On behalf of the Board of Directors of your Company, it is my pleasure to present the 66^th Annual Report on
the performance of your Company containing Audited Financial Statements (Standalone as well as Consolidated)
together with the Auditors' Report and the Comments of the Comptroller and Auditor General of India for the year
ended 31^st March 2025.

Despite the volatility in energy market during the year, your Company was able to achieve significant performance
milestones on both physical and financial parameters with concerted efforts. Your Company has registered another
year of excellent performance and made substantial progress on most of the priority areas and is committed to make
contributions for the energy security of the country, while creating value propositions for its various stakeholders.

1. SIGNIFICANT HIGHLIGHTS

A. FINANCIAL HIGHLIGHTS

During the year, your Company has earned total income of ' 23,987.07 crore (Standalone) and ' 37,830.04 crore
(Consolidated) as against ' 24,514.28 crore (Standalone) and ' 37,646.48 crore (Consolidated) in the previous year.
The Net profit margin of the Company for the Financial Year (FY) 2024-25 was 27.64% (Standalone) and 19.47%
(Consolidated) as against 25.09% (Standalone) and 19.23% (Consolidated) in the previous year.

The Profit Before Tax (PBT) in FY 2024-25 was ' 7,850.95 crore (Standalone) and ' 9,436.43 crore (Consolidated)
against PBT of ' 6,745.40 crore (Standalone) and ' 8,845.91 crore (Consolidated) in the previous year. Your Company
has registered Profit After Tax (PAT) at ' 6,114.19 crore (Standalone) and ' 7,039.63 crore (Consolidated) during the
FY 2024-25 against ' 5,551.85 crore (Standalone) and ' 6,980.45 crore (Consolidated) in the previous year.

The average crude oil price realisation in the FY 2024-25 has been US$ 78.09 per barrel as against US$ 83.03 per
barrel realised in the previous year. The average natural gas price remained unchanged at US$ 6.50 per MMBTU for
both the years ended 31^st March 2025 and 31^st March 2024.

i) Key financial figures of the Standalone Financial Statements for FY 2024-25 are summarized below:

* ' 2,362.72 crore was reported as an exceptional item in the FY 2023-24 on account of accumulated Service Tax /GST
on royalty till 31^st March 2023 (including interest). The matter is sub-judice before the Hon'ble Supreme Court.

ii) Key financial figures for our Group Performance [Consolidated] for FY 2024-25 are summarized below:

* Exceptional items of ' 2365.56 crore during F.Y. 2023-24 includes ' 2,362.72 crore towards accumulated Service
Tax /GST on royalty till 31^st March 2023 (including interest) which is sub-judice before the Hon'ble Supreme Court and
' 2.84 crore incurred towards loss due to fire at Numaligarh Refinery.

iii) Financial Performance of our Material Subsidiary
- Numaligarh Refinery Limited -

Numaligarh Refinery Limited (NRL) registered PAT of
' 1,607.77 crore during FY 2024-25 as compared to '
2,160.11 crore in the previous year. It also registered
revenue from operations during the FY 2024-25 at '
25,146.68 crore as compared to ' 23,730.61 crore in the
previous year. Profit before tax (PBT) for the FY 2024-25
was lower by 23.94% at ' 2,215.28 crore as compared to
' 2,912.37 crore of the previous year. The lower PBT and
PAT was on account of reduced spread for the primary
products during the financial year. The Compound
Annual Growth Rate (CAGR) for PAT stood at 18.73% since
commencement of commercial production. The Earning
per Share (EPS) for the FY 2024-25 stood at? 10.24.

iv)    Capex Performance

On group level, Company has made capex investments of
' 18,169.67 crore during FY 2024-25 which includes
capex of ' 9,108.82 crore by Numaligarh Refinery Limited
primarily for refinery capacity augmentation from 3
MMTPA to 9 MMTPA. In addition, investment of ' 1,859.37
crore was made towards OIL's proportionate share of
capex of its JVs & Associates during FY 2024-25.

The aforesaid investment of ' 18,169.67 crore further
includes ' 4,298.33 crore towards exploration and
development activities at Standalone level.

v)    Contribution to Exchequer

The Company has been one of the largest contributors to
the Government exchequer in the form of duties, taxes

and dividend. During FY 2024-25, an amount of ' 11,231.86 crore was paid to the exchequer as against ' 11,418.19 crore
paid in the previous year. An amount of ' 6,922.51 crore was paid to the Central Exchequer and ' 4,309.35 crore to
the States Exchequers compared to ' 7,206.67 crore and ' 4,211.53 crore paid in the previous year. The break-up of
contribution to Central and State Exchequers is as under:

B. OPERATIONAL HIGHLIGHTS

(i) Crude Oil

Recognizing the evolving dynamics of the global energy
landscape, your Company is executing a comprehensive
transformation strategy aimed at ensuring sustainable
growth and strengthening operational resilience. During
the FY 2024-25, crude oil production was 3.458 MMT as
against the production of 3.359 MMT in the previous year,
which is 2.95% growth over the last year. The crude oil
sale was 3.346 MMT as compared to 3.288 MMT during the
previous year. Your Company achieved higher production

by arresting the decline in mature fields through the
deployment of IOR/EOR techniques, monetization &
faster development of new discoveries, production
optimization, induction of new technology, recovery
from missed opportunities, infill drilling, monetization of
sick wells, Cyclic Steam Stimulation (in Rajasthan) and
upgradation of surface facilities & infrastructure.

Due to various reasons like environment and impact of
LMD (Low Market Demand) of NG (associated) there was
an opportunity loss of crude oil of 0.002773 MMT not
attributable to the Company.

Despite the fact that there is 2.95 % increase in crude
oil production, revenue from crude oil has decreased
marginally due to decrease in crude oil price in the FY
2024-25. The price realization in respect of crude oil
was USD 78.09/bbl in the FY 2024-25 as against
USD 83.03/bbl in the previous year, registering decrease
of USD 4.94/bbl. The price of crude oil is determined
on monthly basis considering monthly average price of
Benchmarked International Basket of crude oil and is
further adjusted for quality differential.

(ii) Natural Gas

Building on its operational excellence, your Company
achieved multiple record highs during FY 2024-25 while
navigating market challenges. During the FY 2024-25,
natural gas production was 3252 MMSCM, which was
highest ever achieved since inception, as compared
to production of 3182 MMSCM in the previous year. The
Sale of natural gas during FY 2024-25 was 2668 MMSCM
as compared to 2521 MMSCM during the previous year.
However, total opportunity loss in natural gas production
due to LMD (Low Market Demand) and low upliftment by
major consumer is 137 MMSCM which is not attributable
to the Company. The revenue from Natural Gas in the
FY 2024-25 was ' 5514.09 crore as against ' 5189.98
crore in the previous year. The average natural gas price
realization was USD 6.50 / MMBTU in the FY 2024-25
which was same as in the previous year. Price of Natural
Gas is determined in terms of "New Domestic Natural
Gas Pricing Guidelines 2014", as amended in April 2023,
wherein price of natural gas produced from nominated

fields is fixed at 10% of the Indian Crude Basket price as
notified by petroleum Planning and Analysis Cell (PPAC)
on monthly basis with a floor price of US$ 4 per MMBTU
and a ceiling price of US$ 6.5 per MMBTU to apply for
fiscal year 2023-24 and 2024-25. Thereafter, the ceiling
price shall increase by US$ 0.25 per MMBTU in each
financial year.

(iii)    Total Production

Total oil & gas production during FY 2024-25 is 6.710
MMTOE O+OEG (oil & oil gas equivalent), which is also the
highest ever O+OEG production since inception.

The oil production shows consistent year-over-year
growth, increasing from 3.01 MMT in 2021-22 to 3.458
MMT in 2024-25. This represents a growth of about 14.9%
over the period. With various efforts undertaken by your
company, the 2P recovery factor of the major producing
fields is anticipated to rise substantially up to 33-50%.

Gas production shows growth from 3.05 BCM in
2021-22 to 3.252 BCM in 2024-25. The overall growth is
about 6.6% over the period. Strategic initiatives have
resulted in reduction of flaring by 0.125 MMSCMD in FY
2024-25 compared to FY 2023-24, thereby contributing
to enhanced sales and increased production.

(iv)    Liquefied Petroleum Gas (LPG)

During FY 2024-25, the LPG Recovery Plant recorded
an availability of 99.89%, while plant efficiency in terms
of butane recovery stood at 98.62%, compared to the
design specification of 98%. The plant processed an
average of 1.83 MMSCMD (66.18 MMSCFD) gas with an

average butane of 1.01% (v/v) in the feed gas in the FY
2024-25. The LPG Recovery Plant was in operation for
337 days and 30,525 metric tons of LPG was produced
during the year. Along with LPG, 20,375 metric tons of
Condensate was also recovered as by-product which
was added to the crude oil production of the Company.
LPG Filling Plant was in operation for 275 days. Revenue
earned by selling LPG during FY 2024-25 was ' 178.34
crore. As part of a concerted strategy, your company
has closed down bottling operations of the LPG filling
plant w.e.f. 01.04.2024 and now the entire quantity of
LPG produced is getting dispensed in bulk tankers to
IOCL. Owing to closure of LPG Cylinder Bottling plant,
annual estimated savings is approximately ' 9 crore. Net
realization of Condensate was ' 30.45 crore during the
FY 2024-25 as against ' 34.13 crore in the previous year.

(v) Pipeline Operations

In FY 2024-25, the crude oil pipeline achieved a record
transportation volume of 7.145 MMT of crude oil,
surpassing the previous year's 6.712 MMT and marking
the highest-ever throughput. The Digboi-Naharkatia-
Bongaigaon Sector transported 3.306 MMT of crude oil
for the Company and 1.024 MMT of crude oil for ONGC.
The Barauni-Bongaigaon sector transported 2.789 MMT
of imported crude oil for Bongaigaon Refinery. The
Company delivered highest ever 2.789 MMT of Imported
crude to Bongaigaon refinery during the FY 2024-25.
Your Company also transported 1.574 MMT of petroleum
products through Numaligarh-Siliguri Product Pipeline
with pipeline utilization of 91.46%. The total revenue
earned from transportation business was ' 572.23 crore
(excluding ' 9.28 crore earned from telecom business)
during the FY 2024-25 against ' 533.66 crore (excluding
' 11.82 crore earned from telecom business) during the
previous year.

Development of Surface Facilities for Production and
Evacuation of Crude Oil, Natural Gas and Associated
Products:

To support enhanced production from oil and natural gas
fields, your Company is undertaking the development
of advanced surface facilities designed to efficiently
manage the projected increase in crude oil, produced
water and natural gas volumes.

• Nadua and East Khagorijan Fields (Dibrugarh
District, Assam): Currently operating through Quick
Production Setups (QPS), both fields are poised for
substantial increases in oil and gas output.

To accommodate this, a state-of-the-art Oil
Collecting Station (OCS) is being established at

Nadua, while a Group Gathering Station (GGS) is
under development at East Khagorijan. These
facilities are designed with enhanced fluid and gas
handling capacities. Both installations will include
Effluent Treatment Plants (ETPs), with treated
water reinjected into oil wells to boost production.

Ý    Baghjan Field (Tinsukia District, Assam): To

unlock the full production potential of this high-
yielding field, a modern Field Gas Gathering
Station (FGGS) is being constructed. This facility
will handle the collection, processing, and
transportation of non-associated natural gas.
It will be equipped with gas dehydration units,
effluent treatment systems, and non-luminous
flare stacks, conforming to international oilfield
safety standards. Upon commissioning, the FGGS
is expected to significantly increase gas output and
improve the quality of gas supplied for downstream
applications.

