MANAGEMENT DISCUSSION AND ANALYSIS REPORT 1. ECONOMIC SCENARIO & INDUSTRY ANALYSIS The salient feature of 2014-15 was the fall in global oil prices. Oil prices have fallen over 40% due to the affect of production of shale oil from US, entry of oil from Iraq & Libya coupled with slowdown of European and Chinese economy. The oil price fell from above USD 100 to USD 40 during the financial year of 201415. In view of fall in oil price, Indian economy has benefitted from low inflation during this fiscal year. The projected growth of Indian economy during the year was 5.5 percent. As far as Oil India is concerned, the gross realisation from crude oil was USD 84.24 per barrel in FY15. The average discount on crude oil for the year was USD 37.31 per barrel against USD 59.30 per barrel for the FY14. The price net of discount reduced marginally to USD 46.93 in 2014-15 from USD 47.10 barrel in 2013-14. The oil and gas production of the country was 37.10 MMT and 33656 MMSCM respectively during the fiscal year. Nearly 80 percent of the crude oil requirement of the country is imported which results in huge drainage of foreign currency from national exchequer. In order to bridge the increasing gap of crude oil in the country, Government of India has initiated various steps like New Exploration Licensing Policy, Introduction of CBM policy, exploration of Shale resources etc. The Government of India also encouraged exploration and acquisition of discovered and producing properties abroad, and had allowed 100 percent FDI in exploration. Further Government has also allowed exploration for shale resources to ONGCL and OIL in their existing nominated PEL areas. Although, a number of initiatives have been taken, there are large numbers of areas of concern like pricing mechanism including subsidy, gas pricing, infrastructure, development of bilateral and regional strategic energy partnership etc. 2. SWOT ANALYSIS OF OIL OIL is a Company which has managed its assets very well. It has vast experience in management of its ageing and depleting oil and gas fields. It is practicing EOR / IOR techniques for a long time and these initiatives have helped in extending the life and enhancement of production from its ageing and depleting fields. OIL is an integrated oil and gas company which has personnel with extensive in-house capabilities and expertise in various domains of oil and gas exploration and production. This has enabled the Company to be cost efficient in its operations towards production of oil and gas. The senior management team has extensive experience in oil and gas industry. OIL has efficient manpower covering the entire gamut of its activities. OIL has deployed its personnel towards management of its oil and gas exploration and production projects both in India and abroad. OIL's major oil and gas production is from its operational areas of Upper Assam and Arunachal Pradesh. A small part of its gas production is from Rajasthan. Additionally, a part of oil production comes from its equity investments in USA, Russia and Venezuela. OIL is brsently working on expanding its operational base through balanced growth portfolio of exploration acreages and producing & discovered oil & gas fields. The exploration acreages are in the form of different NELP blocks in India and exploration acreages abroad. An important point in these exploratory efforts is discovery of gas field in NELP-VI block KG-ONN-2004/1 in Andhra Pradesh during the fiscal year 2014-15. During the last few years, the Company has started diversification in non-conventional energy sector in the form of wind and solar power generation. During the financial year of 2014-15, OIL setup 54 MW of wind power generation (16 MW in Gujarat and 38 MW in Madhya Pradesh). OIL also commissioned a 5 MW Solar plant in Rajasthan during the year. OIL proposes to install more solar and wind power plants in the coming years. OIL has hired the services M/s Mckinsey & Co., for brparing its long-term perspective plan (up to 2030) and to bring about necessary organizational restructuring to achieve the objectives laid down in the perspective plan. 3. SEGMENT-WISE / PRODUCT WISE PERFORMANCE 3.1 Crude Oil Production The crude oil production was 3.440 MMT during FY 2014-15 as against 3.502 MMT during FY 2013-14. The main reasons for shortfall in achievement was direct, indirect and consequential losses arising out of blockades, bundhs etc, across the operational areas. 