Oil India Limited (OIL) and Hindustan Copper Limited (HCL) have signed a Memorandum of Understanding (MoU) to collaborate on the exploration and development of critical and strategic minerals, with a particular focus on copper and associated resources. This partnership marks a significant step towards strengthening India's self-reliance in sourcing critical mineral resources.

Strategic Partnership

The agreement brings together the expertise of two prominent public sector undertakings. Oil India, a Maharatna PSU under the Ministry of Petroleum & Natural Gas, is renowned for its integrated oil and gas operations. HCL, a Miniratna PSU under the Ministry of Mines, specializes in copper mining, production, and marketing.

Scope of Collaboration

The collaboration aims to leverage the strengths of both companies in the mineral exploration sector. Key aspects of the partnership include:

• Exploration and development of critical and strategic minerals
• Focus on copper and associated minerals
• Support for the National Critical Mineral Mission of the Government of India
• Contribution to India's energy security and technological advancement

Significance of the Partnership

This alliance is crucial for several reasons:

1. Self-Reliance: It aligns with India's pursuit of self-reliance in critical and strategic minerals.
2. Energy Security: The partnership will play a vital role in securing strategic mineral resources essential for the nation's energy needs.
3. Technological Advancement: Access to these minerals is crucial for India's technological progress.

Leadership Involvement

The MoU was signed and exchanged in the presence of:

• Dr. Ranjit Rath, Chairman & Managing Director of Oil India
• Mr. Sanjiv Kumar Singh, Chairman & Managing Director of HCL
• Senior officials from both companies

Diversification Strategy

For Oil India, this move represents a strategic diversification into critical minerals, expanding beyond its traditional oil and gas portfolio. The company's expertise in exploration and development is expected to complement HCL's experience in mining and mineral processing.

Future Implications

This collaboration is poised to contribute significantly to India's mineral security and could potentially lead to:

• Reduced dependence on mineral imports
• Development of new mining projects
• Advancement in mineral processing technologies
• Creation of employment opportunities in the mining sector

As India continues to focus on sustainable development and technological advancement, partnerships like this between OIL and HCL are likely to play a crucial role in securing the nation's mineral resources for the future.

Oil India Limited , a Maharatna Central Public Sector Enterprise, has unveiled ambitious plans for significant exploration expansion and refinery growth, alongside positive developments in its international projects and investments.

Exploration and Production Plans

Oil India is set to undertake exploration activities in the Kerala-Konkan basin and acquire seismic data covering 40,000 square kilometers in the Mahanadi and KG Basin. The company has already acquired 1 lakh square kilometers for exploration and completed drilling 57 wells across Assam, Rajasthan, Mahanadi, and Andaman offshore regions. Looking ahead, Oil India plans to drill over 80 new wells and targets 4 MMT oil production and 5 BCM gas production in FY26.

Capex and Financial Targets

In a significant move, Oil India has doubled its capex estimate for FY26 to ₹17,000.00 crores from ₹8,500.00 crores in the previous fiscal. The company aims to achieve an annual revenue of ₹1 lakh crores and a cumulative capex of ₹1.3 lakh crores by 2030.

Production Achievements

Oil India achieved record production of 6.71 MMTOE, with natural gas production reaching 3,252 MMSCM. Crude oil production grew impressively by 15% over three years, from 3.01 MMT to 3.46 MMT.

Refinery Expansion

The company plans to triple the capacity of its Numaligarh Refinery from the current 60,000 barrels per day (BPD) to 180,000 BPD by December 2025. This expansion aligns with India's goal of achieving energy independence and supports the national priorities of 'Atmanirbhar Bharat' and 'Viksit Bharat'.

International Projects

Oil India expects the $20-billion TotalEnergies-operated Mozambique LNG project to restart development by the end of this year, with operations anticipated to resume in the second half of 2025. The company also reported receiving $942.00 million in dividends from its Russian assets Vankorneft and Taas-Yuryakh, representing 91% of its original investment.

Renewable Energy Initiatives

An MoU will be signed with Rajasthan for 1,000 MW solar and 200 MW wind power capacity. Oil India is also scaling up investments in green hydrogen, biofuels, and compressed biogas (CBG). The company recently inaugurated the world's first bamboo-based bio-ethanol plant at Numaligarh, Assam.

Additional Developments

1. A new 360 KTPA polypropylene plant is planned at Numaligarh, with an estimated project cost exceeding ₹7,000.00 crore.
2. Plans are underway for India's first large-scale Sustainable Aviation Fuel (SAF) facility.

Environmental Commitments

Aligning with India's Net Zero 2070 goal, Oil India has made significant progress towards its own Net Zero 2040 target, including a 59% reduction in flaring over the previous year.

Oil India's ambitious exploration expansion, doubled capex, and refinery growth plans, coupled with its diverse energy initiatives and international investments, position the company as a key player in India's journey towards energy independence and sustainability.