Ý    Lakwagaon Field (Sivasagar District, Assam):

Your company is also developing an integrated
Group Gathering Station (GGS) at Lakwagaon
Field, which will comprise an Oil Collecting Station
(OCS), Effluent Treatment Plant (ETP), and a Water
Injection Station (WIS). Once operational, this
facility will enable the field to operate at optimal
production capacity, ensuring efficient resource
management and enhanced recovery.

Capacity Augmentation of Numaligarh Siliguri
Product Pipeline (NSPL): Your company owns and
operates a 16 inch cross country Numaligarh Siliguri
Product Pipeline (NSPL) of length 654 Km and with
existing capacity of 1.72 MMTPA for transporting
products of Numaligarh Refinery Limited (NRL)
viz., Motor Spirit (MS), High Speed Diesel (HSD) and
Superior Kerosene Oil (SKO). The NSPL Capacity
Augmentation Project has been undertaken to
increase the existing pipeline throughput from
1.72 MMTPA to 5.5 MMTPA, in order to evacuate
the additional petroleum products following the
expansion of NRL's refinery capacity from 3 MMTPA
to 9 MMTPA. Health, Safety, and Environment (HSE)
performance has always been a top priority and
for strengthening of HSE, several initiatives have
been implemented in this project as well, such as
the installation of safety training kiosks at all sites,
regular monthly motivation programs for all project
workers, the establishment of safety galleries,
special focus in maximizing near miss incident
reporting etc.

Other Significant Steps / Initiatives

•    Compliance with OISD Safety Guidelines and
Strengthening of Field Installations

In line with the Company's commitment to the
highest safety standards, a comprehensive study
was undertaken to address observations raised by
the Oil Industry Safety Directorate (OISD). Based
on the recommendations, mitigation measures
are being systematically implemented on a turnkey
basis. This initiative will not only ensure closure of
legacy gaps but also reinforce the operational safety
and reliability of field installations in accordance
with statutory and regulatory requirements.

•    Refurbishment and Centralisation of Vintage
Facilities

To align with evolving regulatory frameworks,
including OMR 2017, OISD standards and the
guidelines of PNGRB, CEA, DGMS and Pollution
Control Boards, the Company initiated a detailed
assessment of its vintage facilities. A Detailed
Project Report (DPR) has been prepared to evaluate
both the technical feasibility and economic viability
of refurbishment and centralisation, considering
current production profiles. The study also explored
the establishment of a greenfield Condensate
Recovery Plant, positioning the Company to
modernise ageing infrastructure and enhance
resource utilisation.

Gap Analysis for Production Optimisation in
Mature Fields

Recognising the need to maximise recovery from
its mature assets in Assam and Arunachal Pradesh,
the Company has undertaken a gap analysis to
benchmark production potential against current
performance. The exercise is designed to identify
systemic bottlenecks, propose targeted mitigation
strategies and support their implementation in
the field. This initiative is expected to improve
operational efficiency, close performance gaps
and unlock incremental production, thereby
strengthening long-term energy security.

Hydraulic Fracturing for Enhanced Recovery:

Hydraulic fracturing is an established reservoir
stimulation technique aimed at improving the
productivity index of producing wells by creating
conductive channels within the reservoir rock.
During the year, the Company successfully executed
hydraulic fracturing operations in its Upper Assam
fields, which have demonstrated encouraging
results in terms of productivity enhancement.
Building on these outcomes, a structured
programme of additional hydraulic fracturing jobs
has been planned for FY 2025-26. This initiative
emphasizes Company's focus on deploying
advanced recovery technologies to maximise
output from mature fields and optimise reservoir
performance in line with long-term production
strategies.

•    Sick well liquidation: Liquidation of sick wells
is given top priority for arresting decline and
enhancing production from old fields. Total 166
nos of Workover jobs for sick well liquidation were
completed in 2024-25, including both rigless
(Live Condition Perforation) and with rig, and 66
nos of wells were brought into production with
onstream potential gain of 430 KLPD (279 MTPD) as
on 31.03.2025. Total 30 nos of Workover rigs were
deployed for liquidation of sick wells during the
financial year 2024-25, and internationally reputed
consultant D&M was engaged for analysis of 25 nos
of sick wells apart from study by in-house teams for
maximizing potential gain from sick well liquidation.

•    Plunger Lift System: During FY 2024-25, the
Plunger Lift System was successfully implemented
across all three of our fields - Eastern, Central,
and Western. The system has proven effective in
enhancing overall production performance.

•    Radial Drilling: Radial Drilling Technology offers
a fast and cost-effective approach to enhance
hydrocarbon recovery from marginal and mature
oil and gas fields. To extend the drainage area
in productive formations using this technology,
a number of wells were successfully completed
during the year, resulting in improved crude oil and
natural gas output.

Workover Resources:

As of 31^st July 2025, a total of 29 Workover Rigs are
operational and are currently deployed across the states
of Assam and Arunachal Pradesh. In addition to these,
two in-house Workover Rigs are presently under the
commissioning phase, further augmenting the available
fleet for enhanced field operations.

In addition to the above, one Workover Rig is operational
in the Rajasthan Field. In line with our strategic objective
to enhance operational efficiency and optimize well
interventions, the company has already initiated the
procurement and hiring process for additional Workover
Rigs as well as Snubbing Unit. These efforts are aimed
at strengthening our well servicing capabilities and
ensuring timely execution of workover operations to
maximize asset productivity.

Procurement action has been initiated for 7 (seven) new
workover rigs to enhance capacity. This initiative aims
to modernize the fleet, mitigate potential downtime
and safety risks associated with aging equipment, and
increase overall in-house rig availability and productivity.

Also action has been initiated to charter-hire 6 (six) new
workover rigs for a period of seven years, replacing the
six existing rigs scheduled for de-hiring at the end of
the current calendar year. This initiative is expected to
reduce maintenance requirements, minimize downtime,
and enhance overall productivity.

After these procurements the number of Workover Rigs
will go upto 33 within this FY and will go upto 39 within
two years.

(vi)    Renewable Energy

In alignment with the national vision for clean energy
transition, your Company has continued to expand its
renewable energy portfolio and strengthen its presence
in the green energy sector. As of 31^st March 2025, the
total installed capacity of the Company for renewable
energy was 188.1 MW comprising of 174.1 MW from
wind energy and 14.0 MW from solar energy. During the
FY 2024-25, the Company has generated revenue of '
111.74 crore from its renewable energy projects.

Further, to develop green energy infrastructure in
the northeastern part of the country, the Company
incorporated a Joint Venture Company i.e. APGCL OIL
Green Power Limited (AOGPL) on 21^st February 2025 in
association with Assam Power Generation Corporation
Limited (APGCL) wherein APGCL holds 51% stake and OIL
holds 49% stake. AOGPL has identified primarily solar
power projects of total capacity of 645 MW in the State
of Assam. Foundation stone for the initial 25 MW Solar
power project in Namrup, Assam has been laid by the
Hon'ble Chief Minister, Assam on 14^th June 2024.

(vii)    Operational Performance of NRL

NRL processed 3066 TMT of crude oil during the
FY 2024-25 against its design capacity of 3000
TMTPA, reflecting strong operational efficiency and
consistency. Domestic crude oil received from OIL
and ONGC during the year was 3033 TMT, which is the
highest ever domestic crude oil received by the refinery
in a year. In addition to domestic crude oil, the refinery
also processed 22 TMT of champion grade imported
crude oil from Brunei and a small quantity of crude oil
condensate (0.147 TMT) from the nearby Hazarigaon
field (DSF) operated by Vedanta Limited.

A higher capacity utilization of the refinery could be
maintained due to the availability of domestic crude oil
and improved reliability of the refinery units. Secondary
processing units, Diesel Hydrotreater (DHDT) and
Hydrocracker Unit (HCU) were operated at a higher
throughput of 108% and 102% respectively. Some of the
major projects being undertaken by NRL are as under:-

Numaligarh Refinery Expansion Project (NREP):

The flagship Numaligarh Refinery Expansion Project
under execution at NRL is a brown field initiative to
introduce an independent train of process units adjacent
to the existing 3 MMTPA plant incorporating the latest
refining technology to process variety of international
crudes. The project shall triple the crude processing
capacity of NRL from 3 MMTPA to 9 MMTPA. In addition to
conventional units, the refinery component of the project
includes Petro Fluidized Catalytic Cracking Unit (PFCC)
for downstream petrochemical integration and Residue
Processing & Treating Unit (RPTU) for maximizing bottom
residue upgradation. As on 31.03.2025, overall physical
progress is 71.9% and financial progress is 68.4%.

Paradip Numaligarh Crude Oil Pipeline (PNCPL):

As a part of the refinery expansion project, NRL is
executing a crude oil pipeline project from Paradip in
Odisha to Numaligarh, Assam. The crude oil pipeline
will traverse through five states of Odisha, Jharkhand,
Bihar, West Bengal and Assam. The length of the pipeline
is 1,635 KMs and 9 MMTPA in capacity. Crude Oil Import
Terminal (COIT) is also being constructed at Paradip on
BOOT (Build, Own, Operate, Transfer) basis to facilitate
storage and pumping of the crude oil. As on 31.03.2025,
overall physical progress is 83.8% and financial progress
is 80.8%.

Assam Bio Ethanol Private Limited (ABEPL):

NRL, in collaboration with two other foreign companies,
have formed the Joint Venture Company i.e. "Assam Bio
Ethanol Private Limited", which is setting up a second-
generation bio-refinery at Numaligarh, Assam to produce
ethanol from non-food grade feed stock bamboo. The
approved cost is ' 4,930 crore. The first trial run has
been conducted successfully to establish conversion
of bamboo to ethanol. During the trial run, bamboo was
successfully processed through the digestor, bamboo
washing section, enzymatic hydrolysis and fermentation
sections. The project is targeted to be commissioned by
end of August, 2025. As on 31.03.2025, overall physical
progress is 99.2% and financial progress is 99.64%.

C. EXPLORATION HIGHLIGHTS

i) Exploration Thrust: Acquiring Acreages

Leaping forward from the jungles of Digboi oilfield, your
Company has spread its wings managing Assets across
different States and Geographies of the country. Today the
Company has operational presence in the states of Assam,
Arunachal Pradesh, Tripura, Nagaland, Odisha, Andhra
Pradesh & Rajasthan and offshore areas in Andaman,
Kerala-Konkan & KG shallow waters. The Company is
operating in 01 (one) PEL and 25 (twenty-five) PML areas,
allotted under the nomination regime in the states of
Assam, Arunachal Pradesh and Rajasthan. As part of its

endeavor to gain access to more Prospective Sedimentary
Basins, your Company has been actively participating in
the OALP Bidding Rounds and secured a sizeable portfolio
of OALP Blocks for carrying out exploration in unexplored
frontiers for making new discoveries. The Company is
currently carrying out exploration activities in 26 OALP
blocks (excluding 4 relinquished blocks viz., 2 in Rajasthan
and 1 each in Assam & Odisha) in the states of Assam,
Arunachal Pradesh, Tripura, Nagaland (PEL grant awaited),
Odisha, Rajasthan and offshore areas in Andaman and
Kerala-Konkan. The Company also holds Participating
Interest (PI) in 03 (three) NELP Blocks with operatorship
in 01 (one) Block and as non-operator in the remaining 02
(two) Blocks as on 31^st March, 2025. The Company also has
3 (three) DSF blocks as operator, one block each in Tripura
and Krishna-Godavari Shallow Offshore under DSF-II Bid
round and one block in Rajasthan under DSF-III Bid round.

The total operating acreage covers an area of 52,298 Sq.
Km across 56 nos. of Blocks as on 31^st March, 2025.