3.2 Natural Gas Production During the year, the natural gas production from fields in Assam, Arunachal Pradesh and Rajasthan was 2722 MMSCM against 2626 MMSCM in brvious year. 3.3 LPG PLANT OPERATION The availability of the LPG Recovery Plant was of the order of 99.41 % and the plant efficiency in terms of butane recovery was 101.67% compared to the design figure of 98.00%. The plant processed an average of 2.13 MMSCMD (76.929 MMSCFD) gas with an average butane of 1.21 % (v/v) in the feed gas. The Recovery Plant was in operation for 331 days and a total of 43,570 tonnes of LPG were produced during the year. Along with LPG a total of 22,700 tonnes of condensate were also recovered as by-product. Out of this, 15,796.17 tonnes of condensate was sold to private parties and the balance quantity was added to the crude oil production of the Company. LPG Filling Plant was in operation for 275 days. Combined in packed (in cylinders) and bulk (in road tankers) a total of 43,456 tonnes of LPG were delivered to the marketing agency, IOCL. 3.4 PIPELINE OPERATION OIL operates a total network of 1220 kms of Crude Oil Pipelines. This 5.38 MMTPA capacity pipeline transports crude oil produced from oilfields in Upper Assam to the public sector refineries at Numaligarh, Guwahati and Bongaigaon. The pipeline runs through the states of Assam, West Bengal and Bihar traversing hostile terrain, dense forests and cuts across 78 rivers including the mighty Brahmaputra. The 600 kms pipeline segment between Bongaigaon and Barauni which has capacity of 3.0 MMTPA has been re-engineered to enable oil flow in either direction and is now transporting crude from Barauni to Bongaigaon. In addition to above 0.65 MMTPA of crude oil is transported from Duliajan to Digboi Refinery through 30 kms pipeline. During the year, OIL transported total 6.80 MT of crude oil and 1.8 MT of products with pipeline utilization of 105.71%. OIL earned revenue of Rs 368.53 crores in FY15 against Rs 329.24 crores in FY14, from its pipeline business. 3.5 Renewable Energy During the FY15, OIL commissioned third wind energy project of 54 MW which is split project in Gujarat and Madhya Pradesh in March. With commissioning of this project, total renewable energy capacity of the Company is now 126.60 MW. OIL generated revenue of Rs 67.50 crores in FY15 from renewable sources. 4. FINANCIAL PARAMETERS (WITH RESPECT TO OPERATIONAL PERFORMANCE) During the year, OIL has earned total revenue of Rs.11,019.86 crore against Rs. 11,215.46 crores in FY14. The PBT earned was Rs. 3728.70 crore in FY15 against Rs. 4,410.44 crores in the FY14 and PAT was Rs.2510.20 crores in FY15 against Rs. 2,981.30 crores in FY14. Profitability of the Company was adversely affected on account of higher financing cost associated with investment in Mozambique Project, adverse movement in currency exchange rate and fall in interest earnings from investment of surplus funds. During the year, Company has made planned investments of Rs.3774 crores which is highest in any year by OIL till date. I n terms of the decision of the Govt. of India, OIL shared the under recoveries of Oil Marketing Companies (OMCs) on petroleum products amounting to Rs 5,522.58 crores for the year ended 31.03.2015 as compared to Rs. 8,736.85 crores in the brvious year. 5. INTERNAL CONTROL SYSTEM I nternal Audit in OIL is a corporate and advisory function having independent status within the Organization. The purpose of Internal Audit Department is to determine whether internal controls, risk management and governance process, as designed and implemented by management are adequate and effective. In this respect, Audit Committee and Board of Directors also supervise and monitor the systems at regular intervals to safeguard the interest of stakeholders. In-house team and outsourced professionals carry out Internal Audit functions jointly. The Company has developed an audit process called Audit Universe (AU) and the same has been implemented in FY 2014-15. It is a proactive methodology to control and mitigate Risk. "Audit Universe" covers all business and operational activities of the Company based on the risk based approach. 6. HEALTH, SAFETY AND ENVIRONMENT As a Company engaged in E&P activities, OIL pays utmost importance to Health, Safety & Environment (HSE) and the same is reflected in its vision statements that "OIL is fully committed to Health, Safety & Environment". OIL can achieve the goal of sustainable development through proper management of HSE risks. OIL continuously reviews & improves HSE initiatives to brvent accidents, minimize environmental impact, brvent environmental pollution and reduce health and safety risks. To this effect, HSE Policy has been put in place by the Company. Also, to provide the framework and structure to meet the highest level of HSE expectations, a HSE—MS manual along with a guide has been brpared and adopted for all the operational areas. 