On behalf of the Board of Directors, it is my privilege
to present the 67^th Annual Report of your Company,
together with the Audited Standalone and Consolidated
Financial Statements, the Independent Auditors'
Report and the Comments of the Comptroller and
Auditor General of India, for the financial year ended
31^st March 2026.

As a Maharatna Central Public Sector Enterprise,
your Company continues to play a pivotal role in
strengthening India's energy security while creating
sustainable value for all stakeholders. The year
under review was marked by heightened geopolitical
uncertainty, volatile commodity prices and supply-
chain disruption, with escalating tensions in West Asia
and consequent pressure on shipping routes through
the Strait of Hormuz adding further complexity to an
already challenging global energy landscape. Against
this backdrop, your Company demonstrated resilience,
operational excellence and strategic agility, delivering a
strong performance across its core business segments.

Guided by its firm commitment to the nation's energy
security, your Company continued to expand the
frontiers of exploration and production. Focused
exploration efforts, supported by advanced technologies
and deeper drilling campaigns exceeding 6000 metres,
enabled the Company to access challenging reservoirs

and achieve a Reserve Replacement Ratio (RRR) of
1.02, reaffirming the sustainability of its hydrocarbon
resource base. Operational excellence was further
reflected in the highest daily crude oil production in
fourteen years - 10,566 metric tonnes - achieved
through an aggressive drilling and workover programme,
even as the Company upheld the highest standards
of safety and environmental stewardship across its
producing assets.

YourCompany'soverseasportfoliocomprising producing
interests in the Vankor and Taas fields in Russia, the
Carabobo block in Venezuela and the Golfinho-Atum
discovery in Mozambique continued to contribute to the
Company's reserve base and diversified energy security
footprint through the year, notwithstanding the same
geopolitical headwinds.

Your Company also advanced its downstream and
diversification agenda. The expansion of Numaligarh
Refinery Limited (NRL), the Company's material
subsidiary, remains a key strategic initiative that will
strengthen the region's refining capacity and support
the country's growing energy requirements. In parallel,
your Company continued to broaden its energy
portfolio toward cleaner and alternate sources, aligning
its long-term growth strategy with India's energy
transition objectives - a direction underscored by the
incorporation of a new wholly owned subsidiary, OIL
Green Energy Limited (OGEL).

1. Significant Highlights

A. Financial Highlights

During the financial year 2025-26, your Company reported a total income of ' 24,038.58 crore on a standalone basis
and ' 38,980.70 crore on a consolidated basis, as compared to ' 23,987.07 crore and ' 37,830.04 crore, respectively,
in the previous financial year, reflecting the Company's continued operational resilience despite a challenging
business environment.

The Profit Before Tax (PBT) stood at ' 5,419.86 crore on a standalone basis and '9,581.92 crore on a consolidated
basis during FY 2025-26, as against ' 7,850.95 crore and ' 9,436.43 crore, respectively, in FY 2024-25.

The Profit After Tax (PAT) for the year amounted to ' 4,455.34 crore on a standalone basis and ' 7,550.67 crore on a
consolidated basis, compared with ' 6,114.19 crore and ' 7,039.63 crore, respectively, in the previous year.

The Company's Net Profit Margin stood at 20.87% on a standalone basis and 20.38% on a consolidated basis during
FY 2025-26, compared with 27.64% and 19.47%, respectively, in the preceding financial year. While the standalone
margin moderated during the year, the consolidated performance remained resilient, reflecting the strength and
diversity of the Company's integrated business portfolio.

The average crude oil price realisation during FY 2025-26 was US$69.04 per barrel, compared with US$78.09 per
barrel in the previous year. The average natural gas price realisation remained largely stable at US$6.64 per MMBTU
for the year ended 31^st March 2026, as against US$6.68 per MMBTU in the previous financial year.

i) Key financial figures of the Company's Financial Statements are summarized below:

Important ratios (on consolidated basis) are as under:

iii)    Financial Performance of our Material Subsidiary - Numaligarh Refinery Limited (NRL)

NRL, the Company's material subsidiary, delivered an excellent financial performance during the financial year
2025-26, supported by improved refining margins and robust operational efficiencies.

During the year under review, Revenue from Operations increased to ' 26,392.75 crore, as compared to ' 25,146.68
crore in the previous financial year.

Profit Before Tax (PBT) registered a significant growth of 84.02% during the year, rising to ' 4,076.64 crore from
' 2,215.29 crore in FY 2024-25. The substantial improvement in profitability was primarily attributable to higher
spreads on primary petroleum products during the year.

Consequently, Profit After Tax (PAT) increased substantially to ' 3,057.19 crore, compared with ' 1,607.78 crore in
the previous financial year, reflecting the Company's strong operational and financial performance.

The Earnings Per Share (EPS) for FY 2025-26 stood at ' 17.52, underscoring NRL's continued focus on creating
sustainable value for its stakeholders.

iv)    Capex Performance

On group level, Company has made capex investments of ' 21,673.75 crore during FY 2025-26 which includes capex
of ' 8,439.90 crore by NRL primarily for refinery capacity augmentation from 3 MMTPA to 9 MMTPA. In addition,
investment of ' 1,947.73 crore was made towards Company's proportionate share of capex of its JVs & Associates
during FY 2025-26. The aforesaid investment of ' 21,673.75 crore further includes ' 7,996.30 crore towards
exploration and development activities at Standalone level.

v) Contribution to Exchequer

Your Company continues to be a significant contributor to the Government exchequer, reaffirming its commitment
to nation-building through substantial contributions in the form of taxes, duties, royalties, cess and dividends.

During the financial year 2025-26, your Company's total contribution to the Central and State Exchequers amounted
to '9,213.26 crore, as compared to ' 11,231.86 crore in the previous financial year.

Of the total contribution, ' 5,335.17 crore was contributed to the Central Exchequer, while ' 3,878.09 crore was
contributed to various State Exchequers, compared with ' 6,922.51 crore and ' 4,309.35 crore, respectively, during
FY 2024-25.

A detailed break-up of the Company's contribution to the Central and State Exchequers is furnished below:
Contribution to Exchequer    (' in Crore)

B. Operational Highlights

(i) Crude Oil:

Operational optimisation, enhanced recovery initiatives
and accelerated field development helped mitigate the
impact of mature field decline and external constraints.

During FY 2025-26, crude oil production stood at
3.450 MMT, as against 3.458 MMT in the previous year,
registering a marginal decline of 0.23%. Crude oil sales
during the year were 3.334 MMT, compared to 3.346
MMT in the previous year.

Despite the natural decline associated with mature
fields, along with a period of economic blockade in
parts of Upper Assam operational areas which was
beyond control, the Company sustained production
levels through the implementation of various strategic
initiatives, including the deployment of Improved

Oil Recovery (IOR)/Enhanced Oil Recovery (EOR)
techniques, accelerated monetisation and development
of new discoveries, production optimisation, adoption
of advanced technologies, recovery of missed
opportunities, infill drilling, monetisation of sick wells,
Cyclic Steam Stimulation (CSS) in Rajasthan, and the
upgradation of surface facilities and infrastructure.

During FY 2025-26, the Company achieved a significant
milestone by attaining a terminal crude oil production rate
of 10,566 MTPD, the highest recorded in the last fourteen
(14) years. The achievement reflects the sustained efforts
undertaken across the Company's production operations,
including drilling, workover and production optimization
activities signifying a marked reversal of the overall
declining trend towards a growth path. In FY 2025-26, the
Company achieved a total crude oil production of 3.450
MMT against the MoU target of 4.034 MMT, corresponding
to an overall achievement of 86%.

The total crude oil sales for FY 2025-26 stood at 3.334
MMT, representing approximately 97% of the overall
production of 3.450 MMT. The crude oil sales from
Assam and Arunachal Pradesh stood at 3.282 MMT
against a total production of 3.387 MMT, representing
approximately 97% of the total production. Sales from
the Rajasthan field amounted to 0.034 MMT against
a total production of 0.044 MMT (including 250 MT of
condensate), accounting for approximately 77% of the
production.

The production shortfall against the MoU target was
primarily attributable to consequential production
losses of 0.099 MMT due to economic blockade and
other associated environmental constraints. Operation
related losses amounted to 4,095 MT, attributable
to operational and maintenance-related activities
associated with field operations. Further, the natural

decline in wellhead production potential across mature
producing fields, estimated at 1,516 MTPD, contributed
to the overall production shortfall during FY 2025-26.
Additionally, production losses of 9,999 MT were
incurred due to Low Market Demand (LMD), comprising
296 MT from Company-operated areas and 9,703 MT
representing Company's share from Dirok JV.