Building on the momentum, your Company had
submitted bids in six (6) Blocks under OALP Bid Round
IX of which 2 Blocks each are in Mahanadi & KG ultra¬
deep offshore and 1 Block each in Gujarat onshore &
Meghalaya as Operator with a total area of 40,590 Sq.
Km and 3 Blocks (1 Block each in Meghalaya, Gujarat
onshore and Mahanadi ultra-deep offshore) jointly
with ONGC as operator with a total area of 10,965 Sq.
Km. OIL & ONGC were the lead bidder in the respective
Blocks and thereafter, all the 9 Blocks (total area 51,555
Sq. Km) have been successfully secured and Revenue
Sharing Contracts were signed on 15.04.2025.

Strategic acquisition of new acreages has been one of the
key focus areas of your company & is committed to carry
out exploration in newer and challenging areas of the
Northeast, making entry into other prospective Basins
like the Cambay and gradually increasing its offshore
footprint in ultradeep frontiers like Mahanadi, KG &
Andaman Basins.

Such initiatives are based on the long-term vision to
supplement existing domestic reserves portfolio in¬
line with the Government of India's vision to intensify
exploration in different sedimentary basins of India and
increase domestic oil and gas production.

ii) Exploration & Development Activities and
Discoveries

Seismic API & drilling activities are upfront early
milestone events of exploration cycle that are achieved
through synchronized conduct of a gamut of closely
related activities. Your Company has carried out 444.46
LKM of 2D seismic survey and 1150.82 Sq. Km. of 3D
seismic survey in Nominated PMLs & OALP Blocks during
the FY 2024-25. So far, out of 29 OALP blocks with valid
PEL that were awarded under OALP Round I to VIII, the
Company has completed committed seismic acquisition
in 28 OALP blocks. Seismic commitment in one Block
could be partially accomplished due to logistical
challenges. Your Company drilled 22 (twenty-two)
exploratory wells and 35 (thirty-five) development wells
leading to a total of 57 wells drilled during FY 2024-25.
Based on the conduct of robust G&G analysis & studies
by the Company's in-house team of geoscientists,

vetted by reputed international experts, your Company
has identified drilling locations in all basins where it is
operating at present.

Your Company is carrying out meticulous execution
of near field exploration programs that entails making
newer discoveries close to existing oil/gas fields and
establishing commercial reserves that can be monetized
faster and thereby supplementing oil and gas production
from old fields. During FY 2024-25, your company has
made 2 (two) discoveries in Mechaki PML in Assam viz.
one oil discovery in well Mechaki-6 and one gas discovery
in well Mechaki-7. Both the wells were drilled targeting
Paleocene-Lower Eocene plays exceeding 5700 meter
reflecting Company's operational skill and expertise in
reaching deeper and challenging geological targets.
Well Mechaki-6 is the deepest producing onland well
in Company's operational area. The well Mechaki-7
is also planned for monetization. With the onset of
production from well Mechaki-6, the Mechaki PML has
been successfully upgraded onto producing status from
non-producing category. The discovery at Mechaki-6
after monetisation, produced 0.00513 MMT during
FY 2024-25.

In a significant breakthrough, the Company has also
established hydrocarbon presence for the first time
in North-Bank of River Brahmaputra in Assam in
exploratory well Kobochapori-1 drilled in Block AA-
ONHP-2017/10 awarded under OALP-I Round. The North
Bank of Brahmaputra has been at the center stage of
explorationists, enigmatic for decades, however, with
the oil discovery in Kobochapori area, the presence of
a working petroleum system in this part of the Assam
Shelf Basin has been finally established. This discovery

will provide strong impetus to the ongoing North Bank
exploration efforts. These outcomes are a direct result
of the Company's integrated approach combining Near¬
field exploration with Rank exploratory initiatives,
reaffirming its commitment to augmenting domestic
hydrocarbon production and advancing India's energy
self-reliance.

Under OALP regime, the Company has completed drilling
of seven (7) nos. of exploratory wells viz, Jambheshwar-1
(RJ-ONHP-2019/2) in Rajasthan, Dima Hasao-1 (AA-
ONHP-2018/3), Kobochapori-1 (AA-ONHP-2017/10) &
Namrup Borhat-2 (AA-ONHP-2017/20) in Assam, Puri-
3 (MN-ONHP-2018/2) & Cuttack-2 (MN-ONHP-2018/5)
in Odisha and Vijaya Puram-1 (AN-OSHP-2018/2) in
Andaman Offshore. Another three (3) wells are under
drilling viz. Maijan-1 (AA-ONHP-2017/18) in Assam,
Bhadrak-1 (MN-ONHP-2018/3) in Odisha & Vijaya Puram-2
(AN-OSHP-2018/1) in Andaman Offshore.

In its endeavor to monetize DSF assets in an expeditious
manner, your Company, during the year, has successfully
drilled 03 development wells for production of natural
gas in the DSF Block RJ/ONDSF/BakhriTibba/2021
in Rajasthan as per the committed work program.
Evacuation infrastructure is in place and gas production
will commence shortly from the Block. Likewise, your
Company is also gearing up to start the drilling of its
first ever well in the state of Tripura in the DSF Block AA/
ONDSF/Tulamara/2018.

In addition to robust G&G studies carried in-house,
a multiple number of specialized technical studies
have been conducted through reputed international
Consultancy firms to derive independent opinions on the
drillable prospects identified for drilling. This includes
Petroleum System Modelling (PSM) studies which have
been carried out in Mahanadi, Assam Shelf, Andaman,
Kerala Konkan & Bikaner Nagaur Basins to understand
the regional petroleum system elements and mitigate
exploration risks. This has helped in re-affirmation of
the exploratory and development locations planned to be
drilled by the Company in different sedimentary basins
of the country.

Technical due-diligence of Blocks offered under OALP
Bid Round-IX was also carried out internally which was
validated by third party international experts.

Further, reservoir related studies to maximize oil/gas
recovery from producing fields, has led to identification
of infill development locations in Lakwagaon, Dikom-
Chabua, Hapjan and other areas in Assam as well as
Baghewala heavy oilfield in Rajasthan as part of field
development campaigns.

During the year, your Company deployed a strong fleet of
drilling rigs - 21 nos. in total (10 nos. in-house & 11 nos.
chartered hired) for carrying out the planned drilling
activities in its operational areas in Assam, Rajasthan,
Mahanadi and Andaman offshore. With projections of
increased drilling requirements in forthcoming years,
your Company is working to procure/hire additional rigs
in next few years.

Introduction of Integrated Drilling Services (IDS) has
significantly improved operational efficiency, especially
in deeper wells. With enhanced bit performance and
coordinated service delivery, wells are now drilled in
substantially lesser time.

The Company is planning to commence Multilateral
Drilling in one of the prolific oil fields in Barekuri area,
Assam to effectively address land scarcity challenges.
This drilling technology will enable multiple branches
from a single wellbore, thereby significantly reducing
the surface footprint, enhancing reservoir access,
improving production rates, and lowering infrastructure
and environmental costs.

To cater to the rising drilling demand and improve
operational efficiency, the duration of charter hire
services has been significantly extended. The strategic
induction of a mix of 2000 HP and 3000 HP rigs has added
greater flexibility for drilling deeper and more challenging
wells. This planned expansion will also increase the
available rig fleet, facilitating the achievement of drilling
targets within reduced timelines. The procurement
of new-generation rigs will further boost drilling
performance, minimize non-productive time, and enable
faster and more cost-effective well completion.

Your Company initiated AGG & GM data acquisition
campaign in the North-Eastern Region to decipher
regional geological setting & plays covering OALP
acreages, PMLs and areas around Kaziranga & Mikir
hills with a cumulative quantum of 34,190 Flight
LKM. The acquisition campaign commenced on
16^th February, 2025 and a total of 5,711 Flight LKM has
been acquired as of 31^st March 2025.

Considering Company's above cited 2D, 3D and AGG & GM
Survey, total equivalent Seismic survey completed for
the FY 2024-25 stands at 4203 Sq. Km.

For comprehensive appraisal of the Indian sedimentary
basins, 2D seismic profiles have been planned in 07
onland sedimentary basins under Mission Anveshan
by Government of India (GoI). Out of the total allocated
project quantum of 20,275 LKM 2D seismic API, your
Company is entrusted to carry out approx. 9,400 LKM
seismic API in the unapprised areas of Rajasthan &
Ganga-Punjab Basin with planned profiles covering
the states of Rajasthan, Punjab, Bihar & Uttar Pradesh.
The 2D seismic acquisition in Rajasthan, Uttar Pradesh
(Azamgarh and Badaun) and Bihar (Muzaffarpur) has
commenced and a total of 2602.92 LKM of 2D seismic
data have been acquired as of 31^st March 2025.

Further to boost exploration activities to provide
valuable inputs to ascertain hydrocarbon potential in
the Continental Shelf areas of the country in Western
and Eastern offshore beyond EEZ boundary, GoI has
initiated the Extended Continental Shelf (ECS) survey
for 2D Seismic API. A total quantum of 30,000 LKM of
2D seismic API is proposed to be carried out in Eastern
& Western Offshore (15,500 LKM in Western Sector by
ONGC & 14,500 LKM in Eastern Sector by OIL). The 2D
seismic data acquisition campaign by the Company
has commenced and a total of 7362.55 LKM has been
acquired as of 31^st March, 2025.

The Company has been following a stage-gate approach
for driving its exploration campaign in the OALP Blocks.
The activities are focused on a holistic campaign
through concerted efforts of not only completing
the committed work program but to augment the
understanding of the hydrocarbon prospectivity through
additional/supplementary work programs, wherever
necessary. Towards this end, the Company has carried
out supplementary seismic API in the OALP Blocks in
Mahanadi Basin to support the ongoing exploration
campaign.

iii. Oil and Gas Reserves

a. Domestic

Your Company has strong oil and gas reserves base in
domestic assets including JVs. The Reserves accrued
during the FY 2024-25 is 5.8714 MMToE (2P). The
particulars of oil and gas reserves as on 1^st April, 2025 are
furnished below:

*Based on projected volume of gas under various sales
contracts, 1P, 2P and 3P Gas Reserves are 29.7160,
53.7330 and 63.7830 BCM respectively.

b. Overseas

As of 1^st April 2025, the oil & gas reserves position
of 04 (four) overseas producing assets (Company's
Proportionate Share), namely, Vankorneft (Russia),
Taas Yuryakh (Russia), Petro Carabobo (Venezuela) and
Golfinho-Atum (Mozambique) are furnished below:

2.    CAPITAL STRUCTURE

The Authorized Share Capital of the Company is
' 2000 crore. As on 31^st March, 2025, the Paid-up Share
Capital of the Company was ' 1626.61 crore [comprising
of 162.66 crore equity shares of ' 10 each]. At present,
the Government of India, the Promoter of the Company,
is holding 56.66% of the total Paid-up Capital of the
Company. The balance 43.34% of the Equity capital is
held by Public and others including Bodies Corporate,
Mutual Funds, Banks, Foreign Portfolio Corporates,
Resident Individuals etc. The Company achieved the
highest market capitalisation of ' 1,24,907.21 crore on
30^th August 2024.

3.    DIVIDEND

Your Company paid 1^st Interim Dividend @ ' 3.00 per
share (i.e. 30% on the paid-up equity share capital)
amounting to ' 487.98 crore and 2^nd Interim Dividend @
' 7.00 per Share (i.e. 70% on paid up equity share capital)
amounting to ' 1,138.63 crore for FY 2024-25. The Board
of Directors has recommended a Final Dividend of ' 1.50
per share (i.e. 15% on the paid-up equity share capital) for
FY 2024-25, subject to the approval of the shareholders
at the 66^th Annual General Meeting of the Company.

