Indian Oil Corporation Limited (IOCL) is India's flagship National Oil Company holding 25% equity in Suntera Nigeria 205 Limited.
A Fortune-500 company, with a market capitalization of over US$88billion, IOCL is the largest refining and marketing company in India. It operates 11 refineries and controls a refining capacity of 71.9 mmtpa. It has a pipeline network of more than 14,231 km. IOCL also operates the largest network of fuel stations in India. The overseas upstream portfolio of the company includes ten blocks spanning Canada, USA, Russia, Venezuela, Abu Dhabi, Oman, Libya, Nigeria, Gabon and Israel.
To achieve the next level of growth, IOCL is scouting for new business opportunities, both in the upstream as well as downstream sectors in the energy markets of Asia and Africa. The “Maharatna” status of IOCL grants enhanced powers to the Board of company so as to facilitate expansion for their operations, both in domestic as well as global markets.
Oil India Limited (OIL) is India’s second-largest National Oil Company holding 25% equity in Suntera Nigeria 205 Limited.
OIL is the oldest E&P Company in Asia with operations dating back to more than a century. It is a “Navratna” Company primarily engaged in exploration, production and transportation of crude oil and natural gas both in-country and overseas. OIL has an attractive asset portfolio with an expanding international presence. Within India, the company holds interests in 65 blocks with acreage of over 118,000km2. Internationally, OIL holds interests in 20 blocks in 10 countries spread over 3 continents with acreage of around 39,000km2. Additionally, it also holds a stake in a 741km pipeline in Sudan. OIL’s strategic vision is to become a global E&P player. The company therefore aims to expand its international footprint with a balanced presence in exploration acreages and producing properties. OIL has a market capitalization of over US$5billion.
Summit Oil International Limited is a pioneer oil company that was founded in 1990 by Chief Moshood Abiola to embrace the independent indigenous upstream oil company concept. OPL 205, located largely in the Anambra Basin on the north edge of the Niger Delta, was granted to Summit in 1990.
Summit established a slim but efficient staff of 50 professionals who operated the full range of exploration activity and moved the Company rapidly towards planned early production. Summit acquired 2D seismic in 1991 and drilled the first exploration well in the first quarter of 1992, which discovered the Otien Field on OPL 205 – arguably the first oil discovery ever by a private indigenous company in the Federal Republic of Nigeria.