Despite these challenges, the Company successfully
maintained production momentum through continuous
monitoring of production performance and focused
production enhancement initiatives across its operating
assets. The increased production of crude oil also
helped Company's material subsidiary NRL to achieve
the highest throughput since inception of the refinery.

Rajasthan Field (RF): Record Crude Oil Production

FY 2025-26 marked a landmark year for RF with the
achievement of the highest-ever crude oil production
since inception. The field recorded crude oil production
of 0.044 MMT and achieved the highest-ever daily
production rate of 1,202 BOPD. These achievements
were made possible through a combination of intensified
drilling activities, optimized CSS operations, barefoot
completion implementation and innovative production
enhancement measures.

(ii) Natural Gas

Leveraging its operational excellence, your Company
recorded multiple achievements during FY 2025-26
despite a challenging market environment.

The Company achieved Natural Gas production of 3.186
BCM against the MoU target of 3.889 BCM, registering an
achievement of 81.93%. Of the total production, Assam
& Arunachal Pradesh fields contributed 2.863 BCM,
Rajasthan Fields contributed 0.255 BCM, and Company's
share from Dirok JV was 0.068 BCM.

The total Natural Gas sales during the year stood at
2.632 BCM, representing approximately 83% of the total
production achieved. Out of this, Natural Gas sales from
Assam & Arunachal Pradesh were 2.243 BCM against
a production of 2.863 BCM, while Rajasthan Fields
recorded sales of 0.250 BCM against a production
of 0.255 BCM, corresponding to approximately 98%
evacuation of production from the Rajasthan assets.

However, total opportunity loss in natural gas production
due to LMD (Low Market Demand) and low upliftment
by major consumer is 0.221 BCM and opportunity loss
due bandhs/blockades etc is 0.009 BCM which is not
attributable to the Company. Moreover, opportunity
loss due to lack of evacuation is 0.175 BCM. The revenue
from Natural Gas in the FY 2025-26 was ' 5,636.72 crore
as against ' 5,514.09 crore in the previous year. The
shortfall in achievement of the MoU targets for Natural
Gas production and sales was primarily attributable to
lower-than-anticipated offtake by existing consumers
and the lack of adequate evacuation infrastructure
for connectivity to the National Gas Grid, thereby
limiting access to external markets and constraining
monetization of the available gas potential.

Record Natural Gas Production

RF continued its dedicated efforts to ensure efficient
production operations and uninterrupted supply of
natural gas to Rajasthan Rajya Vidyut Utpadan Nigam
Limited (RRVUNL) in accordance with the Gas Sale
Agreement (GSA) through the pipeline network of
GAIL (India) Limited, thereby supporting the energy
requirements of the State of Rajasthan and contributing
significantly to the overall annual performance of the
Company. During FY 2025-26, RF achieved its highest-
ever natural gas production since inception, marking
a significant operational milestone, while consistently
maintaining the gas supply rate, demonstrating high
operational reliability and efficiency. Overall gas
production stood at 254.99 MMSCM including 23.13
MMSCM from DSF Contract area, achieving 81.73%
of the annual target of 312 MMSCM, while gas sales
reached 250.40 MMSCM establishing a new record for
the highest-ever gas production and sales in the field.

(iii)    Total Production

Total oil & gas production during FY 2025-26 stood
at 6.64 MMTOE (O+OEG), with oil production reaching
3.45 MMT and gas production reaching 3.186 BCM -
sustaining the Company's performance above the
6 MMTOE mark for the fourth consecutive year. Oil
production has shown consistent and steady growth,
rising from 3.01 MMT in 2021-22 to 3.45 MMT in 2025-26,
registering a increase of approximately 14.6% over the
period. With various efforts undertaken by the Company,
the 2P recovery factor of the major producing fields
is anticipated to rise substantially up to 33-50%. Gas
production has remained stable, growing from 3.05 BCM
in 2021-22 to 3.19 BCM in 2025-26, an increase of about
4.6% over the period. The average daily terminal oil
production rate has shown a strong upward trajectory,
touching 10,566 MTPD in March 2026 - the highest
terminal oil production rate recorded in the last decade,
a reflection of sustained operational efficiency and field
optimization efforts undertaken by the Company.

(iv)    Liquefied Petroleum Gas (LPG)

Your Company's LPG Recovery Plant continued to
demonstrate high operational reliability and efficiency
during FY 2025-26, delivering robust production
performance and contributing significantly to value
addition through the recovery of LPG and condensate.

The LPG Recovery Plant recorded an availability of
99.89%, while plant efficiency in terms of butane
recovery stood at 98.59%, compared to the design
specification of 98%. The plant processed an average
of 1.83 MMSCMD (66.15 MMSCFD) gas with an average
butane of 1.01% (v/v) in the feed gas in the FY 2025-26.
The LPG Recovery Plant was in operation for 338 days
and 30,906 metric tons of LPG was produced during the
year. Along with LPG, 20,925 metric tons of Condensate
was also recovered as by-product which was added to
the crude oil production of the Company. LPG Filling
Plant was in operation for 276 days despatching entire
quantity of LPG produced in bulk tankers to IOCL.
Revenue earned by selling LPG during FY 2025-26 was
' 166.393 crore. Net realization of Condensate was
' 25.56 crore during the FY 2025-26 as against ' 30.45
crore in the previous year.

(v)    Pipeline Operations

Optimised pipeline operations, enhanced asset utilisation
and improved tariff realisation contributed to a strong
performance in the transportation business.

In FY 2025-26, the crude oil pipeline achieved a record
transportation volume of 7.453 MMT of crude oil,
surpassing the previous year's 7.145 MMT and marking
the highest-ever throughput. The Digboi-Naharkatia-
Bongaigaon Sector transported 3.282 MMT of crude
oil for the Company, 1.040 MMT of crude oil for ONGC
and 0.032 MMT of crude oil from JVC. The Barauni-
Bongaigaon-Guwahati sector transported highest ever
3.098 MMT of imported crude oil for Bongaigaon and the
Guwahati Refinery. Your Company also transported 1.724
MMT of petroleum products through the Numaligarh-
Siliguri Product Pipeline. The total revenue earned from
transportation business was ' 936.20 Crore (including
' 263.11 Crore arrear recovery arising out of revision of
transportation tariff but excluding ' 6.74 Crore earned
from telecom business) during the FY 2025-26 against
' 572.23 Crore (excluding ' 9.28 Crore earned from
telecom business) during the previous year.

(vi) Development of Surface Facilities for Production
and Evacuation of Crude Oil, Natural Gas
and Associated Products: Infrastructure for
Enhanced Production

•    Nadua and East Khagorijan Areas (Dibrugarh
District, Assam): A state-of-the-art Oil Collecting
Station (OCS) project has been commissioned at
Nadua, and the process plant is currently under
stabilization. The Group Gathering Station (GGS)
at East Khagorijan is under development. These
facilities are designed with enhanced fluid and
gas handling capacities. Both installations include
Effluent Treatment Plants (ETPs), dehydration units
and non-luminous flare stacks, conforming to oilfield
safety standards.

•    Baghjan Area (Tinsukia District, Assam): To

enhance the production potential of this high
yielding field, a modern Field Gas Gathering Station
(FGGS) is being constructed. This facility will handle
the collection and processing of non-associated
natural gas. It will be equipped with gas dehydration
units, effluent treatment systems and non-luminous
flare stacks, conforming to oilfield safety standards.
Upon commissioning, the FGGS is expected to handle
future enhanced gas output and improve the quality
of gas supplied for downstream applications.

•    Lakwagaon Area (Sivasagar District, Assam):

The Company is developing an integrated Group
Gathering Station (GGS) at Lakwagaon Field, which
will comprise an Oil Collecting Station (OCS), Effluent

Treatment Plant (ETP) and a Water Injection Station
(WIS). Once operational, this facility will enable the
field to operate at optimal production capacity,
ensuring efficient resource management and
enhanced recovery.

(vii)    Capacity Augmentation of Numaligarh Siliguri
Product Pipeline (NSPL):

Your Company owns and operates a 16-inch cross
country Numaligarh Siliguri Product Pipeline (NSPL) of
length 654 Km and with existing capacity of 1.72 MMTPA
for transporting products of Numaligarh Refinery
Limited (NRL) viz., Motor Spirit (MS), High Speed Diesel
(HSD) and Superior Kerosene Oil (SKO).