4.    CREDIT RATINGS

The Company's financial prudence is reflected in the
current credit ratings ascribed by the ratings agencies
as given below:

5.    DETAILS OF LOANS, GUARANTEES AND
INVESTMENTS/ DEPOSITS

The particulars of investment made, loans extended,
guarantees and securities provided along with the
purpose for which the loan or guarantee or security is
proposed to be utilized by the recipient are provided in
the standalone financial statements. (Ref. Note no. 6, 8,
43 & 46 to the standalone financial statements).

6.    RELATED PARTY TRANSACTIONS

All contracts / arrangements / transactions entered by
the Company during the year with related parties were
in ordinary course of business and at arm's length basis.
The policy on materiality of related party transactions and
dealing with related party transactions may be accessed
on the Company's website at www.oil-india.com. Attention
is also invited to Note- 46 to the financial statements and
Form AOC-2 attached herewith.

7.    HUMAN ASSETS

Your Company reaffirms its commitment to people as the
core driver of value creation. In alignment with its Vision
2030 and 2040, the Company adopted best-in-class HR
practices to build a future-ready, engaged workforce.

As on 31^st March 2025, the Company employed
6,412 personnel, including 1,854 executives and 4,558
unionized staff. The attrition rate remained below 0.30%,
reflecting strong employee engagement and retention.
Women comprised around 7.8% of the workforce, with
ongoing efforts to enhance diversity and inclusion across
all roles. The Company accelerated its transformation
into a future-ready organization by embedding strategic
HR interventions aligned with its long-term business
vision. Key initiatives included:

Structured Training Calendar and Upskilling initiatives

The Company expanded its Learning & Development
(L&D) footprint through a robust annual training calendar,
executed via MTDC and allied institutes. The Company's
annual training calendar spans the entire value chain
from geoscience, drilling and production to interpersonal
skill development, ensuring comprehensive capability
building across disciplines.

Technical Competency Framework (TCF)

The Company completed its Technical Competency
Framework, covering all major disciplines. This
framework defines role-specific skills from rig movement
coordination and drilling software proficiency to seismic

analysis and stakeholder management, ensuring
targeted capability building across operational verticals.

Offshore Drilling Capacity Building

The Company strengthened its offshore drilling
capabilities through specialized training programs,
including basic sea survival courses conducted at
premier institutes. These are vital for enhancing
offshore drilling capabilities and ensuring safe, efficient
execution of offshore drilling activities.

Succession Planning and Leadership Pipeline

Recognizing the demographic shift with senior experts
nearing retirement, the Company institutionalized
a formal succession planning process. Critical roles
were mapped and tailored development plans including
mentoring, job rotations, and executive education
were implemented to groom high-potential talent.
This initiative safeguards continuity and preserves
institutional knowledge.

8. SPORTS

Your Company believes that sports is an integral part of all
round development of human personality and achieving
excellence in sports has real bearing on national prestige
and morale. Therefore, employees are encouraged to
participate and excel in sports. The Company has actively
supported and promoted sports under the umbrella of
Petroleum Sports Promotion Board (PSPB), All India
Public Sector Sports Promotion Board (AIPSSPB) and
other bodies duly recognized by the Government of India.
The Company participated in various sports events in
Football, Golf, Cricket etc. during the year.

Your Company's following teams were in limelight of
sports:

•    Para team secured 4 gold, 3 silver and 7 bronze
medals in the 6^th Para Games 2025.

•    Winner in the 44^th PSPB Inter-Unit Football
Tournament, 20^th Captain Jintu Gogoi Vir Chakra
Memorial Invitational Football Tournament and 32^nd
PSPB Inter Unit Basketball Tournament.

•    Runner-up in the AIPSSCB Football Tournament
and Badminton Tournament.

•    Women's doubles Team and Women's Singles
Individual player emerged as the Winners and
Runner-up in the 43^rd PSPB Inter-Unit Table Tennis
Tournament.

•    Men's and Women's Team emerged as Winners
in the Team Event in the AIPSSCB Table Tennis
Tournament. Meanwhile, in Men's Single event
and women's singles event, OIL players emerged
as the Winner and Runner-up respectively. In
Men's, Women's & mixed doubles event, OIL teams
emerged as the Winner.

•    Veteran team secured the Runners-up position
respectively in the 43^rd PSPB Inter-Unit Lawn Tennis
Tournament.

•    OIL-A team secured the Runners-up position
respectively in the 45^th PSPB Inter Unit Golf
Tournament.

•    Men's Veteran and Women's Team emerged as
Winner in 5^th PSPB Inter-Unit Squash Tournament.
Meanwhile, in Men's Single, OIL players emerged as
the Runner-up respectively.

•    Secured the First Board Prize in the 34^th PSPB
Inter-Unit Chess Tournament. Furthermore, OIL
Team won the 1^st Prize and 2^nd Prize in the Unrated
Category also.

•    Athletics team secured 2 Gold, 2 Silver and 6 Bronze
medals in the 43^rd PSPB Inter-Unit Athletics Meet.

•    Women's team emerged as the Winner in Team
Event and in Men's Single event, the Company's
player emerged as the Winner in the 43^rd PSPB
Inter-Unit Badminton Tournament.

•    Snooker Team secured the Runner-up position in
the Non-Professional Individual Event in 20^th PSPB
Inter-Unit Billiards & Snooker Tournament.

9. IMPLEMENTATION OF GOVERNMENT
DIRECTIVES FOR PRIORITY SECTIONS

Your Company complies with the directives of the

Government of India for priority sections of the society.

The representation of various priority sections in

executive and unionized employees categories in the

Company as on 31^st March, 2025 is as under:

10. IMPLEMENTATION OF SEXUAL
HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND
REDRESSAL) ACT, 2013 AND MATERNITY
BENEFIT ACT, 1961

The Company is committed towards prevention of sexual
harassment of women at workplace and takes prompt
action in the event of reporting of any such incidents. The
Company has in place mechanism [Internal Complaints
Committees (ICCs) at various offices] for prevention
of sexual harassment in line with the requirements of
the Sexual Harassment of Women at the Workplace
(Prevention, Prohibition and Redressal) Act, 2013.

The disclosure regarding complaints under the Sexual
Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013 during the FY 2024¬
25, is as under:

Your Company is committed to provide safe, secure and
conducive work environment to its female employees and

extends all kind of protection to women in the workplace.
The Company aims to protect the dignity of motherhood
and the rights of working women. Accordingly, the
Company complies with all provisions as specified under
the Maternity Benefit Act 1961.

11. CORPORATE GOVERNANCE

Your Company believes that good corporate governance
plays a critical role in establishing a positive
organizational culture. Pursuant to the SEBI (Listing
Obligations and Disclosure Requirements) Regulations,
2015 and DPE guidelines on Corporate Governance, a
report on Corporate Governance along with Management
Discussion & Analysis Report and Business Responsibility
& Sustainability Report forms part of Board's Report and
furnished as part of this Annual Report.

The details of the meetings & composition of the Board,
Statutory Committees of the Board including terms of
reference, Company's policy on Directors' appointment,
remuneration & their shareholding in the Company,
establishment of whistleblower mechanism, information
related to Annual General Meeting & Dividends, Investor
Education & Protection Fund (IEPF) details and other
matters, etc. are part of report on Corporate Governance.

In terms of Regulation 34 (2) (f) of SEBI LODR Regulations,
2015, Business Responsibility & Sustainability Report
(BRSR) describing the initiatives taken by the Company
from an Environmental, Social and Governance
perspective, forms part of the Annual Report. Your
Company has published the Business Responsibility and
Sustainability Report [BRSR] alongwith the assurance

of the specified parameters as per the Business
Responsibility and Sustainability Report Core of the value
chain, which are hosted on the website of the Company
on the link: https://www.oil-india.com/files/investor_
services_documents/Business_Responsibility_and_
Sustainability_Report_for_FY_2024_25.pdf

12. RTI ACT, 2005

In line with its commitment to transparency,
accountability and good governance, your Company has
effectively implemented the provisions of the Right to
Information Act, 2005 (RTI Act). As a designated Public
Authority under Section 2(h) of the RTI Act, the Company
fulfils its statutory obligations diligently.

To ensure seamless execution of the mandates of the Act,
the Company has appointed Central Public Information
Officers (CPIOs), Central Assistant Public Information
Officers (CAPIOs), and Appellate Authorities across all
operational spheres. The RTI Cell efficiently disposes of
applications through the Government of India's RTI Online
portal. In adherence to the Government's proactive
disclosure guidelines, the RTI section on the Company's
official website is regularly maintained and updated with
all relevant and disclosable information.

The Company addressed RTI applications and appeals
within the statutory timeframe of 30 days, reflecting
the Company's emphasis on timely and responsible
information dissemination.

The Status of RTI applications / appeals during the FY
2024-25 are as follows:

(*Includes Applications carried over from the previous FY)

13. IMPLEMENTATION OF OFFICIAL
LANGUAGE(RAJBHASHA)

Your Company puts continuous efforts for increased
use of Official Language Hindi in official work in line
with the Official Language Policy/Act/Rules/Orders of
the Govt. of India. Hindi workshops were held regularly
so as to enable officers and employees to work in
Hindi conveniently and efficiently. Meetings of Official
Language Implementation Committee were held
quarterly. The responsibility of the Chairmanship of
Duliajan for Town Official Language Implementation
Committee (TOLIC) was also borne by the Company. Half¬
yearly meeting of TOLIC were organised as per schedule

of Department of Official Language, Govt. of India.
Executives/ Employees were encouraged to attend
Hindi Training Classes and to write more and more words
in Hindi through Incentive Scheme formulated by the
Company. Total of 492 Nos. of officers and employees
took training of Hindi through workshop in Official
Language. 76 officers and employees have passed the
Hindi Prabodh, Praveen, Pragya & Parangat exam and
given incentives as per company rules. To Propagate
Official Language Hindi amongst employees, TOLIC
members and students, various literary competitions
were held during Hindi Month Celebration. New initiative
of Hindi section i.e. "Aaj Ka Shabd" is being prepared and
published on the Company's web daily.

Annual programme of Official Language Hindi for the
FY 2024-25, which was issued by Deptt. of Official
Language, Ministry of Home Affairs, Govt. of India, was
circulated to all Spheres/ Deptts. of the Company and
regular monitoring and reviewing jobs are being done in
Quarterly Meeting with Departmental representatives.
In-House Hindi Journal "OIL KIRAN" was published
regularly. In-House Journal "OIL NEWS" was published in
Trilingual form i.e. Assamese, Hindi and English.

14. PUBLIC PROCUREMENT POLICY FOR
MICRO & SMALL ENTERPRISES (MSEs)

The Company adheres to the Public Procurement Policy
for MSEs. The Budgeted and actual procurement of
goods and services from MSEs during the FY 2024-25
are as under:

Total procurement of goods and services during FY
2024-25 as per guidelines of MoP&NG and recorded in

'Sambandh Portal' is ' 3114.37 crore and as detailed above
the total procurement through MSEs during FY 2024-25
is ' 1790.30 crore which is 57.49% of total procurement
mentioned in 'Sambandh Portal'. Total procurement from
SC/ST-MSEs and Women MSEs during FY 2024-25 is
' 67.77 crore and ' 129.90 crore respectively.

Procurement of Goods and services through GeM portal
during FY 2024-25 is ' 3,556.52 crore which is 161.66% of
GeM Procurement Plan of ' 2200.00 crore for goods and
services during the year.

Total Procurement of goods and services by the
Company during FY 2024-25 is ' 9557.03 crore
(Standalone) including high technology items.

