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Oil India Limited (OIL) was initially formed as a joint venture between the Burmah Oil Company Limited (BOC) and Government of India. The first oilfield in India was discovered in Digboi, Assam, as early as 1887, by a predecessor of Assam Oil, a subsidiary of BOC. (Corley, T A B, 1983, The History of the Burmah Oil Company, 1886–1983).
Until 1955, private oil companies mainly carried out exploration of hydrocarbon resources of India. In Assam, the Assam Oil Company was producing oil at Digboi (discovered in 1889) and Oil India Ltd. (a 50% joint venture between Government of India and Burmah Oil Company) was engaged in developing two newly discovered large fields Naharkatiya ...
Cycle Corporation of India Limited 10 Jessop and Company Limited 11 Lagan Jute Machinery Company Limited 12 Reyrolle Burn Limited 13 Weighbird (India) Limited 14 Bharat Brakes and Valves Limited 15 Bharat Process and Mechanical Engineers Limited 16 Mandaya Paper Mills Limited 17 Tyre Corporation of India Limited 18 Triveni Structurals Limited 19
The foreign companies continued to play a key role in the oil industry. Oil India Limited was still a joint venture involving the Indian government and the British owned Burmah Oil Company (presently, BP) whilst the Indo-Stanvac Petroleum project in West Bengal was between the Indian government and the American company SOCONY-Vacuum (presently ...
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At present 1.06 million km 2 area is held under Petroleum Exploration Licenses in 18 basins by national oil companies viz. Oil and Natural Gas Corporation Limited , OIL India Limited and Private/Joint Venture companies. Before implementation of the New Exploration Licensing Policy (NELP) in 1999, a mere 11% of Indian sedimentary basins were ...
In 1995/96, the company entered the telecommunications industry through a joint venture with NYNEX, USA, and promoted Reliance Telecom Private Limited in India. [21] In 1998, Reliance took over Indian Petrochemicals Corporation Limited during privatization of public sector enterprises.
A New Chapter to this Industry has been added by the evolution of ONGC Petro additions Ltd. (OPaL) on 15 November 2006 which is a joint venture company of Oil and Natural Gas Corporation Limited (ONGC), Gujarat State Petroleum Corporation Ltd. (GSPCL) and GAIL India Ltd. is a grass root Mega Petrochemical complex of Global scale based on dual ...