The NSPL Capacity Augmentation Project has been
undertaken to increase the existing throughput of
Numaligarh-Siliguri Product Pipeline (NSPL) from 1.72
MMTPA to 5.5 MMTPA, which is required to evacuate
additional petroleum products following the expansion
of NRL's refinery capacity from 3 MMTPA to 9 MMTPA.
The project has been formally dedicated to the nation
by Hon'ble Prime Minister of India on 13^th March, 2026 at
Guwahati. The project incorporated several state-of-
the-art technologies such as SCADA-based centralized
control system, Gas Insulated Switchgear (GIS), Variable
Frequency Drive (VFD)-based pumping system, Drag
Reducing Agent (DRA) injection facilities and Negative
Pressure Wave (NPW)-based leak detection system
to enhance operational efficiency, safety and energy
conservation. The project also achieved significant
cost optimization, with the anticipated completion cost
estimated at around ' 750 Crore against the approved
project cost of ' 860 Crore. In addition, the project
recorded over 4 million Loss Time Accident (LTA) free
man-hours, reflecting the strong emphasis placed on
Health, Safety and Environment (HSE) practices during
execution.

(viii)    Other Significant Steps / Initiatives

• Compliance with OISD Safety Guidelines and
Strengthening of Field Installations: Reinforcing its
commitment to maintaining the highest standards of
process safety and operational integrity, the Company
continued the implementation of a comprehensive
action plan based on the recommendations of a
detailed study undertaken to address observations
raised by the Oil Industry Safety Directorate (OISD).
During FY 2025-26, significant progress was
achieved in executing the identified mitigation

measures across field installations. These initiatives
are aimed at eliminating legacy gaps, enhancing
the safety and reliability of production facilities,
and ensuring sustained compliance with applicable
statutory, regulatory, and OISD safety requirements.

•    Refurbishment and Centralisation of Vintage
Facilities: In line with evolving regulatory
requirements, including OMR 2017 and the standards
and guidelines of OISD, PNGRB, CEA, DGMS, and the
Pollution Control Boards, the Company continued its
efforts to modernise its ageing production facilities.
During the year, a Detailed Project Report (DPR)
was completed to assess the technical feasibility
and economic viability of refurbishment and
centralisation of vintage installations, taking into
account the prevailing production profile and future
operational requirements. The study also evaluated
the establishment of a greenfield Condensate
Recovery Plant to maximise hydrocarbon
recovery and optimise resource utilisation. The
recommendations of the DPR will provide a roadmap
for phased infrastructure modernisation, enhanced
operational efficiency, improved regulatory
compliance and sustainable production growth.

•    Gap Analysis for Production Optimisation in Mature
Fields: As part of its continued focus on enhancing
hydrocarbon recovery from mature assets in Assam
and Arunachal Pradesh, the Company has undertaken
a comprehensive gap analysis to benchmark existing
production performance against the fields' potential.
The study aims to identify operational and systemic
constraints, recommend targeted interventions

and facilitate their implementation to improve field
performance. This strategic initiative is expected to
enhance operational efficiency, bridge performance
gaps, maximise recovery from mature reservoirs and
unlock incremental oil and gas production, thereby
contributing to the Company's long-term production
sustainability and national energy security.

Hydraulic Fracturing for Enhanced Recovery: As

part of its strategy to maximise recovery from mature
reservoirs, the Company continued the deployment
of hydraulic fracturing as an effective reservoir
stimulation technique to enhance well productivity.
During FY 2025-26, hydraulic fracturing operations
were successfully carried out in selected wells
across the Upper Assam fields, yielding encouraging
improvements in production performance and
reservoir deliverability. The successful execution
of these operations reaffirms the Company's
commitment to leveraging advanced reservoir
management and enhanced recovery technologies
to optimise hydrocarbon production, improve asset
performance and sustain long-term production
growth.

Sick well liquidation: The Company continued to
accord high priority to the liquidation of sick wells as
a key strategy for arresting production decline and
maximising recovery from its mature fields. During
FY 2025-26, a total of 172 workover operations
were successfully completed, comprising both rig-
assisted interventions and rigless live-condition
perforation jobs. These efforts resulted in 59 wells
being restored to production, contributing an on-

stream production gain of 372 KLPD (309 MTPD).
To support this initiative, the Company deployed 34
workover rigs across its operational areas. In addition,
an internationally reputed reservoir consulting firm,
D&M, was engaged to evaluate 25 identified sick wells,
complementing in-house technical studies aimed
at identifying optimum intervention strategies and
maximising production gains through scientific well
restoration and enhanced reservoir management.

•    Deployment of Plunger Lift System: As part of its
ongoing efforts to enhance production from mature
wells, the Company successfully deployed 14 Plunger
Lift Systems across the Eastern and Western fields
during FY 2025-26. The implementation of this
artificial lift technology has resulted in enhanced
production efficiency and overall hydrocarbon
output. The successful deployment reinforces
the Company's focus on adopting cost-effective
production optimisation technologies to maximise
recovery and sustain production from mature assets.

•    Radial Drilling: As part of its continued focus on
enhancing hydrocarbon recovery from mature
and marginal fields, the Company deployed Radial
Drilling Technology, a fast and cost-effective
reservoir intervention technique for improving well
productivity. During FY 2025-26, the technology
was successfully implemented in selected wells
to extend the drainage area within productive
formations, resulting in improved crude oil and
natural gas production. The successful deployment
of this technology underscores the Company's
commitment to adopting innovative well intervention
techniques to maximise reservoir recovery, optimise
asset performance and sustain production from
mature fields.

•    Elimination of Crude Oil Bowser Transportation
from Lakwagaon Area: In a significant milestone
towards strengthening production infrastructure
and improving operational efficiency, the Western
Fields achieved 100% elimination of crude oil bowser
transportation from the Lakwagaon Area with the
commissioning of the fourth Crude Oil Pumping
Facility (WHS#MHB) on 27^th June 2025. This marks the
completion of a phased infrastructure development
programme, following the commissioning of three
pumping facilities at WHS#MFK, WHS#MGM,
and WHS#MGJ during 2023 and 2024. With this
achievement, the entire crude oil production of
approximately 1,600 KLPD from the Lakwagaon

Area is now being transported through a 24-km,
8-inch Crude Oil Dispatch (COD) pipeline to CTF-
Moran, replacing the earlier system of evacuating
crude through more than 100 bowser trips. The
transition to a fully pipeline-based evacuation
system has significantly enhanced operational safety
by eliminating road transportation risks, reduced
logistics costs, minimized environmental footprint
and improved the overall reliability and efficiency of
crude oil evacuation.

Workover Resources: Strengthening Production
Performance

Workover operations continued to play a pivotal role
in sustaining and enhancing hydrocarbon production
during FY 2025-26 through focused well intervention
programmes, improved rig utilisation and the
strengthening of well servicing infrastructure. The
Company's emphasis on operational excellence and
timely execution of workover activities contributed
significantly to production continuity and improved
asset performance across its mature fields. During the
year, workover operations delivered an incremental
production gain of 0.051 MMT of crude oil and 60.67
MMSCM of natural gas, underscoring the critical role
of well intervention in reservoir management and
production optimisation.

A notable technological achievement during the year
was the successful deployment of Single String Multi
Zone Completion in well DNJ001, marking the first
application of this advanced completion technique in
the Company's operations. The well enabled sequential
testing of three previously untested reservoir intervals-
the 3563 m LK+TH Sand, 3518 m Narpuh Sand, and
3506 m Narpuh Sand-through a single production
string. The technology facilitates selective production
and isolation of individual zones using a Sliding Side
Door (SSD), thereby eliminating repeated workover
operations, reducing testing time and operational costs,
and significantly improving overall well intervention
efficiency.

Your Company has deployed 34 Workover Rig packages
across Assam, Arunachal Pradesh and Rajasthan
in FY 2025-26. The Company also continued to
strengthen its workover infrastructure to support
future production enhancement initiatives. During the
year, BHEL-E and BHEL-F, two in-house workover rigs,
were commissioned and deployed for field operations,
enhancing the Company's self-reliance and operational

flexibility. In parallel, the procurement process for seven
new workover rigs comprising five replacement rigs and
two additional rigs progressed substantially, with bid
evaluation completed and award of contracts is under
process. The Company has also initiated the hiring of
two dedicated workover rigs for well abandonment
operations, while procurement of a Snubbing Unit
is underway to further strengthen specialised well
intervention capabilities.

These strategic investments in modernising and
expanding the workover fleet are expected to improve rig
availability and reliability, reduce operational downtime
and maintenance requirements, enhance safety and
provide greater operational flexibility. The planned
induction of additional rigs and specialised equipment
is expected to increase the Company's workover rig fleet
strength to 37 by the end of the current financial year,
further strengthening its well intervention capabilities
and supporting sustained production, enhanced asset
integrity, improved operational resilience and long-term
reservoir optimisation.

(ix) Renewable Energy: Driving the Green Transition

Aligned with the nation's clean energy transition goals,
your Company further enhanced its renewable energy
portfolio and reinforced its presence in the green energy
sector during the year.