NRL: GeM procurement for FY 2024-25 is ' 522.23 crore
against approved planned GeM procurement of ' 360.00
crore. Similarly, procurement from MSEs was ' 646.76
crore against total procurement plan of ' 1658.81 crore,
Total procurement from SC/ST-MSEs and Women MSEs
by NRL during FY 2024-25 is ' 8.02 crore and ' 7.39 crore
respectively.

15. VIGILANCE

The Vigilance Wing is headed by Chief Vigilance Officer
(CVO), who acts as an advisor to the Chairman &
Managing Director of the Company on vigilance matters
and functions as a link between the Management and the
Central Vigilance Commission (CVC) & the Central Bureau
of Investigation (CBI). Vigilance basically functions
under three facets: (i) Preventive (ii) Punitive and (iii)
Surveillance & Detection.

Preventive Vigilance: This calls for constant review
of roles, procedures and practices for refining and
improving the system thereby reducing scope for
corruption and leading to better operational results. To
strengthen this facet of Vigilance framework, during the
FY 2024-25, several system improvement measures were
recommended and implemented on the basis of scrutiny
of various Contracts & Purchases files, inspections
of installations both periodic and surprise, intensive
examinations of high value projects/ works done
internally. Additionally, policy matters were also taken
up for improvements like amendment in Delegation of
Powers, Tender Conditions etc. to name a few. Extensive
use of technology through E-procurements, E-payments,
Vendors Invoice Management System etc. has further
emerged as effective tools of preventive vigilance. To
create awareness and to sensitize employees about the
Company rules and regulations, in-house awareness
programs were conducted in various spheres of the

organization. The awareness programs included namely
"Keep in Touch" (KIT), "Catch Them Young" (CTY) and
"Vigilance Sensitization". Further, Management has been
advised to regularly conduct induction and mid-career
training programs on preventive vigilance. In addition
to this, second edition of an inhouse vigilance bulletin
named "DRISHTI" containing case studies of various
inspections and recommended best practices was also
released during the year.

One major event towards Preventive Vigilance is
observance of "Vigilance Awareness Week" (VAW). During
the year, in line with the directives of CVC, as a prelude to
VAW 2024, a 3-month campaign on Preventive Vigilance
was conducted across the Company from 16^th August
to 15^th November 2024. The campaign focused on five
areas viz. Capacity Building Programs, Identification
and implementation of Systemic Improvement
Measures, Updation of Circulars/Guidelines/Manuals,
Disposal of Complaints, Dynamic Digital Presence.
Key accomplishments during the campaign period are
namely release of Arbitration & Conciliation Process,
release of Policy Framework for Collaborative Study with
Academic Institutes/ Government Agencies. As a part of
Capacity Building, over 1,740 employees were imparted
training on different topics and various Systemic
Improvement Measures relating to policies, tenders &
ERP were undertaken.

The VAW 2024 was observed from 28^th October to 3^rd
November 2024 across the Company on the theme
"Culture of Integrity for Nation's Prosperity". The week
started with the Integrity Pledge, which was administered
by CMD at Corporate Office and by the respective
heads of spheres in other offices. A special issue of
Vigilance in-house journal "InTouch" was also released
on the occasion of VAW 2024. Several activities were
conducted both within and outside the Company. Some
of these activities include Talks by eminent personalities,
Training, Seminar/ Webinars, Workshops, Quiz, Debate,
etc. In addition, several competitions in nearby schools
and colleges were also organized. Vendors' Grievance
Redressal Camp / Awareness Programs and Gram Sabhas
were also organized in different spheres of the Company,
enabling the stakeholders to redress their problems.

In addition to above, continuous efforts are on to imbibe
ethical behavior by encouraging everyone to take the
online "Integrity Pledge". The link for online "Integrity
Pledge" has been made available on the Company's
website and can be easily accessed by the employees,
their families, vendors/contractors/stakeholders.

Punitive Vigilance: This function involves complaints

handling, investigations, monitoring of disciplinary
cases etc. Based on complaints received by the
organization from various sources including the CVC
and the concerned Ministry, investigations are done and
taken to their logical conclusion. For effective and timely
disposal of disciplinary cases, management has been
advised to conduct training on the role of inquiry officers
& presenting officers among officers at different levels of
the organization. Also, as and when required, assistance
is also extended to the CBI in the investigation of cases
entrusted to them. Number of Complaints received and
disposed off during the year are as under:

As far as vigilance cases are concerned, during the year,
1 vigilance case (disciplinary proceeding) involving 3
officials was handled during the year.

Surveillance & Detection: This function includes
conducting regular & surprise inspections, CTE Type
intensive examination of projects / works, besides
carrying out scrutiny of annual property returns, audit
paras, etc. During the FY 2024-25, several inspections
/ examination / scrutiny in all spheres of the Company
were carried out and observations or findings were
appropriately taken up with the management.

16. RESEARCH AND DEVELOPMENT

To ensure sustained value creation over the long term,
your Company is focused on addressing the challenges
facing the fossil fuel industry, particularly in exploration
and production. It aims to develop innovative solutions
that mitigate exploration risks, overcome limitations of
geophysical methods in challenging terrains, address
declining production from mature fields and enhance
flow assurance for waxy crude. Emphasizing technology
and innovation, the Company is committed to fulfill its
promises while prioritizing the well-being of employees,
communities and the environment. This commitment
is fostered by robust R&D initiatives and the adoption
of state-of-art technologies. The Company currently
operates two R&D facilities: the R&D Department at
its Field Headquarters in Duliajan and the Centre of
Excellence for Energy Studies (CoEES) in Guwahati,
focusing on both immediate and future research needs.
Notably, the R&D Department has secured one patent
grant during the FY 2024-25.

CoEES is extensively pursing research and development
to augment recovery from the mature fields of the

Company by focusing on areas of Field Development
Planning, Enhanced Oil Recovery, Petroleum System
Modelling, Sedimentological Studies, Basin Analysis,
Geochemical and EOR laboratory studies through in¬
house expertise and industry-academia collaborations.
In line with India's Net-Zero emissions goal, CoEES is
also actively working towards Company's carbon neutral
targets by conceptualizing and planning studies through
Carbon Capture & Sequestration, Geothermal Energy,
Critical Mineral Exploration, and to tap on to the Natural
Hydrogen and Gas Hydrate opportunities. Additionally,
CoEES is developing a state of the art Core Repository
integrated with an advanced geological laboratory,
to support R&D in hydrocarbon exploration and field
development, as well as in the exploration of critical
minerals, geothermal energy and natural hydrogen.

To enhance the impact and effectiveness of its R&D
endeavours, the Company collaborates extensively with
academia, research institutes, start-ups, other PSUs
and industry bodies. These partnerships aim to build a
comprehensive knowledge base that will drive the nation
towards energy self-reliance and independence in the
years ahead. The Company at standalone basis invested
' 147.30 crore in R&D activities during FY 2024-25 which
is 1.88% of PBT.

NRL has set up R&D facilities and Centre of Excellence
in collaboration with various research and academic
institutes like IIT Guwahati, CSIR-NEIST, RGIPT etc.

OIL-NRL (consolidated) invested '174.99 crore in
R&D activities during FY 2024-25 which is 1.872% of
consolidated PBT.

17. CORPORATE SOCIAL RESPONSIBILITY &
SUSTAINABLE DEVELOPMENT

The Company continues to actively engage with local
communities within and beyond its operational areas,
identifying their needs and implementing development
projects accordingly. Its Corporate Social Responsibility
(CSR) initiatives are aligned with the activities prescribed
under Schedule VII of the Companies Act, 2013 and
subsequent amendments. Key focus areas include
Healthcare, Education, Skill Development, Sustainable
Livelihood, Women Empowerment, Swachh Bharat
Abhiyan (Clean Drinking Water & Sanitation), Promotion
of Rural Sports, Preservation of Art, Culture & Heritage,
Environmental Sustainability and Relief & Rehabilitation,
among others. Details of major CSR initiatives undertaken
during the year are provided in the Annual Report on

CSR Activities as a part of the Annual Report 2024-25.
During the year under review, the Company spent ' 129.53
crore on CSR activities, which constitutes 2.23% of the
average net profit of the preceding three financial years.
This amount exceeds the mandatory CSR expenditure
of ' 115.98 crore, as calculated in accordance with the
statutory provisions under Section 135 of the Companies
Act, 2013. The Responsibility Statement of the CSR and
Sustainability Development Committee, confirming that
the implementation and monitoring of CSR activities
are in compliance with the Company's CSR Policy and
objectives, forms an integral part of the Annual Report on
CSR Activities

Your Company's subsidiary - Numaligarh Refinery Limited
spent ' 85.16 Crore in CSR activities against the mandatory
spend of ' 84.50 Crore.

18. HEALTH, SAFETY & ENVIRONMENT

Your Company places the highest importance on Health,
Safety & Environment (HSE) in every aspect of its
operations. The unwavering commitment to HSE is a core
part of our corporate values, focused on protecting the
well-being of our employees, contractors, communities
and the environment. During FY 2024-25, the Company
achieved a notable milestone with a lowest ever Lost
Time Injury Frequency Rate (LTIFR) of 0.071, reflecting
our dedication to workplace safety. Our extensive safety
training programs covering all executives, employees
and contractual staff, have significantly enhanced our
safety culture, improving awareness and compliance
across the organization.

As part of our commitment to responsible growth
and operational excellence, we have revised and
strengthened our Environmental Policy & HSE Policy.
Apart from the statutory training, capacity building on
various HSE related topics like Hazard Identification
& Risk Assessment (HIRA), Hazard & Operability
Study (HAZOP) & Quantitative Risk Assessment (QRA),
Statutory Acts, Rules & Regulations, Fire Fighting and
sensitisation on Stop Work Authority, Zero Tolerance
Policy were emphasized.

With strict adherence of Toolbox Talks, Standard
Operating Procedures, Permit to Work System, Job
Safety Analysis in place, Loss Control Management
Tour by Senior Executives resulted in the significant
improvement in HSE Standards.

The "Project: KAVACH- Key to Awareness, Value Creation
and Change" launched in 2023-24 in the Company to
systematically implement 11 strategic HSE Goals covering
amongst others (i) strengthening of the HSE Management

System, Benchmarking and ISO Certification of
Installations, (ii) Integration of Technology/ Digitization
initiatives, (iii) ESG initiatives and Occupational Health
& Safety. With the incorporation of KAVACH in an
advanced stage it is envisaged that Safety Culture in the
organisation will further improve.

Initiatives in Digitization like, incident reporting and audit
management was done through HSSE Portal and Loss
Control Management Tour also made available through
Mobile App and Website. HSE Galleria established across
the spheres is an interactive and educational platform
for the employees of the Company. Development of HSE
Brand Ambassadors is a significant step to strengthen
safety culture in every department.

ISO Certification under the Integrated Management
System (IMS) comprising the international standards
viz: ISO 9001:2015 - Quality Management System, ISO
14001:2015 - Environmental Management System, ISO
45001:2018 - Occupational Health & Safety Management
System has been completed in the Company & thereby
resulting in a systematic continuous improvement in the
HSE standards at international levels.

HSE Campaign: Observance of Fire Service Week,
World Environment Day, National Safety Day, Earth
Day organised as per Government Notifications.
Awareness campaign has been created through First
Aid Competition, Safety Song & Skit Competition, Offline
Safety Quiz competition, drawing competition and Safety
Award Ceremony for recognising the performance by
the teams and individuals. Organised Safety Orientation
programmes for Families of employees. The sensitization
is also done by circulating Safety Awareness Videos and
Fire Safety Tips on weekly basis and conducting Street
plays in operational areas.

Looking ahead, we remain committed in our mission
to uphold the highest standards of health, safety and
environmental performance. We will continue to build
on our accomplishments, striving for excellence in all
areas of HSE. Our commitment to innovation, employee
empowerment and stakeholder engagement will guide
us as we navigate the challenges and opportunities of
the future.

