Oil India, Petrobras Ink Strategic MoU at India Energy Week 2025

Oil India Limited (OIL), a Maharatna CPSE and one of India's foremost energy companies, has signed a significant Memorandum of Understanding (MoU) with Petrobras, the state-controlled oil major from Brazil, to collaborate on the exploration and production of hydrocarbon resources in India’s offshore regions. The agreement was formalized during the India Energy Week (IEW) 2025 held in New Delhi, with Dr. Ranjit Rath, Chairman & Managing Director of OIL, and Ms. Magda Chambriard, CEO of Petrobras, representing the two companies.

This strategic partnership between OIL and Petrobras marks a pivotal moment in strengthening the energy relationship between India and Brazil. The collaboration will focus on exploring opportunities in India’s deep and ultra-deep offshore regions, such as the Mahanadi, Andaman, and other sedimentary basins. This joint venture aligns with the Indian government's ongoing efforts to boost hydrocarbon exploration under the Hydrocarbon Exploration and Licensing Policy (HELP) and the Open Acreage Licensing Policy (OALP), which are designed to encourage investment in India’s energy sector.

Strategic Focus on Offshore Exploration

The MoU emphasizes exploration and production in some of India’s most promising offshore regions, potentially unlocking new reserves and increasing the country’s energy security. The partnership aims to leverage Petrobras’s expertise in deepwater and ultra-deepwater exploration, complemented by OIL’s extensive knowledge of the Indian energy landscape. With both companies bringing their strengths to the table, this collaboration is set to play a vital role in meeting India’s growing energy demands.

Strengthening India-Brazil Energy Ties

This MoU is a significant step towards deepening energy ties between India and Brazil. As both countries continue to work together in various sectors, this partnership in the energy field will help foster bilateral cooperation and drive sustainable growth in the hydrocarbon sector. The deal will also contribute to India's energy diversification efforts as the country seeks to reduce dependence on oil imports and increase its domestic energy production.

Impressive Financial Performance of Oil India

Alongside the MoU announcement, Oil India also revealed strong financial results for the third quarter of FY25, reflecting robust growth and a solid financial foundation. For Q3 FY25, the company posted a revenue of Rs 5,239.66 crore, with a Profit Before Tax (PBT) of Rs 1,550.29 crore and a Profit After Tax (PAT) of Rs 1,221.80 crore. The company’s Earnings Per Share (EPS) stood at Rs 7.51.

For the nine-month period ending December 31, 2024, OIL recorded a revenue of Rs 16,598.28 crore, with a PAT of Rs 4,522.71 crore, further solidifying its financial position. The company’s assets under management reached Rs 68,230.45 crore, reinforcing its leadership in the energy sector.