7. HUMAN RESOURCE The objective of Human Resource Management (HRM) is to nurture an environment which promote the positive culture and core values which would continuously inspire human resources to achieve excellence in all endeavors and maximize stakeholders' value. In the brsent scenario of competition and striving for excellence, human resource plays a pivotal role in an organization's success. In order to develop employees' competencies for superior performance, during the year, 2159 employees were trained through courses organized in-house, 2349 employees were trained through in-country programs and 136 were trained through overseas programs. 8. INDUSTRIAL RELATIONS Harmonious and cordial relations were maintained with the employees. The Employees Union extended full co-operation and actively participated with the management in sorting out employees' problems and grievances. There was no mandays loss due to industrial relations problem. 9. CORPORATE SOCIAL RESPONSIBILITY & SUSTAINABLE DEVELOPMENT OIL since inception has engaged itself directly with local communities, identifying their basic needs, and integrating them with business goals and strategic intent. Fulfilling its duty of providing care to the society, OIL has embarked upon massive programs in the field of Education, Health, Sports, Culture, Environment and Infrastructural Development etc. The details of the programmes undertaken by OIL are given in the Annexure to the Report and also in the Business Responsibility Report forming part of this Annual Report. OIL also publishes annually separate Report on CSR and Sustainability Initiatives which is available on the Company's website. During the year under review, the CSR expenditure was Rs 133.31 crores against Rs 72.89 crores in brvious year. Pursuant to the Section 135 of the Companies Act 2013, a responsibility statement of the CSR & SD Committee that the implementation and monitoring of the CSR activities is in compliance to the CSR & SD objectives and Policy of the company is attached as Annexure to this Report. 10. ACREAGE 10.1 DOMESTIC Areas under Nomination As on 31.03.2015, OIL has 5(five) Petroleum Exploration License (PEL) covering area of about 1230 sq.km granted on nomination basis in the country and 22 (twenty two) Mining Lease (ML) sbrad across area of about 5004 sq.km. Process has been initiated for part PML conversion and part relinquishment of one existing PEL. These Blocks are in the state of Assam, Arunachal Pradesh and Rajasthan. Areas Under NELP, with OIL as Operator/Joint Operator As on 31.03.2015, Company has 12 blocks with area of 16,277.2 sq. km. in the state of Assam, Mizoram, Andhra Pradesh/Puducherry, Andamans, Rajasthan, Cauvery and Mumbai offshore. Relinquishment process has been initiated for 2 (two) blocks during the year 2014-15 and regulatory approvals for the same is awaited. Areas under NELP with OIL as non-operator As on 31.03.2015, OIL has 15 blocks with 61,296 sq. km. in Krishna Godavari (Shallow Offshore), Andaman (Deepwater), Assam (Onshore), Mahanadi offshore (Deepwater), Gujarat-Kutch (Shallow Offshore), West Bengal (Onshore) as non-operator. Relinquishment process has been initiated for 7(seven) blocks during the year 2014-15 and regulatory approvals for the same is awaited. Areas under Pre-NELP JVs with OIL as non-operator viz Kharsang PSC & Block AAP-ON-94/1(Dirok) As on 31.03.2015, OIL has 2 blocks with 121 Sq. Km in Assam & Arunachal Pradesh as non-operator. 10.2 OVERSEAS E & P Blocks, with PI/Operatorship by OIL OIL's overseas E & P portfolio comprises of 13 blocks/assets sbrad over the countries covering Libya, Gabon, Nigeria, Yemen, Venezuela, USA, Mozambique, Myanmar, Bangladesh and Russia. In addition to the above, OIL has PI in a Multi-product pipeline in Sudan. The status of the major developments in the blocks is as under:- Libya: Area-86 & Block-102/4 [OIL (Operator) -50%, IOCL- 50%) As per MWP, OIL has completed the committed work program, however there were no commercial hydrocarbon discoveries. Process of relinquishment of the blocks is currently under progress. Libya: Area 95/96 ~4 Blocks [Sipex(Operator)-50%, IOCL-25%, OIL-25%] The consortium has completed drilling of five wells against drilling of eight wells as per MWP. All the drilled wells struck oil and gas. Drilling of sixth well was in progress when the unrest began and all operations in Area-95/96 were suspended since May, 2014 due to hostile law and order situation in Libya. No activities could be