19. RISK MANAGEMENT

Your Company has institutionalised the enterprise-wide
Risk Management Program and Framework to not only
provide a comprehensive view of risk exposures but
also to facilitate a risk informed decision-making, in
this highly volatile business environment. The Company
has adopted a combination of a bottom-up and top-
down approach to drive Risk Management across the

company. The approach includes identification, regular
assessment of risks, defining and monitoring mitigation
strategies by respective risk owners across functions of
the Company.

A robust risk governance structure has been developed
to enable greater oversight over the risk management
process. The Company follows a three-tier system of
managing risks across the organization comprising of
Operational Risk Management Committees (ORMC) at
Sphere level; Risk Management Steering Committee
(RMSC) at Corporate level; Risk Management Committee
(RMC) at Board level.

A comprehensive risk register has been developed,
supporting a proactive approach to risk management
within organization. This register undergoes regular
updates to capture new and emerging risks, which are
thoroughly deliberated during multiple meetings at
ORMC, RMSC & RMC.

Thus enterprise-level risks are identified through
a structured risk assessment process involving all
spheres and relevant stakeholders and classified as
High, Medium & Low. The high-category risks are being
actively monitored and managed through mitigation
plans, controls, and regular reporting. The remaining
risks classified as medium or low and are also being
regularly monitored and managed with appropriate
mitigation plans.

As we look ahead, we remain committed to strengthening
our risk culture, enhancing transparency and evolving
our risk practices in line with a dynamic business
environment.

20. START-UP INITIATIVES

In alignment with the vision of Start-Up India, a flagship
initiative of the Government of India, the Company has
implemented the Start-up Nurturing, Enabling and
Handholding (SNEH) program, which has cultivated a
dynamic ecosystem of startups that push boundaries
and explore new frontiers. The initiative supports
entrepreneurial ventures across a diverse range
of sectors, including oil and gas, battery recycling,
hydrogen-powered transportation, app-based fuel
delivery, robotics, carbon capture, effluent treatment,
biotechnology, healthcare, tourism and electric mobility.
As part of SNEH, the Company has signed Memorandum
of Understanding (MoUs) with 5 (five) leading institutions
namely IIT Guwahati, Guwahati Biotech Park, IIT
Bhubaneswar, IIM Lucknow & IIT Delhi for incubation
support. In the initial phases of this initiative, the
Company has supported 15 (fifteen) number of startups
and ' 21 Crore has been disbursed to them in accordance
with tripartite agreements amongst the Company,
incubator and the Startup. 10 (ten) more startups were
selected through IIT Delhi and fund disbursement is
being made in phases. During the current year, 15 (fifteen)
more startups have been selected through IIM Lucknow
and fund disbursement will be initiated after launching
of OIL's Alternative Investment Fund (AIF).

Green Technology Private Limited, a startup supported
under the SNEH initiative, was recognized among
India's Top 5 startups at Avinya'25 - Energy Startup
Challenge during India Energy Week 2025, the country's
premier global energy sector event. The recognition
was conferred by the Hon'ble Minister of Petroleum and
Natural Gas, Government of India, Shri Hardeep Singh
Puri. Additionally, UGreen was also ranked among the
Top 3 startups at Electraverse, the startup challenge
held during ELECRAMA, the world's largest exhibition for
the electrical and allied electronics industry, organized
by the Indian Electrical and Electronics Manufacturers'
Association (IEEMA). The Company supported innovative
startups, notably Caliche Private Limited (focuses
on biochemical sand influx control for oil wells) and
Carbonation India Private Limited (dedicated to
sustainable waste solutions for the oil and gas sector)
also participated in the event.

The Company's supported startup, Beta Tank Robotics
Pvt Ltd has developed a robot for cleaning of petroleum
tanks. The prototype is in the advanced stage of
completion. This tank cleaning robot is anticipated to be
a game changer for the oil and gas industry.

The Company actively participated in the second edition
of Startup Mahakumbh at Bharat Mandapam, New Delhi
held from 3^rd to 5^th April 2025. Under the theme 'Startup
India @ 2047: Unfolding the Bharat Story'- the event
highlighted disruptive innovations from across India,
with 2,923 exhibitors, 103,349 unique attendees and over
2.5 lakh exhibition footfall. The Company's participation
at Startup Maha Kumbh 2025 showcased it's active role
in fostering deep tech innovation, supporting early-stage
ventures and sharing critical strategic expertise

21. NET ZERO PURSUIT

Your Company is committed to achieve the 2040 Net
Zero target and has demonstrated its commitment to
transitioning into a clean and integrated energy company
aligning with the nation's climate goals. As part of this Net
Zero pursuit, the Company is implementing a structured,
science-based roadmap to achieve net zero emissions
by 2040, with interim targets of ~25% reduction by 2026,
~85% by 2030, and ~95% by 2035 over the base year

FY 2023-24. Through Project "Santulan", launched in
FY 2024-25, the Company operationalized 26
high- impact initiatives focused on GHG reduction,
environmental sustainability and strategic enablers. The
Company has committed an investment of approximately
' 20,000 crore towards key decarbonization levers,
which include reduction of flaring, renewable energy,
compressed biogas (CBG), green hydrogen, electrifying
traditional gas fired equipment, CCS/CCUS, Geothermal,
energy efficiency upgrades, energy storage solutions
and Dynamic Gas Blending in Drilling Rigs. As a result
of these concerted efforts, the Company has already
achieved a 12.5% reduction in GHG emissions - from
1.450 MMTCO₂e in FY 2023-24 to 1.268 MMTCO₂e in FY
2024-25 - over the base year. This progress reflects that
the Company is well on track to meet its interim targets
and the long-term Net Zero goal.

Your Company initiated reduction in routine flaring with
a goal to achieve Zero Flaring by 2025. A total of 11 nos.
of gas compression facility has been installed to reduce
flaring by compressing the LP flare gas and distributing
it in the gas network. A significant milestone in flare
gas reduction has been achieved with the completion
of the Kumchai-Kusijan pipeline for evacuation of the
gas produced in Kumchai thus reducing flare of 0.07
MMSCM high pressure gas daily. The Company has also
installed new pipeline infrastructures for gas evacuation
to improve gas utilization thus contributing to reduction
in emissions.

With Installed Renewable Energy Capacity of 188.1 MW,
the Company is committed to deploying 5-5.5 gigawatts
of renewable energy capacity by 2040, emphasizing
wind, solar and other sustainable energy sources. Your
Company has formed a Joint Venture (JV) with Assam
Power Generation Corporation Limited (APGCL) for the
development and installation of 645 MW solar power
projects across Assam. The Company has installed 833
KWp roof top solar plants during the FY 24-25 and has
an installed capacity of 1989 KWp solar plant for captive
utilisation. The Company also plans to further install
1500 KWp of roof top solar across assets pan India.

In alignment with the Government of India's mission
to promote affordable, sustainable, and clean energy
solutions, and reaffirming OIL's commitment to
supporting the national clean energy transition and
fostering a circular economy, your Company has
undertaken a target to establish 25 Compressed Bio
Gas (CBG) plants across various regions of the country.
A key milestone in this journey was achieved on 2^nd
October 2024, when the Hon'ble Prime Minister of India
conducted a virtual groundbreaking ceremony for CBG
plants at four strategic locations in Assam-Tinsukia,
Sivasagar, Jorhat, and Guwahati-marking a significant
step forward in the Company's clean energy roadmap.
During the reporting year, the Company's Board
approved a capital outlay of ' 3,750 crore for this initiative.
Open tenders have been floated for the development of
CBG plants at Tinsukia (Assam) and Meherpalli in Khorda
District (Odisha), while tender documents for three
additional plants Jorhat (Assam), Agartala (Tripura), and
Cuttack (Odisha) are at advanced stages of preparation.
Furthermore, 19 Detailed Project Reports (DPRs) are
currently under various stages of development to
evaluate and prioritize additional CBG plant locations
based on technical and commercial viability.

To accelerate project execution, the OIL Board has
also approved the formation of two Joint Venture (JV)
companies with established CBG developers M/s GPRS
and M/s HWTPL. Applications have been submitted to the
Department of Investment and Public Asset Management
(DIPAM), Government of India, seeking necessary
approvals for undertaking CBG plant development under
the JV framework.

The Company has forged prominent collaborations
with leading national and international platforms to
accelerate its sustainability and decarbonization journey.
As a signatory to the Oil & Gas Decarbonization Charter
(OGDC), the Company has committed to industry-wide
collective action towards reducing greenhouse gas
emissions and achieving net-zero targets.

In the pursuit to reduce GHG emissions, your company
has entered into an cooperation agreement with Total
Energies for detection and quantification of fugitive
Methane and Carbon dioxide emissions in the Company's
production installations. The detection of Methane and
Carbon dioxide emissions will be done through a drone
based survey using TotalEnergies AUSEA (Airborne Ultra
light Spectrometer for Environmental Applications)
technology.

Further, your Company through its material subsidiary
NRL has embarked on a journey to Green Hydrogen,
which signifies our commitment to harnessing the
potential of hydrogen as a clean and sustainable energy
source. As part of this initiative a 2.4 KTPA of green
hydrogen plant is currently being built and is expected
to be commissioned within the year 2025. The potential
for reduction of CO2 emission will be 0.024 MMTPA. In
strengthening its green portfolio, the Company, through
its subsidiary NRL, is establishing the 50 KTPA 2G
Ethanol plant based on bamboo feedstock, under the
joint venture Assam Bio-Refinery Private Limited, which
is at advanced stage of commissioning.

Your Company in its pursuit towards the Net Zero has
taken initiative to electrify operations through use of
Green Energy. Efforts are being made towards transition
of field operations by increasing electrification using
green energy. Initiatives have been taken to connect
the Company's installations to the grid to enable supply
of renewable power from utility-scale green energy
projects. Purchasing of Green Energy through Power
Purchase Agreements (PPAs) are being explored with
certified green energy producers to ensure a steady
supply of clean energy for operational requirement.

The concept of Carbon Capture and Storage (CCS) to
enable large scale underground sequestration is gaining
traction in view of drastic climate change. Identification
of suitable storage complex for permanent storage of
CO₂ plays a major role in path towards decarbonization
and net zero from the perspective of upstream Oil and
Gas Sector. In this regard, your Company has conducted
a feasibility study for identification of suitable
reservoirs/aquifers along with design considerations
for capture, transportation and sequestration of CO₂ in
suitable reservoirs/aquifers within Jaisalmer Basin in
Rajasthan. Successful completion of the study will serve
as a demonstration project and pave the way for CCUS
deployment in India.

The Company has taken the strategic initiative to venture
into geothermal energy exploration in India, marking a
significant step towards diversifying its energy portfolio.
This move aligns with the Government of India's vision to
promote the development of geothermal resources as
a sustainable and reliable component of the country's
future energy mix. Recognizing the long-term potential
of geothermal energy, the Company has identified it as
a key focus area under its new energy initiatives and is
actively undertaking measures to assess its viability
and implement pilot scale projects. In this regard a
collaborative Study with Centre for Earth Sciences &
Himalayan Studies (CES & HS) and National Centre for
Seismology (NCS) Ministry of Earth Sciences (MoES),
for Geothermal Potential in Arunachal Pradesh has been
undertaken. Also, the Company has initiated a feasibility
study on extracting geothermal energy by repurposing of
abandoned / to be abandoned oil and gas wells.

