The full form of OIL is Oil India Limited (OIL). It is a major public sector enterprise that is involved in the exploration, production, and transportation of crude oil as well as the production of liquefied petroleum gas. The Ministry of Petroleum and Natural Gas is in charge of managing the Maharatna, the principal public sector project. The firm has offices in Noida, Guwahati, and Jodhpur in addition to its headquarters in Duliajan, Assam.
Also Read: What is the Full Form of ONGC?
Oil India was established on February 18, 1959, as a privately held oil exploration business with its registered office in Duliajan, Assam. Two-thirds of the shares were initially owned by Burmah Oil Company, while the remaining three were held by the Indian government (through the Office of the President). Through this cooperative venture, two newly found sites in Naharkatiya and Moran in the Dibrugarh district were opened up for the purpose of exploration and drilling. The business went public in the spring of 1961, and later that year, the Government of India bought a 50% stake. The firm that at the time owned all of the oilfields in the Tinsukia and Dibrugarh areas was purchased by the Indian government in 1981 for 100% of the equity investment.
Also Read: ONGC Recruitment Through GATE
Vision of OIL
- Oil India is the fastest-growing Energy Company with the highest profitability.
- Oil India delights the customers with quality products and services at competitive prices.
- Oil India is a Learning Organization, that nurtures initiatives, innovations, and aspirations with best practices.
- Oil India is a team, committed to honesty, integrity, transparency, and mutual trust creating employee pride.
- Oil India is fully committed to safety, health, and the environment.
- Oil India is a responsible corporate citizen deeply committed to socio-economic development in its areas of operations.