The total installed capacity of the Company for
renewable energy was 188.1 MW comprising of 174.1 MW
from wind energy and 14.0 MW from solar energy. During
the FY 2025-26, the Company has generated revenue
of ' 110.7 crore from its renewable energy projects.
Further, to develop green energy infrastructure in
the northeastern part of the country, the Company
incorporated a Joint Venture Company i.e. APGCL OIL
Green Power Limited (AOGPL) on 21^st February, 2025 in
association with Assam Power Generation Corporation
Limited (APGCL) wherein APGCL holds 51% stake and
the Company holds 49% stake. AOGPL has identified
primarily solar power projects of total capacity of
645 MW in the State of Assam. Foundation stone
for the initial 25 MW Solar power project in Namrup,
Assam has been laid by the Hon'ble Chief Minister,
Assam on 14^th June, 2024 and currently plant is under
Construction. Additionally, the Company has signed a
Joint Venture Agreement with Rajasthan Rajya Vidyut
Utpadan Nigam Limited (RRVUNL) for development of
1200 MW renewable energy projects in Rajasthan. The
proposal for formation of the Joint Venture has been

submitted for concurrence of DIPAM and upon receipt
of the concurrence, the Joint Venture Company will be
incorporated.

Research And Development: Powering Future Growth

To ensure sustained value creation over the long term,
your Company is focused on addressing the challenges
facing the fossil fuel industry, particularly in exploration
and production. It aims to develop innovative solutions
that mitigate exploration risks, overcome limitations of
geophysical methods in challenging terrains, address
declining production from mature fields and ensure
flow assurance for waxy crude. Emphasizing technology
and innovation, the Company is committed to fulfil its
promises while prioritizing the well-being of employees,
communities and the environment. This commitment
is fostered by robust R&D initiatives and the adoption
of state-of-art technologies. The Company currently
operates two R&D facilities: the R&D Department at
its Field Headquarters in Duliajan and the Centre of
Excellence for Energy Studies (CoEES) in Guwahati,
focusing on both immediate and future research needs.

To enhance the impact and effectiveness of its R&D
endeavours, the Company collaborates extensively
with academia, research institutes, start-ups and
other industry bodies. These partnerships aim to build
a comprehensive knowledge base that will drive the
nation towards energy self-reliance and independence
in the years ahead.

(x) Operational Performance of NRL

NRL processed 3113 TMT of crude oil against its design
capacity of 3000 TMTPA during the FY 2025-26. This is
the highest ever crude oil processed by the refinery in
a financial year. Previous highest was 3091 TMT during
2022-23. The refinery maintained its capacity utilization
above 100% for the second consecutive year. Domestic
crude oil received from the Company and ONGC, during
the year was 3031 TMT. A small quantity of 2 TMT of
crude oil was also received from the nearby Hazarigaon
field (DSF) operated by Vedanta Limited. In addition to
domestic crude oil, the refinery also processed 44 TMT
of imported crude oil from Shell, Brunei and Petronas,
Malayasia. Three consignments (62 TMT) of imported
crude oil were received at Haldia during the financial year.

A higher capacity utilization of the refinery could be
maintained due to the availability of domestic crude oil
and improved reliability of the refinery units. Secondary

processing units, Diesel Hydrotreater (DHDT),
Hydrocracker Unit (HCU) and Naphtha Hydrotreater Unit
(NHTU) were operated at a higher throughput of 103%,
101% and 100% consistently.

Some of the major projects being undertaken by NRL
are as under:-

Numaligarh Refinery Expansion Project (NREP):

The flagship Numaligarh Refinery Expansion Project
(NREP) under execution at NRL is a brown field initiative
to introduce an independent train of process units
adjacent to the existing 3 MMTPA plant incorporating
the latest refining technology to process variety of
international crudes. The project shall triple the crude
processing capacity of NRL from 3 MMTPA to 9 MMTPA.

In addition to conventional units, the refinery component
of the project includes Petro Fluidized Catalytic
Cracking Unit (PFCC) for downstream petrochemical
integration and Residue Processing & Treating Unit
(RPTU) for maximizing bottom residue upgradation. As
on 31.03.2026, physical progress is 84.03% and financial
progress is 86.33%.

Paradip Numaligarh Crude Oil Pipeline (PNCPL):

As a part of the refinery expansion project, NRL is
executing a crude oil pipeline project from Paradip in
Odisha to Numaligarh, Assam. The crude oil pipeline
will traverse through five states of Odisha, Jharkhand,
Bihar, West Bengal and Assam. The length of the pipeline
is 1,635 KMs and 9 MMTPA in capacity. Crude Oil Import
Terminal (COIT) is also being constructed at Paradip on
BOOT (Build, Own, Operate, Transfer) basis to facilitate
storage and pumping of the crude oil. As on 31.03.2026,
physical progress is 92.12% and financial progress is
94.43%.

Petrochemical Project:

The Company is implementing a 360 KTPA Polypropylene
Project at Numaligarh, Assam, comprising a
Polypropylene Unit (PPU) and associated facilities. The
approved project cost of the project is ' 7,231 crore.
Upon commissioning, the project is expected to enhance
the Company's Petrochemical Intensity Index (PII) to
3.88%, strengthening its presence in the petrochemical
sector through the production of value-added products.
The project has received Environmental Clearance,
and Engineering India Limited (EIL) has been engaged
as the Engineering, Procurement and Construction

Management (EPCM) consultant. The project is targeted
for completion by March 2028. The foundation stone
for the project was laid on 14^th September 2025 at
Numaligarh, Assam by the Hon'ble Prime Minister.

Assam Bio Ethanol Private Limited (ABEPL):

NRL, in collaboration with two other foreign companies,
have formed the Joint Venture Company, Assam Bio
Ethanol Private Limited", which has set up a 2G bio¬
ethanol plant at Numaligarh, Assam to produce ethanol
from non-food grade feed stock bamboo.

The 2G bio-ethanol plant was inaugurated by Hon'ble
Prime Minister of India in September 2025. The plant
is currently in its stabilisation phase and is expected to
commence commercial production during the current
financial year.

C. EXPLORATION HIGHLIGHTS

i) Exploration Thrust: Acquiring Acreages

The Company continues to intensify its exploration
activities with a strategic focus on making new
discoveries and establishing new hydrocarbon reserves.
In addition to its mainstay areas in Assam, Arunachal
Pradesh and Rajasthan, your Company has gradually
increased its operational presence in the states of
Tripura, Nagaland, Meghalaya, Odisha, Andhra Pradesh &
Gujarat and offshore areas in Andaman, Kerala-Konkan,
Krishna Godavari and Mahanadi basins. The Company
is operating in 01 (one) PEL and 25 (twenty-five) PML
areas, allotted under the nomination regime in the
states of Assam, Arunachal Pradesh and Rajasthan. As
part of its endeavour to gain access to more prospective
sedimentary basins, your Company has been actively
participating in the OALP Bidding Rounds and secured
a sizeable portfolio of OALP Blocks for carrying
out frontier exploration activities. The Company is
currently active in 32 OALP Blocks in the states of
Assam, Arunachal Pradesh, Tripura, Nagaland (PEL
grant awaited), Meghalaya (PEL grant awaited), Odisha,
Rajasthan & Gujarat and offshore areas in Andaman
shallow offshore, Kerala-Konkan shallow offshore and
KG & Mahanadi ultradeep waters. The Company also has
02 NELP Blocks as operator in Assam. Under DSF Bid
rounds, the Company also acquired 3 (three) DSF Blocks
as operator - 01 Block each in Tripura and Krishna-
Godavari Shallow Offshore under DSF-II Bid round and
01 Block in Rajasthan under DSF-III Bid round. The total
operating acreage covers an area of 93,061 Sq. Km
across 63 nos. of Blocks as on 31^st March, 2026.

The Company also has Participating Interests as non¬
operator in 07 Blocks (01 NELP Block each in West Bengal
& Gujarat-Kutch shallow offshore, 01 OALP Block each in
Gujarat, Meghalaya & Mahanadi ultradeep, 01 Pre-NELP
JV Block each in Assam & Arunachal Pradesh). The total
non-operating acreage covers an area of 13,420 Sq. Km
as on 31^st March, 2026.

Capitalising on the momentum, under OALP-IX Bid
Round, your Company has successfully acquired 06
Blocks viz. KG-UDWHP-2023/1, KG-UDWHP-2023/2, MN-
UDWHP-2023/2, MN-UDWHP-2023/3, CB-ONHP-2023/1
& AS-ONHP-2022/3 and 03 Blocks as non-operator
(ONGC- 50%, OIL- 50%) viz. MN-UDWHP-2023/1, CB-
ONHP-2022/2 & AS-ONHP-2022/2. The total acreage of
the 09 Blocks is 51,555.15 Sq. km. This marks Company's
maiden foray as operator in the ultradeep water frontiers
of Mahanadi & KG Basins including first ever entry as
operator in the states of Meghalaya & Gujarat.