Your Company has taken various energy efficiency
measures to reduce emissions. Notable among these
are replacement of conventional appliances with
energy efficient appliances across the company. The
total annual emissions abated in FY 2024-25 was
1,612.46 tCO₂e alone from installation of energy efficient
appliances with total savings of 2.21 million units. Also,
the Company has replaced all gas fired domestic water

heaters with electric geysers which has resulted in
abatement of 3,246.56 tCO₂e emissions annually.
Electrical energy storage is one of the frontline solutions
towards reducing emissions and your Company has
taken an important step in this regard. Battery Energy
Storage System (BESS) are being explored to enhance
energy reliability, grid stability, and support renewable
integration.

Further, your Company has commissioned Dynamic Gas
Blending (DGB) system at Drilling Rig S-7. The Dynamic
Gas Blending (DGB) system, allows diesel engines to
operate on diesel and natural gas simultaneously,
reducing environmental impact and operational cost,
without compromising the diesel engine characteristic.
This has resulted in direct reduction of emissions due to
lower diesel consumption. It is planned to be extended to
other drilling rigs in the near future.

The Company has also registered 601 hectares of
land across Assam, Odisha and Rajasthan under the
Government of India's Green Credit Program (GCP). Of
this, plantation activities have already been undertaken
in 431 hectares, putting the Company on track to
earn green credits by 2026. These credits will help
offset residual emissions and support India's national
afforestation goals.

Through these multi-dimensional initiatives, the
Company is not only reducing its environmental footprint
but also creating a scalable and resilient clean energy
model. The Company's proactive approach in FY 2024¬
25 underscores its leadership in India's energy transition
and reflects its commitment to delivering long-term
value for stakeholders while contributing meaningfully
to national and global climate goals.

22. DIGITAL AND MAJOR IT INITIATIVES

Digital Readiness for Innovation and Value in E&P
(DRIVE) is a strategic digital transformation journey
of the Company initiated in the year 2019. A total of
11 digital projects have been implemented across the
organization. Carrying forward this success story and to
implement new innovative digital projects in bigger and
much impactful ways, your Company is currently engaged
in the process of identifying a new set of digital projects
to be implemented as part of DRIVE 2.0 initiative.

A state-of-the-art Command-and-Control Centre (CCC)
shall be the hallmark of this initiative to showcase,
monitor and control the Company's entire value
chain. Digital and 4^th Industrial Revolution (4IR) based
technologies like Artificial Intelligence, Robotics,
Drone Technologies, AR-VR etc. shall be adopted
more inclusively in the Company's critical activities for

operational efficiency, better HSE, cost optimization
and better decision making. A minimum total of 10 digital
projects are envisaged to be implemented by September
2027.

Alongside ongoing Digital initiative, Company has
inducted few notable IT enabled project/initiative
during the last fiscal year. A dedicated online portal
by the name of "OILENAJORI" has been launched for
the retired/separated members of the Company,
providing a single window platform for collaboration,
claim settlement including all HR & Financial matters.
An enterprise wide project management platform
"Oracle Primavera" has been implemented for better
management and monitoring of enterprise projects. To
mitigate cyber threats and for adequate compliance in
IT security, the Company is setting up a state-of-the-art
Security Operations Centre (SOC) in collaboration with
CDAC. Similarly, for better management and monitoring
of entire physical assets of the company, set up of a
sophisticated GIS based Asset Monitoring Information
System (AMIS) has been initiated under the guidance of
CDAC.

23. CYBER SECURITY - STRENGTHENING
MEASURES

Considering the persistent and evolving nature of
cybersecurity threats for the Company, effective
management and mitigation of such threats require
sustained, organization-wide efforts and seamless
coordination.

To strengthen its cybersecurity posture, the organization
has overhauled its Information Security Governance
Structure to ensure cybersecurity considerations are
strategically aligned with business objectives.

As part of a comprehensive cybersecurity enhancement
program, the organization has undertaken multiple
initiatives like Specialized programs have been
conducted for building the capabilities of core
cybersecurity groups, Regular cyber incident response
drills are being conducted to test preparedness and
refine response mechanisms under simulated attack
scenarios.

Despite its relatively recent foray into cybersecurity, the
Company has taken ambitious initiatives in FY 2024-25,
including strategic policy interventions, comprehensive
as-is assessments, robust cyber emergency and
incident response frameworks, and progressing towards
establishment of a 24x7 ICT Security Operations
Centre. The leadership's unwavering commitment to
safeguarding critical cyber infrastructure, particularly
in the context of a volatile geopolitical environment, is

demonstrated through proactive self-defense measures
and stringent adherence to regulatory guidelines
issued by CERT-In and NCIIPC. Your Company remains
steadfast in its mission to protect its critical information
infrastructure by conducting inaugural audits of key
installations, which are vital not only to the organization
but also to the nation's energy security. The Company
regards cybersecurity as a high-impact, high-materiality
governance priority integral to its sustainability agenda.
Cyber risk is meticulously monitored by the leadership,
ensuring robust governance and oversight. These
concerted efforts position your Company on par with
its peers in India's oil and gas sector, setting a strong
foundation for an ambitious digital transformation
underpinned by rigorous cybersecurity controls.

24. SUBSIDIARIES / JOINT VENTURES /
ASSOCIATE COMPANIES (Ref. Form AOC-I & Note
49 of Consolidated Financial Statements)

A.    MATERIAL SUBSIDIARY

i. Numaligarh Refinery Limited (NRL)

NRL is a Schedule 'A' Miniratna Category-I CPSE having a 3
MMTPA Refinery (currently under capacity enhancement
to 9 MMTPA) at Numaligarh in Golaghat District of Assam.
As on 31^st March 2025 the Company holds 69.63% stake
in NRL and has the management control. Govt. of Assam
and Engineers India Limited hold 26% and 4.37% stake in
NRL respectively.

B.    SUBSIDIARIES

(1)    Domestic Subsidiary

i. OIL Green Energy Limited (OGEL)

OGEL has been incorporated on 31^st January, 2025 as a
wholly owned dedicated green energy subsidiary to build
a significant portfolio for the Company across multiple
businesses in the green and alternate energy space.
It will operate in the domain of low carbon, new, clean
and green energy including renewable energy, green
hydrogen and its derivatives, biofuels, Carbon capture,
usage & sequestration, Geothermal energy and other
opportunities directly and indirectly supporting de¬
carbonization and energy transition.

(2)    Overseas Subsidiaries

i.    Oil India International Pte. Ltd. (OIIPL)

OIIPL, a Singapore based wholly owned subsidiary of
the Company, holds 33.5% stake each in Vankor India
Pte. Ltd (VIPL), Singapore and Taas India Pte. Ltd.

(TIPL), Singapore which in turn hold 23.9% and 29.9% in
Russian entities namely, JSC Vankorneft and LLC TYNGD
respectively.

ii.    Oil India Sweden AB

Oil India Sweden AB is a wholly owned subsidiary of the
Company. It holds 50% shareholding in IndOil Netherlands
BV, Netherlands which holds 7.0% Participating Interest
(PI) in the Venezuelan asset namely PetroCarababo S.A.

iii.    Oil India International B.V (OIIBV)

OIIBV, Netherlands is a wholly owned subsidiary of
the Company. OIIBV holds 50% stake in WorldAce
Investments Limited, Cyprus which hold 100% stake in
LLC Stimul T, a Russian legal entity.

C. JOINT VENTURE / ASSOCIATE COMPANIES

i.    Brahmaputra Cracker and Polymer Limited (BCPL)

BCPL owns a Petrochemical Complex at Lepetkata,
Dibrugarh, Assam for production, distribution and
marketing of petrochemical products viz. polyethylene
(LLDPE & HDPE) and Polypropylene. Your Company
holds 10% equity share capital in BCPL. GAIL (India)
Limited, Government of Assam and Numaligarh Refinery
Limited also hold 70%, 10% and 10% equity share capital
respectively.

ii.    DNP Limited (DNPL)

DNPL was incorporated with the primary objective of
acquisition, transportation and distribution of natural
gas. Your Company holds 23% equity share capital in
DNPL. Assam Gas Company Limited and Numaligarh
Refinery Limited hold 51% and 26% equity share capital
respectively.

iii.    Assam Petro-Chemicals Limited (APL)

Your Company is holding 48.80%, Government of
Assam along with its owned entities is holding 51.11%
and others are holding 0.09% equity shares of APL. It is
implementing a 200 TPD Formaldehyde project, which is
planned to be commissioned by the mid of F.Y. 2025-26.

iv.    Indradhanush Gas Grid Limited (IGGL)

IGGL, a joint venture of OIL, ONGC, IOCL, GAIL and NRL
(with 20% equity each), is implementing the 1,670 km
North East Gas Grid (NEGG) to connect all eight North
Eastern states of India with the National Gas Grid and
regional sources.

v.    HPOIL Gas Private Limited (HPOIL)

HPOIL, a joint venture between OIL and HPCL with
equal equity participation, was incorporated for the

development of CGD networks in Ambala-Kurukshetra
and Kolhapur Geographical Areas (GAs). During the FY
2024-25, HPOIL achieved 100% of its Minimum Work
Programme (MWP) targets in both the GAs. As at the
end of March, 2025 HPOIL is operating 30 CNG Stations
and provided 21,005 PNG connections at Ambala-
Kurukshetra and 29 CNG Stations and provided 38,914
PNG connections at Kolhapur. HPOIL also secured CGD
authorization for the Nagaland State GA in the 12^th CGD
bid round in April, 2024.

vi.    Purba Bharati Gas Private Limited (PBGPL)

PBGPL is a joint venture with equity participation of 26%
each from OIL and GAIL Gas Ltd and 48% from Assam Gas
Company Ltd. PBGPL has been formed for development
of CGD networks in Kamrup and Kamrup Metropolitan
Districts (Kamrup GA) and Cachar, Hailakandi and
KarimganjDistricts (Cachar GA) of Assam. In Cachar
GA, the company commissioned four CNG stations and
provided 3,235 domestic PNG connections. In Kamrup
GA, the company commissioned 11 CNG stations and
provided 5,900 domestic PNG connections.

vii.    North East Gas Distribution Company Limited
(NEGDCL)

NEGDCL, a joint venture between OIL (49%) and Assam
Gas Company Ltd (51%), to implement CGD projects in
the north bank of Assam and northern & southern Tripura
Geographical Areas.

viii.    APGCL OIL Green Power Limited (AOGPL)

AOGPL is a joint venture between OIL (49%) and Assam
Power Generation Corporation Limited (51%). AOGPL
has been incorporated on 21^st February, 2025 to execute
projects in the field of green energy. AOGPL has
identified solar power projects of total 645 MW capacity
in the state of Assam.

ix.    Assam Valley Fertilizer and Chemical Co. Limited
(AVFCCL)

AVFCCL, a joint venture of Government of Assam (40%),
Oil India Limited (18%), National Fertilizers Limited
(18%), Hindustan Urvarak & Rasayan Limited (13%) and
Brahmaputra Valley Fertilizer Corporation Limited(11%)
was incorporated on 25^th July 2025 for setting up of new
Ammonia-Urea Complex Namrup IV Fertilizer Plant at
Namrup, Assam.

x.    Suntera Nigeria 205 Ltd.

Your Company holds 25% stake in Suntera Nigeria
205 Ltd., Nigeria (with the objective to engage in the
petroleum business including exploration, production

and development of crude oil and natural gas in Nigeria)
pursuant to a Share Purchase Agreement (SPA) signed
with Suntera Resources Ltd., Cyprus and Indian Oil
Corporation Limited (IOCL).

xi. Beas Rovuma Energy Mozambique Ltd. (BREML)

Your Company holds 40% share in BREML. BREML holds
10% Participating Interest in the Rovuma Area 1 Offshore
Block in Mozambique.