taken up in the block during the year 2014-15. Gabon: Block Shakti-II [OIL (Operator)-50%, IOCL-50%) The Company has made an oil discovery at Lassa prospects (Lassa-1). Two appraisal wells (Lassa-2 & 3) have been drilled as per the MWP of Phase-1 of New PSC (G4-245) to ascertain the extent of the discovery. Initial development plan brparations are in progress. Additionally, brparation for 2D seismic data acquisition for bringing out remaining prospectivity in the block is in progress. Nigeria - OML 142 (Earlier OPL-205) The partners in the Block are M/s Suntera Nigeria 205 Limited with 70% interest (OIL- 25% PI, IOCL- 25% PI, and Suntera 142 holding limited- 50 % PI in Suntera Nigeria 205 Limited), and Summit Oil with 30% PI (Operator). OIL along with IOCL acquired 50% participating interest in M/s. Suntera Nigeria 205 Ltd in 2006, which holds 70% interest in the onland block OPL-205. M/s. Summit, the operator of the block has 30% interest in the acreage. M/s. Suntera, Nigeria is the designated Technical party for the block. The onland block covers an area of around 1295 sq.km (after mandatory relinquishment) and is located in the Northern part of Niger Delta. The block has an old gas/condensate discovery which is yet to be developed. The Operator has completed acquisition of 3D Seismic data in the Block recently. Yemen - Yemen [Blocks 82] The Partners in the Block are Medco Energi:38.25% - Operator, Kuwait Energy: 21.25%, OIL: 12.75%, IOCL:12.75% and Yemen Oil & Gas Company:15%. OIL, as a part of an international consortium led by M/s. Medco Energi, Indonesia was awarded exploration block 82 in 2006 Bid round of Yemen. Subsequently, PSC was signed on 13th May, 2008 and Presidential decree was received on 17th March, 2009. These exploration acreages covering combined areas of over 2100 sq.km are located in the South Central Part of the country within the oil prolific Sayun Masila Basin. The operator has completed acquisition of 3D seismic and partial 2D seismic in Block 82. However, completion of work programme has been delayed due to emerging geo-political situation in Yemen and frequent disturbances at the site. Egypt - [Blocks 3 & 4] The Partners in the Blocks are GSPC-50%, HPCL-25% and OIL-25%. OIL in consortium with M/s GSPC (50% PI & operator) and HPCL (25% PI) was awarded two offshore blocks, Block 3 (South Quesir) & 4 (South Sinai) in the 2008 GANOPE bidding round. Both these blocks with combined offshore acreage of 9325 sq.km are located in the Gulf of Suez and have work commitments of 3D seismic and wells (2 each). Boundary dispute with neighboring country led to the reduction of the block 3 (South Quesir) by 1562 sq km. PAC signing got delayed due to geopolitical situation of the country. Due to the changed geo-political situation, OIL along with the Partners is considering to exit from both the Blocks. Venezuela - The Partners in Carabobo Project-I: C1 North and C1 Central Blocks IndOil Netherlands B.V: 7% (OIL - 3.5%, IOCL - 3.5%), OVL - 11%, Repsol, Spain-11%, PdVSA-71%. The consortium won Carabobo Project 1 in 2010. The project is endowed with sufficient proven reserves of ultra heavy oil (around 8° API) to sustain material long term production. Cumulative production from the project is estimated to be approximately 3 to 5 billion barrels of oil. The contract was signed on 12th May, 2010. The mixed company to operate the project has been incorporated. Currently, the development activities in the field are under progress. First oil production from the project has started on 27th December, 2012. Current average gross production rate from the project stands at approximately 16,000 BOPD. USA - Liquid Rich Shale asset: (Partners in the JV are Carrizo Oil & Gas Inc-60% - Operator; OIL-20% and IOCL-10%, Haimo Oil & Gas LLC- 10%) OIL and IOCL jointly acquired 20% and 10% respectively in Carrizo Oil & Gas Inc's ("Carrizo") liquid rich shale assets in the Denver - Julesburg (D-J) Basin in Colorado, USA. The acquisition became effective from 1st October, 2012. OIL has formed 100% wholly owned subsidiary in Texas, USA in the name of Oil India (USA) Inc. OIL acquired approx 12,655.88 net acres of the asset and subsequently added additional area of 2174.04 acres during the year 2013-14. The production is going on in the Project before the date of acquisition and OIL is getting its share of production from the date of acquisition. Currently OIL's share in average monthly production from the project stands at approximately 575 BOEPD. Mozambique - The Partners in the Area 1, Rovuma Basin are: Anadarko- 26.5% (Operator), Mitsui -20%, BPRL-10%, BREML (OVL60%+OIL40%) - 