The Company continues to pursue a focused growth
strategy through selective acquisition of high-potential
acreages, while steadily expanding its exploration
footprint into emerging and technically challenging
frontiers across both onshore and offshore domains.
The emphasis remains on building a balanced and future-
ready exploration portfolio with increasing presence
in deepwater and frontier plays. These initiatives are
aligned with the Company's long-term strategic vision
of strengthening and diversifying its domestic reserves
base, while supporting the Government of India's
broader objective of accelerating exploration activities
and enhancing the country's energy security through
increased indigenous hydrocarbon production.

ii) Exploration & Development Activities and
Discoveries

Seismic Survey & Exploratory Drilling constitute critical
early-stage milestones in the exploration lifecycle,
requiring seamless coordination and synchronized
execution of multiple interdependent technical,
operational and logistical activities. Your Company
has carried out 4235.37 LKM of 2D seismic survey and
5263.19 Sq. Km. of 3D seismic survey in Nominated PMLs
& OALP Blocks during the FY 2025-26. So far, out of 34
OALP Blocks with valid PEL (including the relinquished
OALP Blocks) that were awarded under OALP Round I
to IX, the Company has completed committed seismic
acquisition in 31 OALP Blocks. Seismic acquisition
is in progress in 02 Blocks. Your Company drilled 22
exploratory wells and 52 development wells leading
to a total of 74 wells drilled during FY 2025-26, which
is the highest drilling achievement recorded ever.
Backed by comprehensive geoscientific evaluations
and integrated G&G studies undertaken by Company's
multidisciplinary teams, along with additional review &
validation by reputed international experts, the Company
continues to advance its seismic and exploratory drilling
programmes across its operational portfolio.

The Company is strategically pursuing focused near-field
exploration programmes aimed at unlocking additional
hydrocarbon potential in proximity to existing producing
assets, thereby enabling faster commercialization
of reserves and sustaining incremental oil and gas
production from its assets. During FY 2025-26, your
Company has made two discoveries viz. one oil discovery
in well East Borpothar-1 in Borhapjan PML, Assam and

another oil discovery in well Namrup Borhat-2 in OALP-I
Block AA-ONHP-2017/20 in Assam. The Company also
in a significant breakthrough successfully established
presence of gas in the exploratory well Vijaya Puram-2
drilled in OALP-II Block AN-OSHP-2018/1 in Andaman
East shallow offshore. These discoveries are expected
to further strengthen and accelerate the Company's
ongoing exploration momentum. Such achievements
reflect Company's integrated exploration strategy
encompassing both near-field opportunities and frontier
exploratory initiatives, reinforcing its commitment
towards enhancing domestic hydrocarbon production
and contributing to India's long-term energy security
objectives.

Under OALP regime and PEL blocks, the Company drilled
four (04) exploratory wells in FY 2025-26 viz, Maijan-1
(AA-ONHP-2017/18) & Mangaldoi-1 (AS-ONHP-2021/3) in
Assam, Vijayapuram-2 (AN-OSHP-2018/1) in Andaman
shallow offshore, Cuttack-3 (MN-ONHP-2018/5) in
Odisha. Another three (3) wells are under drilling viz.
Jagatsinghpur-1 (MN-ONHP-2018/1) in Odisha, Vijaya
Puram-3 (AN-OSHP-2018/1) in Andaman Offshore and
Kollam-1 (KK-OSHP-2018/1) in Kerala-Konkan Offshore.
The Company had focussed drilling on offshore areas
and prospective onshore areas in view of Gol mandate
for reduction in import dependency. Accordingly,
Company's intention was intimated to MoPNG to reduce
the targeted PEL wells for FY 2025-26.

The Company has adopted a structured stage-gate
approach for advancing exploration activities across its
OALP portfolio, with emphasis on systematic evaluation
and progressive de-risking of prospects. The focus
is not only on timely execution of committed work
programmes but also on undertaking supplementary
technical studies and additional exploratory activities,
wherever required,tofurther enhance the understanding
of hydrocarbon prospectivity.

The Company also drilled a total of 03 wells under DSF
regime viz. wells Debtamura-1 & Debtamura-2 in Block
AA/ONDSF/Tulamara/2018 in Tripura which is the first
ever drilling campaign by the Company in the state and
well Bagitibba-7 in Block RJ/ONDSF/Bakhritibba/2021
in Rajasthan. The third well viz. Debtamura-3 in Tripura
DSF Block is under drilling and the first well viz. well
Godavari-1 in KG shallow offshore DSF Block KG-OSDSF-
GSKW-2018 has been spudded on 31.03.2026 and is
under drilling.

In addition to extensive in-house geoscientific
evaluations, the Company has undertaken a range

of specialized technical studies through reputed
international consultancy firms to obtain independent
assessments of identified drilling prospects, validate
exploration models, and evaluate potential future
resource upsides. Studies have been conducted in
Company's operational areas in Assam & Arunachal
Pradesh, Tripura, North Bank of Brahmaputra, Jaisalmer
Basin (for CO2 storage feasibility), Mahanadi Basin
etc. The studies have helped in the re-affirmation of
drilling locations planned to be drilled by the Company in
different sedimentary basins of the country. Technical
due-diligence of Blocks offered under OALP Bid
Round-X was also carried out and validated by third
party international experts.

Further, reservoir related studies to maximize oil/gas
recovery from producing fields, has led to identification
of development locations in Lakwagaon, Kumchai,
Jutlibari, Balimara, Barekuri, Sesabil, Hapjan and other
areas in Assam as well as Baghewala heavy oilfield in
Rajasthan as part of field development campaigns.

During the year, your Company deployed a strong fleet
of 27 drilling rigs (11 nos. in-house & 16 nos. chartered
hired) for carrying out the planned drilling activities
in its operational areas in Assam, Arunachal Pradesh,
Tripura, Rajasthan, Odisha, Andaman & KG offshore and
Kerala-Konkan offshore. With projections of increased
drilling requirements in forthcoming years, your
Company is planning to procure/hire additional rigs in
the forthcoming years.

Introduction of Integrated Drilling Services (IDS) has
significantly improved operational efficiency, especially
in deeper wells. With enhanced bit performance and
coordinated service delivery, wells are now drilled in
substantially lesser time.

To cater to the rising drilling demand and improve
operational efficiency, a strategic induction of a mix of
2000 HP and 3000 HP rigs has added greater flexibility
for drilling deeper and more challenging wells. The
procurement of new-generation rigs will further boost
drilling performance, minimize non-productive time, and
enable faster and more cost-effective well completion.

Your Company initiated AGG & GM data acquisition
campaign in the North-Eastern Region to decipher
regional geological setting & plays covering OALP
acreages, PMLs and areas around Kaziranga & Mikir hills
with a cumulative quantum achievement of 15837.72
Flight LKM till 31^st March 2026 (10,126.72 Flight LKM
acquired in FY25-26) against the target quantum of
34,190 Flight LKM.

Considering Company's 2D, 3D and AGG & GM Survey,
total equivalent Seismic survey completed for the FY
2025-26 stands at 6958 Sq. Km.

Under the Government of India's Mission Anveshan
initiative aimed at comprehensive appraisal of Indian
sedimentary basins, 2D seismic surveys have been
planned across seven onland sedimentary basins. Out
of the total allocated programme of 20,275 LKM of 2D
seismic acquisition, the Company has been entrusted
with execution of approximately 9,400 LKM in the
relatively unexplored areas of the Rajasthan and Ganga-
Punjab Basins, covering parts of Rajasthan, Punjab,
Bihar and Uttar Pradesh. Seismic acquisition activities
have already commenced in Rajasthan and in selected
areas of Uttar Pradesh, including Azamgarh and Badaun,
as well as Muzaffarpur in Bihar. As on 31^st March 2026,
the Company has successfully acquired 8,561.68 LKM
(5,958.76 LKM acquired in FY25-26) of 2D seismic data
under the programme, marking significant progress
towards regional subsurface evaluation and basin
understanding.

Further to boost exploration activities to provide
valuable inputs to ascertain hydrocarbon potential in
the Continental Shelf areas of the country in Western
and Eastern offshore beyond EEZ boundary, Govt. of
India has initiated the Extended Continental Shelf (ECS)
survey for 2D Seismic API. A total quantum of 30,000
LKM of 2D seismic API is proposed to be carried out in
Eastern & Western Offshore (15,500 LKM in Western
Sector by ONGC & 14,500 LKM in Eastern Sector by
your Company). The 2D seismic data acquisition
campaign commenced on 04.02.2025 and completed
on 13.01.2026 of which 7,150.50 LKM acquired in FY 25¬
26 with submission of the processed & interpreted data
to DGH.

