ENA Sectors 2024-09-16 15:28:21 <p><span style="font-size:14px"><strong>New Delhi, Sep 16 (KNN)</strong> State-owned Oil India Ltd (OIL) is exploring new partnerships for hydrocarbon exploration off Indias coast, with discussions currently underway with French energy giant TotalEnergies.</span></p> <p><span style="font-size:14px">According to a senior executive from OIL, the discussions revolve around whether TotalEnergies will join as a technical partner or take a participating interest (equity) in the upcoming open acreage licensing policy (OALP) bidding rounds.</span></p> <p><span style="font-size:14px">These rounds are expected to feature offshore blocks that will be auctioned to interested bidders.</span></p> <p><span style="font-size:14px">The executive indicated that the company is keen to bid aggressively and is actively framing a memorandum of understanding (MoU) with TotalEnergies.</span></p> <p><span style="font-size:14px">This move aligns with OILs strategic goals as it seeks to enhance its exploration and production capabilities in the offshore sector.</span></p> <p><span style="font-size:14px">In addition to TotalEnergies, OIL is in talks with several other international oil companies, including Thailands PTTEP, Malaysias Petronas, and Vietnams Petrovietnam. These discussions are part of OILs broader strategy to engage with global partners to explore and develop offshore blocks.</span></p> <p><span style="font-size:14px">An MoU has already been signed with PTTEP, while Petronas has shown interest after reviewing OILs data. Negotiations with Petrovietnam are in the initial stages, with a non-disclosure agreement already in place with Petronas.</span></p> <p><span style="font-size:14px">OIL is targeting significant production goals for the financial year 2025, aiming to produce 3.8 million tonnes of crude oil and 3.8 billion cubic metres of natural gas. The company has been achieving an annual production growth rate of 5-6 per cent in recent years.</span></p> <p><span style="font-size:14px">To support this growth, OIL plans to drill over 75 wells this financial year, with notable activities in Libya, where it has already drilled five-and-a-half wells and expects to complete two more by the end of FY25.</span></p> <p><span style="font-size:14px">The company is also preparing to resume operations in the block Area 95/96 in Libya, which had been suspended since 2014 due to civil unrest.</span></p> <p><span style="font-size:14px">Additionally, OIL is negotiating terms with ONGC Videsh Ltd for drilling operations in Bangladesh, despite ongoing unrest in the region.</span></p> <p><span style="font-size:14px">The companys Chairman confirmed that this unrest has not affected the supply of diesel through the Indo-Bangla Friendship Pipeline or the expansion of the Numaligarh refinery.</span></p> <p><span style="font-size:14px">Looking ahead, OIL plans to initiate drilling operations in the Andaman Islands by October and is preparing to float a tender next month for operations in an offshore block in Kerala.</span></p> <p><span style="font-size:14px">This expansion and collaboration effort underscores OILs commitment to enhancing its global footprint and advancing its production capabilities in the energy sector.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39292 https://knnindia.co.in/news/newsdetails/sectors/oil-india-ltd-in-talks-with-totalenergies-for-offshore-hydrocarbon-exploration 2024-09-16 15:28:21 knnindia.co.in