10%, OVL-10%, ENH- 15%, PTTEP-8.5%. OIL, together with OVL, acquired a 10 percent Participating Interest in the Mozambique block in the Area 1 Rovuma Field by acquiring the shares of Videocon Mozambique Rovuma 1 Limited (name changed to Beas Rovuma Energy Mozambique Ltd-BREML). OIL holds a 40 per cent stake in BREML which translates to 4 per cent participating interest in Area 1, Rovuma off shore. The acquisition was completed on 7th January, 2014. The first production and revenue from the field is expected to be generated and recognized in fiscal year 2019. The Project is in development stage. Bangladesh- The OIL and OVL combine were awarded Blocks SS04 and SS09 in the Bangladesh offshore bidding round 2012. The PSCs for the blocks were signed on 17.02.2014. SS04 and SS09 are shallow water blocks expected to contain oil and gas. The total area of the two blocks is 14,295 sq. km with Block SS04 sbrad over 7,269 sq. km. and Block SS09 sbrad over 7,026 sq. km. OIL and OVL have PI of 45% each and 10% PI belongs to BAPEX (Bangladesh Petroleum Exploration and Production Co. Ltd.). BAPEX are carried till Exploration Phase and OVL is the Operator. Actions are underway to implement the minimum work program in both blocks. Sudan - Partners in Product Pipeline in Sudan are OIL-10% PI and OVL- 90% PI (Operator). The Project involved construction of 12" X 741 km long Cross Country Multi Product Pipeline from Al-Rawyan to Port Sudan. The Pipeline has been built on Build, Operate, Lease and Transfer basis. The consortium engaged M/s Dodsal Pte Ltd. as EPC contractor for the project. Project was completed in record time of 15 months (Target was of 16 months). The pipeline got commissioned in 2005. Russia - License 61, Russia: Partners are OIL (OIIBV)-50%, Petroneft Resources-50%. OIL acquired 50% of this oil producing License 61, Russia from Petroneft Resources. Current gross production of the License is around 1800 bopd. The license also has five discovered fields besides various other prospects. The development activities in the license are in full swing. 11. DISCOVERY OF OIL AND GAS Your Company has made twelve (12) oil and gas discoveries during the year; eleven (11) from Upper Assam Basin and one (1) from its operated NELP-VI block KG-ONN-2004/1. i) Nadua-1 (Loc. CH) The well Nadua-1 is located in Nadua structure under Chabua PML and has been drilled down to 3693 m to probe the hydrocarbon prospects within Paleocene-Eocene formations. The well has encountered few prospective sand ranges within Paleocene-Eocene formations and brsently producing oil from one of the tested sands. This discovery of oil has opened up new avenues for exploration and exploitation of hydrocarbon in Paleocene-Eocene Formations in Nadua and adjoining Area. ii) Rangmala-1 (Loc. TAJ) The well Rangmala-1 is located in Balijan-II structure under Tinsukia PML and has been drilled down to 3930 m to probe the hydrocarbon prospects within the Paleocene-Eocene formations. The well has encountered few prospective sand ranges within Paleocene-Eocene formations and brsently producing gas from one of the tested sands. The discovery of gas in this well has opened up new avenue for exploration and exploitation of hydrocarbon within the Paleocene-Eocene formations in Balijan-II and adjoining structures. iii) Mechaki-3 (Loc. MKA) The well Mechaki-3 is located in the West Mechaki structure under Mechaki Extension PML and has been drilled down to 5636 m to probe the hydrocarbon prospects within Paleocene-Eocene formations. The well encountered few prospective sand ranges within Paleocene-Eocene formations and produced oil from one of the tested sand within Narpuh Formation. The discovery of oil in this well has opened up new avenue for exploration and exploitation of hydrocarbon within the Paleocene-Eocene formations in West Mechaki and adjoining area. iv) NHK-616 (Loc. NLB) The well NHK-616 is located in Balagaon Structure within Nahorkatiya Extension PML and has been drilled down to 3005m to probe the hydrocarbon prospects within the Barail and Tipam Formations. The well has encountered few prospective sand ranges within Barail Formations and one of the tested sands produced oil intermittently during testing. However, commercial oil production could not be sustained and well is brsently kept shut-in. v) NHK-466 (Loc. HHW) The well NHK-466 is located in Langkasi area of Greater Jorajan Oilfield under Hugrijan PML and was drilled and completed during year 1991. During 2014-15, oil has been discovered in new/unappraised Kopili sand through work-over operations. The discovery of oil in this sand has opened