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83 days later, Baghjan blowout finally capped
Aug. 19, 2020

83 days later, Baghjan blowout finally capped

Baghjan’s high-pressured gas well was finally capped by successfully placing the BOP at the well head after a long struggle of 83 days. The well capping operation by the alert team was assisted by the crisis management teams of OIL, ONGC and Schlumberger. Placing the BOP successfully atop the well head was quite a challenging task for the team considering its sheer weight and the risky working environment.

Baghjan Blowout: Major lapses by OIL India Ltd.
July 29, 2020

Baghjan Blowout: Major lapses by OIL India Ltd.

The report of the expert panel constituted to look into the Baghjan oil well blowout has uncovered major lapses by Oil India Ltd including lack of planning, execution and supervision of critical operations. They did not even have the mandatory consent to operate and establish drilling operations. There were serious deficiencies of proper supervision of critical operation at the well site both from the contractor as well as from Oil India Ltd.

OIL resumes well-capping operation after explosion
July 24, 2020

OIL resumes well-capping operation after explosion

Crew members of OIL, ONGC, Alert, Schlumberger and other contractors are at the gas well site in Baghjan and the final preparations for placing capping stack is underway, The gas well site in Baghjan witnessed an inferno a month ago. The capping stack was ready and wrapped with a ceramic blanket and ceramic cloths. A team from IIT Guwahati completed data collection for thermal imaging and sound measurement at required areas under the guidance of district officials and the OIL team.

OIL suspends 2 officials over Assam gas well blowout
June 11, 2020

OIL suspends 2 officials over Assam gas well blowout

Two staffers of Oil India Ltd have been suspended for alleged negligence of duty in the gas well blowout at Baghjan in Assam’s Tinsukia district. Earlier, Oil India Ltd (OIL) Chairman and MD Sushil Chandra Mishra said a five-member inquiry committee was formed and actions would be initiated on employees of the company if there was any prima facie evidence of human error.

After big blowout, Assam's Baghjan oilfield catches fire
June 10, 2020
Source: The Hindu

After big blowout, Assam's Baghjan oilfield catches fire

On May 27, oil and natural gas began to gush out uncontrollably from the Baghjan oil field in Assam’s Tinsukia district in an event known in industry parlance as a blowout. But even as OIL officials and engineers scrambled to contain the leak, a fire broke out on Tuesday afternoon, birthing a towering inferno at the site. Over 2,000 people have been moved to relief camps since the blowout occurred.

Environmental concerns surge over Assam gas well blowout
June 9, 2020

Environmental concerns surge over Assam gas well blowout

A three-member expert team from a Singapore-based emergency management firm on Monday reached Assam's Tinsukia district from where gas is "uncontrollably" flowing out from a well for the past 13 days. State-owned Oil India Limited (OIL) brought the foreign experts to control their gas well blowout at the Baghjan village in Tinsukia, around 550 km east of Guwahati, after natural gas started spewing since May 27.

OIL reaches out to global experts as gas flows ‘uncontrollably’ for seventh day
June 5, 2020

OIL reaches out to global experts as gas flows ‘uncontrollably’ for seventh day

Following the May 27th blowout at OIL's Baghjan well, the state-run oil major has called top experts from Singapore's Alert Disaster Control to tackle the uncontrolled gas leak from the site. A statement from the firm read, "All safety and security measures are continuously being monitored to protect surrounding villagers and their properties,". The Baghjan blowout is the second in 15 years at an OIL installation.

OIL reports blow out at well in Assam, 25 families evacuated
May 28, 2020

OIL reports blow out at well in Assam, 25 families evacuated

Oil India Limited (OIL) authorities in Assam’s Tinsukia district shifted 25 families to safety after a natural gas producing well reported a blowout on Wednesday morning. An OIL press statement said that blowout occurred at the Baghjan-5 well at 10.30 am. The well suddenly became very active while the operation was on, the statement added.

OIL posts 50% dip in profits
Feb. 11, 2020

OIL posts 50% dip in profits

State-run major, Oil India Ltd (OIL) yesterday registered a 50% dip in the consolidated net profit at Rs 709 crore for 3Q2020, slipping over the downfall in crude oil production and realization. OIL produced 0.74 Million Tonne (MT) of crude oil during the third quarter, declining from 0.83 MT produced in the same quarter a year ago. The state-run major has associated the production fall to environmental issues.

