Oil India Limited (OIL) and TotalEnergies signed two significant agreements on November 18-19, 2024, strengthening their collaboration in India’s energy sector.
The companies inked a Cooperation Agreement for methane emissions detection and measurement at OIL sites in India using TotalEnergies’ AUSEA drone technology, as well as a Technical Service Agreement for offshore drilling operations.
The shares of Oil India Limited (OIL) were trading at ₹486.40 up by ₹13.95 or 2.95 per cemt on the NSE today at 2.25 pm.
The methane detection initiative aligns with OIL’s recent commitment to the Oil and Gas Decarbonization Charter (OGDC), which aims to achieve net-zero operations by 2050 and near-zero upstream methane emissions by 2030. The AUSEA system uses a dual sensor mounted on drones to detect methane and carbon dioxide emissions while identifying their sources.
The Technical Service Agreement focuses on drilling stratigraphic wells in Indian offshore waters. This project, backed by India’s Ministry of Petroleum & Natural Gas, aims to explore deep and ultra-deep offshore acreages through subsurface data acquisition and petroleum system modeling studies.
OIL, recently elevated to Maharatna status in 2023, operates across multiple Indian states with a domestic acreage exceeding 62,000 sq. km. The collaboration with TotalEnergies, which has maintained a presence in India since 1993, is expected to boost India’s offshore hydrocarbon exploration efforts by leveraging TotalEnergies’ global expertise in deep-water drilling.