25.    ANNUAL REPORT OF SUBSIDIARIES AND
CONSOLIDATED FINANCIAL STATEMENTS

In accordance with Section 134 of the Companies Act,
2013 and the applicable Accounting Standards, Audited
Consolidated Financial Statements for the year ended
31^st March, 2025 of the Company and its subsidiaries
forms part of this Annual Report.

A report on the performance and financial position of the
subsidiaries, associates and joint venture companies of
the Company as per the prescribed form (Form AOC-1) of
the Companies Act, 2013 also forms part of this Annual
Report.

The Complete Annual Reports of subsidiaries of the
Company are available on the Company's website.

26.    STATUTORY REQUIREMENTS

Your Directors have made necessary disclosures as
required under various provisions of the Companies Act,
2013 and SEBI (LODR) Regulations, 2015. Information
on the Conservation of Energy, Technology Absorption,
Foreign Exchange Earnings & Outgo etc. as required
under Section 134 of the Companies Act, 2013 and the
Rules made thereunder is given in the Annexure-I to this
Report.

The details of the employees who drew remuneration
exceeding the limits laid down in the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are not required to be annexed
to the Annual Report in view of exemptions to the Govt
Companies.

Further, during the FY 2024-25, there was no order or
direction of any court or tribunal or regulatory authority
either affecting Company's status as a going concern
or which significantly affected Company's business
operations.

Neither any application was made during the FY 2024-25
nor any proceedings are pending against the Company
under the Insolvency and Bankruptcy Code 2016.

The Company complies with the applicable Secretarial

Standards issued by the Institute of Company Secretaries
of India (ICSI).

27. STATUTORY AUDITORS, COST AUDITORS
AND SECRETARIAL AUDITORS

M/s Gopal Sharma & Co., Chartered Accountants and
M/s RKP & Associates, Chartered Accountants were
appointed as Joint Statutory Auditors for the FY 2024¬
25 by the Comptroller & Auditor General of India (C&AG).
The Statutory Auditors have audited the Accounts of the
Company for FY 2024-25 and submitted their Unqualified
Report to the Company. They have not reported any
instance of fraud committed by the officers/employees
of the Company. The C&AG has given "NIL" comments on
Financial Statements 2024-25 of the Company.

The Cost Audit Report for the FY 2023-24 given by M/s
Dhananjay V. Joshi & Associates, Cost Accountants was
filed within the statutory time limit. For the FY 2024-25,
M/s Shome & Banerjee, Cost Accountants are the Cost
Auditor of the Company. The report will be filed within
the stipulated time frame.

M/s Amit Agrawal & Associates, Practicing Company
Secretaries were appointed as the Secretarial Auditor
of the Company for FY 2024-25. The Secretarial Audit
Report confirming compliance to the applicable
provisions of the Companies Act, 2013, SEBI (LODR)
Regulations, 2015, SEBI Guidelines and all other relevant
rules and regulations except the Board Composition is
annexed as Annexure-II to this Report.

Reply of the Management on the observation on Board
Composition in the Secretarial Audit Report is as under :

(a)    Since the Company is a Govt. of India Enterprise, the
Directors on the Board of Company are appointed
by the President of India through Administrative
Ministry - Ministry of Petroleum & Natural Gas
(MOP&NG). The Company has been requesting the
MoP&NG for appointment of requisite number of
Independent Directors on the Board of Company for
compliance of the extant regulations.

(b)    For a certain period during the year, the composition
of Statutory Board Committees did not meet the
statutory requirements. However, on appointment
of 3 (Three) Independent Directors on the Board of
the Company on 28.03.2025, the said committees
were again re-constituted in compliance with the
extant statutory requirements.

As a step towards good corporate governance, the
Secretarial Audit Report of our Material Subsidiary is
also annexed hereto as Annexure-III.

28.    ANNUAL RETURN

As required under the provisions of the Companies Act,
2013, the Annual Return for the FY ended 31^st March,
2025 in the prescribed form MGT-7 has been prepared
and hosted on the website of the Company at the
following weblink: https://www.oil-india.com/tiles/
financial_results_documents/Annual_Return_for_the_
year_2024_2025_MGT7.pdf

29.    AWARDS AND RECOGNITIONS

During the FY 2024-25, following recognitions and
awards/accolades were conferred upon your Company:

1.    The Company was bestowed with the prestigious
Mine Safety Award 2024, in the category "Oil Mines
Large"; "Sustainability Champion - Editor's Choice
Award" at the Outlook Planet Summit & Awards
2024; Golden Bird National Award 2023-24 on "Fire
& Security Excellence" and the 'Platinum Award'
under "Apex India Green Leaf Award 2024 for
Environment Excellence" in Petroleum Storage and
Transportation Sector

2.    The Company was also bestowed two awards, i)
Best Corporate Social Responsibility Practices and
ii) Best Innovation in Emerging Technologies by
World HRD Congress.

3.    The Company's

•    Central Tank Farm (CTF)-Duliajan received the
1^st Green-Enviro Safety Gold Award 2025 in the
category of Safety Excellence in the Petroleum
Storage and Transportation sector,

•    Central Tank Farm (CTF)-Moran was awarded
the Greentech Workplace Safety Award 2024
in recognition of excellence in Workplace
Safety,

•    Western Fields was awarded with 'Gold Award'
in "Best Safety Equipment in Petroleum
Exploration Sector" category, 2024-25.

•    Secondary Tank Farm (STF)-Madhuban
was awarded with Energy and Environment
Foundation's Global Safety Sustainability
Champion Award 2024.

4.    The Company's Rajasthan Field - (a) Production
Mine was awarded the 1^st Prize in the category
of Statutory Reports and Safety Features; in the
38^th Mines Safety Week Awards (b) Gas Processing
Complex, Dandewala received the 'Merit Winner'
in the International Safety Awards 2025 (c) First
Rajbhasha Shield under the 'A category of Offices
for outstanding performance in implementation of
Official Language.

30.    POLICY ON DIRECTORS' APPOINTMENTS
ETC. / PERFORMANCE EVALUATION

The Company being a Government Company, the
provisions of Section 134 (3)(e) and Section 134(3)(p) of
the Companies Act, 2013 regarding policy on Directors'
appointment and remuneration, annual evaluation
of the performance of the Board, Committees and
individual directors are not applicable in view of the
Gazette notification dated 05^th June, 2015 issued by
the Government of India, Ministry of Corporate Affairs
granting exemptions to Government Companies as the
performance evaluation of the Directors is carried out
by the administrative ministry, i.e., MoP&NG as per laid-
down evaluation methodology.

Further, the said notification also exempted Government
Companies from the provisions of Section 178 (2) which
requires performance evaluation of every director by the
Nomination & Remuneration Committee.

31.    SIGNIFICANT AND MATERIAL ORDERS
PASSED BY THE REGULATORS OR COURTS

No significant and material orders were passed by the
regulators or courts or tribunals, during the year that
impact the going concern status of the Company and its
operations in the future.

32.    VIGIL MECHANISM / WHISTLE-BLOWER
POLICY

Your Company promotes ethical behaviour in all its
business activities and has put in place mechanism for
reporting illegal or unethical behaviour. The Company
has a Vigil Mechanism and a whistle-blower policy
in accordance with provisions of the Act and Listing
Regulations. The policy on Vigil Mechanism/Whistle-
Blower can be accessed on the Company's website at:
https://www.oil-india.com/files/investor_services_
documents/ Whistle_Blower_Policy.pdf

33.    CHANGES IN THE BOARD OF DIRECTORS

a.    Shri PankajKumar Goswami, Ex-Director
(Operations) [DIN-08716147] ceased to be Director
on the Board of Company w.e.f. 1^st October, 2024
on attaining the age of Superannuation on 30^th
September, 2024.

b. Ms. Pooja Suri [DIN-03077515] & Shri Raju Revanakar
[DIN-09398201], Independent Directors, ceased
to be Directors on the Board of Company w.e.f.
8^th November, 2024 after completion of their 3 years
earlier tenure.

c.    In terms of Letter No. CA-31014/2/2022-PNG (43580)
dated 18^th November, 2024 issued by MoP&NG, Shri
Abhijit Majumder [DIN- 10788427] was appointed as
Director (Finance) with effect from 20^th November

2024.

d.    In terms of Letter No. CA-31014/4/2022-PNG
(44593) dated 16^th December, 2024 issued by
MoP&NG, Shri Trailukya Borgohain [DIN- 10788428]
was appointed as Director (Operations) with effect
from 17^th December 2024.

e.    Shri Ashok Das, Ex-Director (Human Resources)
[DIN-09631932] ceased to be Directors on the Board
of Company w.e.f. 1^st January, 2025 on attaining the
age of Superannuation on 31^st December, 2024.

f.    Mr. George Thomas, Director, MoP&NG [DIN-
10625136] ceased to be Govt. Nominee Director on
the Board of Company w.e.f. 22^nd March 2025 post
his release from MoP&NG.

g.    In terms of Letter No. CA-31033/2/2021-PNG-39069
dated 28^th March 2025 issued by MoP&NG, Ms. Pooja
Suri [DIN-03077515], Shri Raju Revanakar [DIN-
09398201], Shri Balram Nandwani [DIN-00356119]
were appointed as Independent Directors on the
Board of Company w.e.f. 28^th March 2025.

h.    In terms of Letter No. CA-31014/2/2023-CA-PNG
(45461) dated 16^th April 2025 issued by MoP&NG,
Dr. Ankur Baruah [DIN- 10927299] was appointed
as Director (Human Resources) with effect from
16^th April 2025.

i.    In terms of Letter No. CA-31033/2/2021-PNG-39069
dated 9^th May 2025 issued by MoP&NG, Shri Moti Lal
Meena [DIN-11111214] was appointed as Independent
Director on the Board of Company w.e.f. 17^th May

2025.

j.    In terms of Letter No. CA-31032/1/2021-PNG-37493
dated 19th June 2025 issued by MoP&NG, Shri
Vikas Singh, Director, MoP&NG [DIN-11167687] was
appointed as Govt. Nominee Director on the Board
of Company w.e.f. 24th June 2025.

Shri Saloma Yomdo [DIN:10696034], Director
(Exploration & Development) is liable to retire by rotation
and being eligible, is proposed to be re-appointed at the
forthcoming Annual General Meeting (AGM). His brief
profile is provided in the notice of the AGM.

34.    DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 134 (5) of
the Companies Act, 2013 with respect to Directors'
Responsibility Statement, it is hereby confirmed that:

i.    in the preparation of the annual accounts, the
applicable accounting standards have been
followed along with proper explanation relating to
material departures;

ii.    the directors have selected such accounting
policies and applied them consistently and made
judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the FY 2024¬
25 and of the profit and loss of the Company for that
period;

iii.    the directors have taken proper and sufficient care

for the maintenance of adequate accounting
records in accordance with the provisions of this
Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other
irregularities;

iv.    the directors have prepared the annual accounts on
a going concern basis;

v.    the directors have laid down internal financial
controls in the Company which are adequate and
are operating effectively; and

vi.    the directors have devised proper systems to
ensure compliance with the provisions of all
applicable laws and that such systems are adequate
and operating effectively.

35.    ACKNOWLEDGEMENT

I, on behalf of the entire Board, extend our thanks to the
Customers, Vendors, Investors, Auditors, Bankers & all
stakeholders for their unstinted support during the year.
Your Directors place on record the contribution made
by the employees at all levels and the consistent growth
of the Company was made possible by their hard work,
solidarity, co-operation and support. Your Directors
also acknowledge the support of the MoP&NG, all other
Ministries and Agencies in Central and State Governments
and extend sincere thanks for their guidance & help.

For and on behalf of the Board of Directors

Sd/-

Dr. Ranjit Rath

Place: Noida    Chairman & Managing Director

Date:12.08.2025    DIN: 08275277