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Oil India (OIL) has successfully completed the capping operation at Well, KSG#76 of the Kharsang Oil Field (KOF), operated by GeoEnpro Petroleum (GEPL) in Changlang district, Arunachal Pradesh, marking a major milestone in its well control efforts.
A blowout had occurred on 30 October 2025 during service operations causing uncontrolled gas release from the well. OIL's Crisis Management Team (CMT), supported by experts from Cudd Well Control, USA and GeoEnpro Petroleum team, took over the operations on 01 November 2025 and immediately mobilised to undertake the complex task of safely removing the damaged Blowout Preventer (BOP) from the wellhead. The high-risk operation was executed with precision, expertise and seamless coordination.
Following the safe removal of the BOP, the pre-positioned capping stack—meticulously placed at the well site—was accurately installed onto the wellhead. This critical step redirected the gas flow securely to the top of the stack, ensuring full containment and control. With the capping stack firmly in place and secured, the BOP was successfully closed, effectively stopping the gas discharge from the Well, KSG#76.
The completion of the capping operation stands as a testament to OIL's engineering acumen, detailed planning, and the strong collaboration between global specialists and local teams. The subsequent phases of the well control roadmap will now proceed in accordance with established operational protocols.
Oil India (OIL) and TotalEnergies inked a “Technology Service Agreement” on 19 November 2025 in New Delhi to strengthen strategic collaboration for exploration activities in Deep and Ultra-deepwater Offshore frontiers of Indian sedimentary Basins, including the stratigraphic wells as mandated by the Govt. of India.
The agreement puts in place a framework to leverage TotalEnergies' world-class expertise in Deep & Ultradeep water exploration value chain across OIL's current & future Offshore portfolio. It includes the ongoing appraisal programme of gas find in the shallow Offshore Blocks in Andaman Basin, exploration in OIL's OALP-IX Ultradeep water Blocks in Mahanadi & Krishna Godavari Basins. It also covers evaluation of opportunities under ongoing OALP X / future bid rounds and provide support during stratigraphic well drilling initiative in offshore Category-II & III Basins.
The strategic collaboration marks a significant milestone in OIL's commitment to pursue exploration in offshore frontiers towards possible hydrocarbon discovery and secure sustainable energy future for India.
The agreement also covers evaluation of opportunities in the ongoing OALP X and future bid rounds , additionally to providing support during stratigraphic well-drilling initiative in offshore Category-II & III basins.
Oil India a Maharatna CPSE of the Government of India, is engaged in exploration, development, and production of crude oil and natural gas, transportation of crude oil, and production of LPG. It also provides various exploration & production (E&P)-related services for oil blocks.
The company’s consolidated net profit declined 29.1% to Rs 1428.83 crore despite a 15.8% jump in net sales to Rs 8,394.11 crore in Q2 FY26 over Q2 FY25.
The scrip added 0.73% to Rs 436.70 on the BSE.
Profit before tax stood at Rs 1,317.59 crore, down 42.85% from Rs 2,305.36 crore in the year-ago period.
Crude oil revenue dropped 11.73% YoY to Rs 3,512.25 crore, while natural gas revenue rose 6.88% to Rs 1,418.65 crore. Pipeline transportation income surged 226.77% to Rs 444.87 crore. LPG revenue increased 7.05% to Rs 46.33 crore, whereas renewable energy income rose 3.75% to Rs 34.62 crore.
Operating margin narrowed to 13.69% from 30.43%, while net profit margin shrank to 19.13% from 33.23% in Q2 FY25.
Oil and oil-equivalent gas production stood at 1.652 MMTOE in Q2 FY26, broadly steady against 1.674 MMTOE in Q2 FY25. Numaligarh Refinery Ltd recorded crude throughput of 753 TMT, up from 683 TMT last year, with capacity utilization at 100.38%.
NRL commissioned India’s first 2G bioethanol plant using bamboo as feedstock during the quarter. Oil India also achieved mechanical completion of the Numaligarh–Siliguri Product Pipeline. Force majeure was lifted in November 2025 for the Area-1 Offshore LNG Block in Mozambique, where Oil India holds a 4% participating interest.
Meanwhile, the board declared an interim dividend of Rs 3.50 per share (35% of paid-up capital) for FY26. The dividend will be paid on or before 14 December 2025, with 21 November 2025 set as the record date.
Oil India is engaged in exploration, development, and production of crude oil and natural gas, transportation of crude oil, and production of LPG. It also provides various E&P-related services for oil blocks.
Shares of Oil India rose 0.73% to Rs 172.30 on the BSE.
Oil India signed two landmark Memoranda of Understanding (MoUs) with Bharat Petroleum Corporation (BPCL) and Numaligarh Refinery (NRL).
OIL and BPCL signed a non-binding MoU to explore collaboration in developing BPCL's upcoming Greenfield Refinery and Petrochemical Complex near Ramayapatnam Port in Nellore district, Andhra Pradesh.
The proposed facility, with a refining capacity of 9–12 MMTPA (MMTPA) and a ethylene cracker unit of 1.5MMTPA, represents an estimated investment of ₹1 lakh crore (US$11 billion) and is anticipated to play a pivotal role in India's downstream sector expansion. The project is slated for commercial operations by FY 2030.
Under the MoU, the companies will evaluate opportunities for collaboration, including the possibility of OIL to take a minority equity stake in the proposed joint venture. The project has already secured key statutory clearances and 6,000 acres of land from the Government of Andhra Pradesh, with pre-project activities in progress.
In another major development, OIL, BPCL, and NRL signed a tripartite MoU to facilitate efficient evacuation of petroleum products following NRL's expansion from 3 MMTPA to 9 MMTPA.
Under this MoU, the three organisations will jointly explore the development of a cross-country petroleum product pipeline from Siliguri to Mughalsarai via Muzaffarpur and augmentation of Depo infrastructure with an estimated investment of ₹3,500 crore. The project will be jointly owned by BPCL (50%), OIL (25%) and NRL (25%).