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas, and other dignitaries.
• Signatories: Dr. Sangkaran Ratnam, CMD of TotalEnergies Gas & Power Projects India Private Ltd., and Shri Saloma Yomdo, Director (E&D) of OIL.
• Scope: The agreement establishes a framework to leverage TotalEnergies' world-class expertise across OIL's current and future offshore portfolio.

Areas of Collaboration

The partnership will focus on several key areas:

1. Ongoing appraisal program of gas find in shallow offshore blocks in the Andaman Basin.
2. Exploration in OIL's OALP-IX ultra-deepwater blocks in Mahanadi and Krishna-Godavari Basins.
3. Evaluation of opportunities under ongoing OALP X / future bid rounds.
4. Support during stratigraphic well drilling initiative in offshore Category-II & III Basins.

Significance of the Collaboration

This strategic alliance marks a significant milestone in OIL's commitment to pursuing exploration in offshore frontiers. The collaboration aims to:

1. Enhance the potential for hydrocarbon discovery.
2. Contribute to securing a sustainable energy future for India.
3. Utilize TotalEnergies' expertise in deep and ultra-deepwater exploration.

Government Involvement

The agreement was signed in the presence of key government officials, including:

• Sh Pankaj Jain, Secretary, Ministry of Petroleum & Natural Gas
• Sh Praveen Mal Khanooja, Additional Secretary
• Dr. Ranjit Rath, Chairman & Managing Director, OIL

This high-level government presence underscores the strategic importance of the collaboration for India's energy sector.

Conclusion

The Technology Service Agreement between Oil India Limited and TotalEnergies represents a significant step towards enhancing India's offshore exploration capabilities. By combining OIL's local expertise with TotalEnergies' global experience in deepwater exploration, this partnership has the potential to unlock new hydrocarbon resources and contribute to India's energy security.

Oil India , a prominent player in the Indian oil and gas sector, has revised its annual oil production target downward to 3.55 MMT from the previously set target of 3.70 MMT. This adjustment represents a reduction of 0.15 MMT in the company's production expectations for the year.

Production Challenges and Revised Targets

Oil India faced production challenges in the first half of the year, resulting in a deficit compared to their projected targets. The downward revision of the annual target reflects the company's reassessment of its production capabilities in light of these challenges.

Management's Strategy

Despite the lowered target, Oil India's management has expressed plans to address the production shortfall experienced in the first half of the year. The company intends to make up for this deficit during the second half of the current year, demonstrating a proactive stance in addressing operational challenges.

Implications for Investors

This announcement carries several implications for Oil India's stakeholders:

1. Operational Realism: The revision of the production target shows the company's commitment to providing realistic expectations based on current operational realities.

2. Potential Impact on Financials: The lowered production target may affect the company's revenue projections for the year. However, the plan to offset the first-half shortfall could mitigate some of these impacts.

3. Execution Focus: Investors will likely be watching closely to see how effectively the company implements its plan to boost production in the latter half of the year, given the revised target.

4. Market Perception: The company's transparent communication about the target revision and its recovery plan may influence market perception and investor confidence.

While the announcement provides insight into Oil India's operational challenges and plans, it's important to note that the success of the company's strategy will depend on various factors, including market conditions, operational efficiency, and potential unforeseen challenges in the second half of the year.

Stakeholders and market observers will be keenly watching Oil India's performance in the coming months to assess how well the company executes its plan to meet the revised production target and offset the first-half production shortfall.