Considering the above 2D, 3D, AGG & GM survey, the
total equivalent Seismic Survey completed for the FY
2025-26 stands at 10,193.02 Sq. Km.

iii. Oil and Gas Reserves

a. Domestic

Your Company has strong oil and gas reserves base in
domestic assets including JVs. The Reserves accrued
during the FY 2025-26 is 6.2320 MMToE (2P). The
particulars of oil and gas reserves as on 1^st April, 2026
are furnished below:

*Based on projected volume of gas under various sales
contracts, 1P, 2P and 3P Gas Reserves are 35.3000 BCM,
50.5770 BCM, 61.9620 BCM respectively.

b. Overseas

As of 1^st April 2026, the oil & gas reserves position
of 04 (four) overseas producing assets (Company's
Proportionate Share), namely, Vankorneft (Russia),
Taas Yuryakh (Russia), Petro Carabobo (Venezuela) and
Golfinho-Atum (Mozambique) are furnished below:

2. Human Assets

The Company's human resource management is aligned
with its strategic priorities of building a future-ready,
diverse and high-performing workforce. The Company
achieved stable workforce growth, low attrition and
improved capability metrics since it is driven by targeted
recruitment, strong internal talent development and
digital transformation initiatives while maintaining
full compliance with Government norms and statutory
requirements.

Workforce Strength & Composition: As of 31^st March,
2026, the Company employed 6,593 personnel (1,898
executives and 4,695 non-executives). The workforce
grew slightly from 6,412 in the previous year, reflecting
net additions after retirements. 478 new employees
(both executives and non-executives) were recruited
bringing fresh skills to the organization and 247
employees were superannuated. The Company's
voluntary attrition rate remained very low (<0.32%),
demonstrating strong retention. The average age of
employees decreased marginally to ~39.9 years (from
~40.7), indicating gradual rejuvenation of the talent pool
through hiring and succession.

The Company's human capital profile is diverse and
compliant with Government of India's policies. As on
31^st March, 2026, the workforce included 536 women
employees constituting 8.11% of total headcount (up
from 7.8% last year). The Company actively encourages
greater female participation in technical and leadership
roles. Representation of Scheduled Castes, Scheduled
Tribes, Other Backward Classes, minorities, and persons
with disabilities is in line with applicable reservation
guidelines. The Company adheres to the applicable
directives on recruitment and promotions for reserved
categories, and reservation rosters are maintained
without lapse.

Recruitment & Promotions: The Company undertook
significantrecruitmentdrivestofillcriticalvacanciesand
prepare for the future. A substantial share of executives
was sourced from premier engineering and management
institutions, strengthening the organization's talent
base. Additionally, hundreds of workperson positions
across operations were filled through duly conducted
selection processes, in accordance with applicable
procedures. All recruitments were conducted in a fair
and transparent manner, leveraging online systems and
adhering to the Government's Rozgar Mela initiative.

The Company continued to emphasize internal career
growth. During the year, 304 executives and 1,228
workpersons were promoted to higher grades or
levels. Notably, eight workpersons were elevated to the
executive cadre (Grade A).

Employee Development & Training: The Company
maintained its strong focus on training and upskilling to

enhance employee competencies. In FY 2025-26, the
Company organized 675 formal training programmes,
achieving substantial coverage of the planned training
calendar. These programs covered technical skills, HSE
(Health, Safety & Environment), regulatory and soft
skills for both executives and workpersons. In addition
to classroom sessions, employees availed extensive
e-learning programs: over 25,200 course completions
were recorded on the in-house LEAP platform and the
Government's iGOT digital learning portal. During the
year, the Company achieved a significant milestone by
becoming the first CPSE to implement full API integration
with the iGOT Karmayogi platform, facilitating seamless
data synchronization, ease of access, and strengthened
dissemination of learning insights. All mandatory
refresher trainings (such as safety and compliance
modules) were completed on schedule. Furthermore,
as per guidelines, the Company continued to support
apprenticeships, engaging apprentices during the
entire year, often exceeding the statutory requirement
and contributing to national skill development.

Leadership Development and Succession Planning:
Your Company continued to place strong emphasis on
leadership developmentand succession planning tobuild
a future-ready leadership pipeline aligned with its long¬
term strategic objectives. During the year, the Company
advanced its structured leadership development
journey through initiatives such as AAROHAN 1.0, under
which a cohort of 50 senior and mid-level officials
comprising 40 officials from OIL and 10 officials from
NRL completed "AAROHAN 1.0" - Company's intensive
leadership development journey in partnership with

IIMs - as part of succession grooming. Following the
successful completion of AAROHAN 1.0, the process
for implementation of AAROHAN 2.0 has been initiated.
The Company also nominated high-potential executives
to national level leadership programs (e.g., "DAKSH" by
the Capacity Building Commission).

Pradhan Mantri Internship Scheme (PMIS): Under PMIS
the Ministry of Corporate Affairs (MCA) had set a target
of 1,000 interns for the Company in Phase-I, launched in
November 2024. In compliance with the MCA guidelines,
the Company posted internship opportunities on the
portal, against which 1022 candidates were selected of
which only 271 candidates have joined. Subsequently,
pursuant to the launch of Phase-II in March 2025 with
revised guidelines, the Company suitably modified the
uploaded opportunities and selected a further 706
candidates of which 345 interns joined. In total, 1728
candidates were selected and 616 candidates have
joined the company.

Employee Welfare & Benefits: Employee well-being and
welfareareaccordedhighpriority.TheCompanyprovides
a comprehensive range of benefits to its employees
and their families, including medical facilities, housing
in self-contained townships, educational facilities
for children, insurance and superannuation benefits.
During the year, the Company efficiently managed
township amenities and corporate facilities to ensure a
safe, hygienic and comfortable living environment. The
Company's medical department continued to deliver
quality healthcare services through the Company's
Hospital at Duliajan and regular health camps. No major
occupational health incidents were reported in the year.

Digital HR & Administrative Reforms: In line with the
Government's Digital India initiatives and industry best
practices, the Company accelerated the adoption of
digital tools across HR processes. By the end of FY
2025-26, key HR services such as employee leave
management, travel claims, select reimbursements,
and performance appraisals were delivered through a
secure online portal, significantly reducing processing
time and paper consumption.

The Company also developed in-house digital solutions
(e.g., Kanooni Kosh for legal case tracking and the Shram
Sanchay portal for monitoring contract labour cases)
to enhance operational efficiency and transparency.
These initiatives have improved data accuracy, enabled
faster decision-making, and aligned with the Company's
sustainability objectives through reduced paper usage
across offices.

Compliance & Regulatory Updates: The Company
ensured full compliance with all HR-related statutory
requirements under the Companies Act, 2013 and
guidelines from the Department of Public Enterprises
(DPE) and Ministry of Petroleum & Natural Gas.
Disclosures on the ratio of remuneration, particulars of
employees, etc., as required, have been made separately
in the Annual Report annexures. The Company is also
prepared for the anticipated implementation of the new
Labour Codes. During the year, an internal committee
under the supervision Director (HR) oversaw alignment
of HR policies and systems with the four new Labour
Codes (on Wages; Industrial Relations; Occupational
Safety, Health & Working Conditions; Social Security) to
ensure seamless adoption.

The Company's human resource development efforts
have resulted in a future-ready, engaged workforce,
well-equipped to support Company's strategic
objectives. The Company will continue to strengthen
its people practices in the coming year, with particular
focus on workforce diversity, skill development,
productivity enhancement, and employee well-being,
while upholding the highest standards of statutory
compliance and corporate governance in Human
Resource management.

3. Sports

Your Company believes that sports play a vital role in
promoting holistic development, fostering team spirit,
and enhancing employee engagement. The Company
continues to actively support and promote sports
activities under the aegis of the Petroleum Sports
Promotion Board (PSPB) and other recognized bodies.
During the year, the Company participated in various
national and inter-PSU sporting events, registering
commendable performances across multiple disciplines.

Your Company's performance and achievements in
sports during the year are highlighted below:

•    Successfully hosted the 44^th PSPB Inter-Unit Cricket
Tournament from 22^nd to 26^th February 2026, with a
record participation of 13 PSU teams.

•    Cricket Team won the Assam Cricket Association
Corporate Cricket Tournament 2026, marking a
significant achievement in competitive cricket.

•    Football Team emerged as Champion in the 45^th PSPB
Inter-Unit Football Tournament, while the Company's
players were also selected to represent Assam in
the Senior National Football Championship (Santosh
Trophy 2025-26).

