The shares of Oil India Limited (OIL) were trading at ₹373.15, up by ₹7.20 or 1.97 per cent on the NSE today 1.40 pm.

Oil India Limited (OIL) has secured all nine blocks it bid for under the Open Acreage Licensing Policy (OALP) Round IX, adding over 51,000 square kilometres to its exploration portfolio, the company announced yesterday.

The acquisition increases OIL’s total exploration acreage from 60,000 to 110,000 square kilometres, representing an 85 per cent growth. Six of the blocks were secured as sole operator, while three were obtained as a consortium partner.

Notably, more than 47,000 square kilometres of the newly awarded acreage is located in deep and ultradeep offshore waters, marking OIL’s entry into these technically challenging but high-potential areas. The company has also made its first foray into the Cambay Basin and the state of Meghalaya.

OIL, a Maharatna Central Public Sector Enterprise under the Ministry of Petroleum and Natural Gas, attributed its expansion to supportive government policies including the Hydrocarbon Exploration and Licensing Policy, Ease of Doing Business reforms, and the opening of previously restricted “No-Go” areas.

The company characterized the 100 per cent success rate in its bids as evidence of its “strategic focus, technical strength, and competitive edge” as it pursues India’s energy security and self-reliance goals.

Published on April 16, 2025

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