Oil India secures 9 blocks under OALP IX

Oil India Limited (OIL), a Maharatna CPSE of MoPNG, and a leading energy company in India, in a landmark stride, secured 9 blocks under OALP Round IX, adding over 51,000 Sq.km to its exploration portfolio - with 6 blocks as sole operator and 3 as consortium partner. This milestone propels OIL's total exploration acreage from 60,000 Sq.km to 110,000 Sq.km, registering a remarkable 85% growth.

Significantly, OIL had submitted bids for 9 blocks and won all 9, achieving a 100% strike rate, underscoring the company's strategic focus, technical strength, and competitive edge.

This bold expansion is a clear reflection of OIL's strategic vision and strong alignment with India's energy priorities. Notably, over 47,000 Sq.km of the newly awarded acreage lies in deep and ultradeep offshore waters, marking a breakthrough as OIL takes on technically complex and high-potential frontiers.

OIL has also made its debut in the Cambay Basin and the state of Meghalaya, unlocking fresh opportunities in untapped geological provinces.

Backed by the Government of India's transformative policies - including the Hydrocarbon Exploration and Licensing Policy (HELP), Ease of Doing Business reforms, and the unlocking of 'No-Go' areas - this achievement signals a new era of growth, confidence, and capability.

OIL is not just acquiring acreage - we are charting the future. As India accelerates toward energy security and self-reliance, OIL is driving that momentum with purpose, precision, and bold ambition.

Shares of Oil India Limited was last trading in BSE at Rs. 366.40 as compared to the previous close of Rs. 358.85. The total number of shares traded during the day was 90794 in over 1739 trades.

The stock hit an intraday high of Rs. 379.90 and intraday low of 361.25. The net turnover during the day was Rs. 33087669.00.

Source : Equity Bulls

Keywords

OilIndia INE274J01014 9Blocks OALP9