•    Basketball Team secured Runner-up position in the
PSPB Inter-Unit Tournament.

•    Volleyball Team secured the Second Runner-up
position in the PSPB Inter-Unit Tournament.

•    Squash Team delivered excellent performance with
the Women's Team emerging as Champion and the
Men's Team securing Runner-up position.

•    Lawn Tennis Veteran Team secured the Runner-up
position in the PSPB Inter-Unit Tournament.

•    Chess Team secured Runner-up position in the Non¬
Professional category along with individual board
prizes.

•    In PSPB Billiards & Snooker events, Company's
players secured Runner-up positions in individual
events.

•    Bridge Team secured 3^rd position in the PSPB Inter¬
Unit Bridge Tournament.

•    Athletics Team secured 3 Silver and 4 Bronze medals
in the PSPB Inter-Unit Athletics Meet.

•    Badminton Team delivered commendable
performance, with the Women's Team emerging as
Runner-up along with individual podium finishes. ¹

•    Participated in the 7^th ONGC Para Games 2026,
securing 14 medals (5 Gold, 5 Silver and 4 Bronze)
across various disciplines.

•    The Company organised several in-house sporting
initiatives, including the Annual Employees Sports
Meet, Inter-Departmental Football and Cricket
Tournaments, and celebration of National Sports Day,
encouraging widespread employee participation.

The Company continues to strengthen its sports
ecosystem through sustained investment in
infrastructure, structured participation in national
competitions, and active promotion of sporting
excellence, thereby reinforcing employee well-being
and organizational unity.

4. Implementation of Government Directives
for Priority Sections

Your Company complies with the directives of the
Government of India for priority sections of the society.
The representation of various priority sections in
executive and unionized employees categories in the
Company as on 31^st March, 2026 is as under:

5. Implementation of Sexual Harassment
of Women at Workplace (Prevention,
Prohibition And Redressal) Act, 2013 and
Maternity Benefit Act, 1961

The Company is committed towards prevention of Sexual
Harassment of Women at Workplace and takes prompt
action in the event of reporting of any such incidents.
The Company has in place mechanism for prevention
of sexual harassment in line with the requirements of
the Sexual Harassment of Women at the Workplace
(Prevention, Prohibition and Redressal) Act, 2013. In this
regard, Internal Complaints Committees (ICCs) have
been constituted at various offices of the Company to
deal with sexual harassment complaints, if any and to
conduct enquiries. The disclosure regarding complaints
under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition & Redressal) Act, 2013 during
the financial year 2025-26, is as under:

6. Capital Structure

The Authorised Share Capital of the Company stands at
' 2,000 crore. As on 31^st March, 2026, the Paid-up Equity
Share Capital was ' 1,626.61 crore, comprising 162.66
crore equity shares of ' 10 each.

The Government of India, the Promoter of the Company,
held 56.66% of the Paid-up Equity Share Capital, while
the remaining 43.34% was held by public shareholders
and other investors, including bodies corporate, mutual
funds, banks, foreign portfolio investors, resident
individuals and other institutional investors.

To support the Company's future growth plans and
provide greater financial flexibility, a proposal for
enhancement of the Authorised Share Capital from
' 2,000 crore to ' 5,000 crore is being placed before the
shareholders for approval at the ensuing Annual General
Meeting (AGM).

7.    Dividend

During FY 2025-26, the Company declared and paid two
Interim dividends:

•    First Interim Dividend: ' 3.50 per equity share (35%
of the face value), amounting to ' 569.31 crore.

•    Second Interim Dividend: ' 7.00 per equity share
(70% of the face value), amounting to ' 1,138.63 crore.

Further, the Board of Directors has recommended a
Final Dividend of ' 1.00 per equity share (10% of the face
value) for FY 2025-26, subject to the approval of the
shareholders.

8.    Credit Ratings

The Company's financial prudence is reflected in the
current credit ratings ascribed by the ratings agencies
as given below:

9. Corporate Governance

Your Company considers that good corporate
governance plays a vital role in establishing a
constructive organizational culture and is fundamental
for building and sustaining stakeholder trust.

Pursuant to the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 and DPE guidelines
on Corporate Governance, a report on Corporate
Governance along with Management Discussion
& Analysis Report and Business Responsibility &
Sustainability Report forms part of Board's Report and
furnished as part of this Annual Report.

The details of the meetings & composition of the Board,
Statutory Committees of the Board including terms of
reference, establishment of whistleblower mechanism,
information related to Annual General Meeting,
Dividends, Investor Education & Protection Fund (IEPF)
details and other matters, etc. are part of report on
Corporate Governance.

In terms of Regulation 34(2)(f) of SEBI LODR Regulations,
2015, Business Responsibility & Sustainability Report
(BRSR) describing the initiatives taken by the Company
from an Environmental, Social and Governance
perspective forms part of the Annual Report. Your
Company has published the Business Responsibility
and Sustainability Report [BRSR] alongwith the
assurance of the specified parameters as per the
Business Responsibility and Sustainability Report Core
of the value chain, which are hosted on the website of
the Company on the link :https://www.oil-india.com/
business-responsibilitv-sustainabilitv-report

10. Research and Development (R&D)

To ensure sustained value creation over the long term,
your Company is focused on addressing the challenges
facing the fossil fuel industry, particularly in exploration
and production. It aims to develop innovative solutions
that mitigate exploration risks, overcome limitations of
geophysical methods in challenging terrains, address
declining production from mature fields and ensure
flow assurance for waxy crude. Emphasizing technology
and innovation, the Company is committed to fulfil its
promises while prioritizing the well-being of employees,
communities and the environment. This commitment
is fostered by robust R&D initiatives and the adoption
of state-of-art technologies. The Company currently
operates two R&D facilities: the R&D Department at
its Field Headquarters in Duliajan and the Centre of
Excellence for Energy Studies (CoEES) in Guwahati,
focusing on both immediate and future research needs.
Notably, the Company has filed five patent applications
during the FY 2025-26.

To enhance the impact and effectiveness of its R&D
endeavours, the Company collaborates extensively

with academia, research institutes, start-ups and
other industry bodies. These partnerships aim to build
a comprehensive knowledge base that will drive the
nation towards energy self-reliance and independence
in the years ahead. The Company at standalone basis
invested ' 173.22 crore in R&D activities during FY
2025-26 which is 3.20% of PBT.

OIL-NRL (consolidated) invested ' 211.36 crore in R&D
activities during FY 2025-26 which is 2.70 % of previous
3 years average PBT.

11. RTI Act, 2005

In line with its unwavering commitment to transparency,
accountability, and sound governance, your Company
has successfully implemented the provisions of the
Right to Information Act, 2005 (RTI Act). Designated
as a Public Authority under Section 2(h) of the Act,
the Company continues to discharge its statutory
obligations with utmost diligence.

To ensure effective and smooth implementation, the
Company has appointed Central Public Information
Officers (CPIOs), Central Assistant Public Information
Officers (CAPIOs), Appellate Authorities across all
operational areas including and a nodal officer for
your Company. The RTI Cell efficiently processes and
disposes of applications through the Government
of India's RTI Online portal. In compliance with the
Government's proactive disclosure guidelines, the RTI
section on the Company's official website is regularly
updated with all relevant and disclosable information.

All RTI applications and appeals are responded to
within the stipulated 30-day timeframe, reflecting the
Company's strong emphasis on timely and responsible
dissemination of information.

(²Includes Applications carried over from the previous FY)

12. Health, Safety & Environment

Health, Safety and Environment (HSE) continue to be the
cornerstone of Your Company's operational philosophy,
guiding every aspect of its business activities.

A) Health, Safety & Environment (HSE)

a)    Core Governance & Safety Culture

Your Company prioritises Health, Safety and
Environment across all operations, guided by a core
value system targeting "Zero Harm". HSE governance is
driven directly by Board oversight, executive reviews,
dedicated committee structures and the integration
of strict HSE Key Performance Indicators (KPIs) into
corporate performance management.

Key institutional initiatives taken during FY 2025-26 to
elevate HSE standards include:

•    HSE Management System Upgrade: Finalised and
approved by Executive Council of the Company
a revised HSE Management System manual
based on an HSE Perception Survey, with field-
level implementation is underway via structured
workshops and sample audits under phase-3 of the
HSE implementation.

•    Strategic Asset Reorganization: Restructured core
mining assets to optimise production workflows,
rationalise manpower deployment, and eliminate
operational redundancies.

•    Transition to Factory Regime: Shifted selected
installations from a mining regulatory regime to a
factory regime to strengthen institutional oversight
and process safety frameworks.