up a new play for exploration and exploitation of oil in Kopili Formation of Langkasi and adjoining areas. vi) Balimara-2 (Loc. BF) The well Balimara-2 is located in Balimara structure under Borhat PEL and was drilled and completed during year 2012. During 2014-15, oil has been discovered in new/unappraised Barail sand through work-over operations. The discovery of oil in the Barail Formation has opened up a new reservoir for exploration and exploitation of oil in Balimara and adjoining areas. vii) Barekuri-2 (Loc. TR) The well Barekuri-2 is located in the central part of Barekuri Structure under Tinsukia PML and was drilled and completed during year 2005. During 2014- 15, gas has been discovered in new/unappraised Narpuh sand through work-over operations. The discovery of gas in the Narpuh Formation has opened up a new reservoir for exploration and exploitation of oil in Barekuri and adjoining area. viii)Hapjan-24 (Loc. HKC) The well Hapjan-24 is located in the North Hapjan Structure under Hugrijan PML and was drilled and completed during year 1993. During 2014-15, oil has been discovered in new/unappraised Narpuh Barail sand through work-over operations. The discovery of oil in the Barail Extra Sand has opened up a new reservoir for exploration and exploitation of oil in Hapjan and adjoining area. ix) Hapjan-28 (Loc. HNP) The well Hapjan-28 is located in Hapjan area under Hugrijan PML and was drilled and completed during year 1997. During 2014-15, gas/condensate has been discovered in one sand within Lakadong+Therria Formation through work-over operations. The discovery of gas/ condensate has opened up a new reservoir for exploration and exploitation of gas in Hapjan and adjoining area. x) Baghjan-7 (Loc. BGE) The well Baghjan-7 is located in Baghjan Structure under Baghjan PML and was drilled and completed during year 2008. During 2014-15, gas/condensate has been discovered from new/unappraised sand within Narpuh Formation through work-over operations. The discovery of gas in Narpuh Formation has opened up a new reservoir for exploration and exploitation of gas in Baghjan and adjoining area. xi) Moran-78 (Loc. MBT) The well Moran-78 is located in Moran area under Moran PML and was drilled and completed during year 1981. During 2014-15, oil has been discovered in new/unappraised Barail sand through work-over operations. The discovery of gas in Barail Sand has opened up a new reservoir for exploration and exploitation of gas in Moran area. xii) Dangeru-1 (NELP Block KG-ONN-2004/1) The well is the first exploratory well drilled in NELP Block KG-ONN-2004/1. The well has been drilled down to 3719 m and the well encountered few prospective sand ranges within Kummugudem Formation of Permian-Triassic age. Four(4) sand packages have been tested in the well and all the four sands flowed gas. The discovery of gas in this well opened up new exploration potential in this NELP Block. Appraisal programme is being worked out to ascertain commercial viability of the gas discovery. OIL is operator in this NELP block and holds a 90% Participating Interest (PI). 13. NEW INITIATIVES During the year, the Company has successfully commissioned its 3rd Wind Energy Power Project of 54 MW, which is a split project in Gujarat and Madhya Pradesh in March, 2015. The total Renewable Energy capacity is now 126.60 MW. 14. FUTURE OUTLOOK i. Since OIL has significant brsence in the North East part of India and brsently operating in the Upper Assam basin which happens to be one of the most prolific basins in India, OIL will concentrate efforts in the North East to achieve continued reserve accretion. ii. To enhance recovery, water injection and other EOR/IOR technologies will be adopted which has the ability to liberate additional production capacity of around 0.32 to 0.35 MMTPA of crude over the next 12 to 15 year period, if focused approach is adopted and implemented. iii. OIL will continue to pursue acquisition of prospective overseas E&P opportunities to ensure energy security for the country, to grow by enhancing own E&P portfolio and decrease risks in existing E & P portfolio. iv. In addition to acquisition of conventional assets, OIL would also look towards acquisition of non-conventional assets, such as oil sands, shale gas, shale oil, gas hydrate etc. v. While E & P business shall continue to be OIL's core focus, selective diversification into midstream, downstream and renewable energy segments, such as, pipelines, CGD, LNG, refineries, wind/solar energy etc would also be planned to balance the existing portfolios and play an important role in energy distribution/ marketing. |