Oil India (OIL) has signed a Memorandum of Understanding (MOU) with Zarubezhneft, Russia during the India-Russia Annual Summit on December 11, 2014 in New Delhi. As per the scope of cooperation of MOU both parties intend to work together in the areas of - joint search and evaluation of hydrocarbon E&P, Technological Association and any other areas of common interest.
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.