OIL to hold 74% in BPCL's NRL
Jan. 27, 2020

OIL to hold 74% in BPCL's NRL

State-owned OIL India alongwith Assam government is planning to acquire BPCL's 61% stakes in Numaligarh Refinery. This will retain the public sector character of the Assam-based entity. "OIL best fits the bill to take over NRL because of the synergy arising from their operations largely being located in the Northeast and its existing investment in NRL", said an official source.

India’s North-Eastern states closing to a fuel supply crisis
Dec. 16, 2019

India’s North-Eastern states closing to a fuel supply crisis

Amidst extreme agitation against the Citizenship Amendment Act in India’s North-Eastern states, the region is heading towards a fuel supply crisis. With refineries shutdown, petrochemical plant and oil-producing facilities non-operational, it’s only a matter of weeks before the fuel crisis hit the region. Sources have revealed that IOC has shut down its Digboi refinery, and is running the Guwahati unit at minimal throughput, while OIL had to shut down its LPG production.

OIL’s first quarter earnings dip
Aug. 10, 2019

OIL’s first quarter earnings dip

Oil India Limited recorded an 11% dip in first quarter profits, slipping over lower international crude prices and slump in production. The oil major’s net profit totaled to ₹625 crore, declining from ₹703 crore in the corresponding quarter last fiscal. In a statement, OIL informed that crude oil production for the quarter is 0.813 MMT which is 3.67% lower than Q1 FY 2018-19.

Assam Gas Company, OIL and GAIL to set up new joint venture
July 12, 2019

Assam Gas Company, OIL and GAIL to set up new joint venture

Assam Gas Company Ltd (AGCL), Oil India Limited (OIL) and GAIL Gas Ltd inked an agreement to setup a joint venture. The JV will work towards the execution of the City Gas Distribution (CGD) Networks, apart from supplying Piped Natural Gas (PNG) and CNG. While the PNG will be supplied to the domestic, commercial and industrial customers, CNG will be provided to the vehicles in different districts of Assam.

OIL’s net profit increases manifold
Aug. 14, 2018

OIL’s net profit increases manifold

State-owned oil and gas explorer, Oil India Limited (OIL) released its first-quarter earnings reporting a net profit of Rs 703 crore. The company took a huge leap and hiked to a 56% profit. The total income of the company increased to Rs 3,517 crore. The firm's profits were pushed by the crude oil price realization $72 per barrel.

Auction for Indian oil and gas fields postponed
June 25, 2018
Source: Economic Times

Auction for Indian oil and gas fields postponed

The auction of at least 60 oil and gas fields under the Government of India’s Discovered Small Field (DSF) policy has been postponed till July. DSF-II was scheduled for launch around mid-June. The DSF policy, introduced in 2016, offers small discovered fields of state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) involving marketing and pricing freedom and lower taxes.

Moody’s report: ONGC, OIL face risks of subsidy partaking
May 22, 2018
Source: Economic Times

Moody’s report: ONGC, OIL face risks of subsidy partaking

Moody’s Investors Service has stated that ONGC and OIL might have to share the fuel subsidy burden amidst elevating oil prices. These companies used to bear the fuel subsidy burden for around 13 years, until 2015. However, the report also indicated that subsidy sharing will be manageable for both the companies. ONGC and OIL will have to endure a shortfall of Rs 9,000-28,000 crore in subsidy, entirely, or in part.

Total acquired Maersk Oil and becomes second-largest operator in North Sea
March 9, 2018
Source: World Oil

Total acquired Maersk Oil and becomes second-largest operator in North Sea

French’s Total has announced the closing of Maersk Oil acquisition and has ramped up to about 160,000 boed in 2018. With this, it has sustained its existing leading position in the U.K. and has managed to enter Denmark subsequently making it the second-largest operator in the North Sea. Patrick Pouyanné, Chairman and CEO of Total has expressed it as a “success on many levels.”

OVL and OIL acquires stake in Mozambique
March 6, 2018
Source: Economic Times

OVL and OIL acquires stake in Mozambique

Government of Mozambique has approved ONGC Videsh (16% stake) and Oil India (4% stake) for the development work of Golfinho-Atum natural gas field. The plan consists of two-train onshore liquefaction plant with total processing capacity of 12.88 million metric tonnes per annum.

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