Oil India (OIL) has entered into an agreement with PetroNeft Resources Plc, a company registered in Ireland, in respect of 50% non-operating interest in License 61, Tomsk Oblast, Russian Federation with a total investment of up to $85 million.
Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company. Oil India has over 1 lakh sq km of PEL/ML areas for its exploration and production activities, most of it in the Indian North East, which accounts for its entire crude oil production and majority of gas production.