•    Independent & External Audits: Evaluated
operational practices against premier industry
benchmarks via an organizational audit by the
Oil Industry Safety Directorate (OISD) and regular
inspections by the Director General of Mines Safety
(DGMS).

•    Project KAVACH: Advanced 11 strategic HSE
goals focusing on institutional benchmarking, ISO
certifications, ESG integration and digitisation.

b)    Operational Discipline & Safety Performance

•    Operational safety remains anchored by strict
adherence to Standard Operating Procedures (SOPs),
Permit to Work Systems (PTWS), Toolbox Talks, and
Job Safety Analysis (JSA). ²

Management was stringently maintained through
HIRA, HAZOP, and QRA studies.

• During FY 2025-26, the Company's Lost Time Injury
Frequency Rate (LTIFR) stood at 0.209, compared
to 0.071 in the previous year. The increase is
primarily attributable to the significant expansion
of operational activities and the substantial
onboarding of contractual manpower across project
sites. Recognizing the importance of maintaining
the highest safety standards, the Company has
further strengthened its HSE framework through
enhanced safety surveillance, intensive field-level
safety coaching, regular Leadership Commitment
and Management Tours (LCMTs), and reinforced
contractor safety management. These focused
interventions are aimed at fostering a stronger safety
culture and achieving sustained improvements in
safety performance.

OIL achieved 100% completion of mock drills in OIL's
installations and 100% vocational training for newly
recruited workers, in compliance with statutory
requirements. The Company also regularly updates its
HSE Management Plan and Disaster Management Plan
through periodic reviews, ensuring alignment with
evolving operational needs as it expands into frontier
business areas. During the year, OIL also conducted
one Apex Level Safety Meeting to review and reinforce
safety governance.

Following the success of "DRIVE 1.0", your Company
launched "DRIVE 2.0" to expand HSE digitisation:

c) Workforce & Community Engagement

Workforce capability was strengthened through
specialised sessions on Near Miss Reporting, Stop Work
Authority, and the Zero Tolerance Policy. Comprehensive
health surveillance, exposure monitoring, and wellness
talks were consistently conducted. Beyond plant gates,
the Company integrated its safety culture into the

community through family Safety Orientation programs,
weekly safety campaigns and interactive street plays.

B) Environmental, Social & Governance (ESG)

a)    Sustainability and ESG Strategy

Your Company is committed to achieving net-zero
emissions by 2040 by embedding ESG principles into
core corporate strategy. This progress is anchored
by Project 'Santulan', a structured framework for
greenhouse gas (GHG) mitigation, biodiversity
preservation, water stewardship and sustainable waste
management.

The Company implemented 26 targeted initiatives
classified under three core pillars:

•    GHG Reduction: Focused on reducing flaring,
establishing CBG plants nationwide, deploying
energy efficiency measures, detecting fugitive
emissions, expanding operational rooftop solar
power, integrating dynamic gas blending in drilling
rigs, and establishing grid connectivity for field
installations.

•    Non-GHG Environmental Stewardship: Utilised
mobile Effluent Treatment Plants (ETPs), reused
treated produced water for internal operations,
installed catalytic converters on drilling rigs,
eliminated single-use plastics, and executed
afforestation projects under the Government of
India's Green Credit Programme.

•    Strategic Enablers: Embedded ESG metrics into
corporate performance management and actively
partnered with the Indian Business and Biodiversity
Initiative (IBBI), United Nations Global Compact
(UNGC), and Oil and Gas Decarbonization Charter
(OGDC).

b)    Decarbonization Targets & Performance Ratings

To navigate the roadmap toward the 2040 net-zero
mandate, your Company has defined clear interim
milestones:

•    By2027: Zero routine flaring and no net deforestation

•    By 2030: Elimination of methane emissions,
attainment of a fresh-water-positive status, and
complete eradication of single-use plastics

The transparency of these sustainability disclosures
was validated through significant advancements in
international and national ESG benchmarks during the
fiscal year :

•    S&P Global ESG Score: Elevated from 22 to 46.

•    Carbon Disclosure Project (CDP): Secured a 'C'
rating for both climate and water management.

13. Implementation of Official Language
(Rajbhasha)

Your Company puts continuous efforts for increased
use of Official Language Hindi in official work in line
with the Official Language Policy/Act/Rules / Orders
of the Govt. of India. Hindi Workshops were conducted
regularly so as to enable officers and employees to
work in Hindi conveniently and efficiently. Meetings of
Official Language Implementation Committee were
held Quarterly. The responsibility of the Chairmanship
of Duliajan for Town Official Language Implementation
Committee (TOLIC) was also borne by the Company.
Half-yearly meeting of TOLIC were organized as per
schedule of Department of Official Language, Govt.
of India. Executives/ Employees were encouraged
to attend Hindi Training Classes and to write more
and more words in Hindi through Incentive Scheme
formulated by the Company. Total of 529 Nos. of officers
and employees took training of Hindi through workshop
in Official Language. 62 officers and employees have
passed the Hindi Prabodh, Praveen, Pragya & Parangat
exam and given incentives as per the Company rules. To
Propagate Official Language Hindi amongst employees,
TOLIC members and students, the various literary
competitions were held during Hindi Month Celebration.
New initiative of Hindi section i.e. Aaj Ka Shabd is being
prepared and published on the Company's web daily.

Annual programme of Official Language Hindi for the
year 2025-26, which was issued by Dept. of Official
Language, Ministry of Home Affairs, Govt. of India, was
circulated to all Spheres/ Depts. of the Company and
regular monitoring and reviewing jobs are being done in
Quarterly Meeting with Departmental representatives.
In-House Hindi Journal "OIL KIRAN" was published
regularly. In-House Journal "OIL NEWS" is being
published in Trilingual form i.e. Assamese, Hindi and
English.

14. Public Procurement Policy for Micro &
Small Enterprises (MSEs):

The Company adheres to the Public Procurement Policy
for MSEs. The Budgeted and actual procurement of
goods and services from MSEs during the FY 2025-26
are as under:

Total procurement of goods and services during FY
2025-26 as per guidelines of Ministry of Petroleum
& Natural Gas (MoP&NG) and recorded in 'Sambandh
Portal' is ' 3,866.31 crore and as detailed above, the
total procurement through MSEs during FY 2025-26 is
' 2,138.91 crore which is 55.32% of total procurement
mentioned in 'Sambandh Portal'. Total procurement
from SC/ST-MSEs and Women MSEs during FY 2025-26
is ' 48.795 crore and ' 182.309 crore, respectively.

Procurement of Goods and services through GeM portal
during FY 2025-26 is ' 4,195.94 crore which is 167.83%
of GeM Procurement Plan of ' 2,500.00 crore for goods
and services during the year.

Total overall procurement of goods and services by
the Company during FY 2025-26 is '10,282.91 crore
(Standalone) including high technology items.

NRL: Total procurement of goods and services during
FY 2025-26 as per guidelines of Ministry of Petroleum
& Natural Gas (MoP&NG) and recorded in 'Sambandh
Portal' is '2,128.51 crore and as detailed above, the
total procurement through MSEs during FY 2025-26 is
'886.83 crore. Total procurement from SC/ST-MSEs and
Women MSEs during FY 2025-26 is '29.66 crore and
'35.56 crore, respectively.

Timely Payments to MSE Vendors (directly or through
TReDS) within prescribed timelines under the MSMED
Act, 2006:

Your Company & subsidiary NRL have been onboarded
into all the5operational TReDS platforms (INVOICEMART,
RXIL, C2treds, DTX, M1xchange) which is an electronic
platform introduced under the regulatory framework of
the Reserve Bank of India (RBI) to facilitate the financing
of trade receivables of Micro, Small and Medium
Enterprises (MSMEs).

MSME vendors can avail themselves of this facility
by registering with any of the above mentioned RBI-
authorized TReDS platform on which the Company
is onboarded as a Buyer. This initiative underscores
Company's commitment to supporting MSME growth,
enhancing liquidity, and promoting timely access to
finance within its supply chain.

During the Financial Year 2025-26, the Company along
with its subsidiary NRL has strictly adhered to the
timelines prescribed under the MSMED Act, 2006. All
payments to Micro and Small Enterprises (MSEs), either
directly or through the TReDS platform, were executed
within the mandated 45 days from the date of actual
delivery of goods or services. As such, there were no
instances of delayed payments during the year, and
there are no payments pending beyond 45 days as of the
end of the reporting period.

15. Vigilance

The Vigilance Wing is headed by Chief Vigilance
Officer (CVO), who functions as a link between the
Central Vigilance Commission (CVC), the Central Bureau
of Investigation (CBI) and the Management and acts
as an advisor to Head of the organization on Vigilance
matters. Vigilance basically functions under three facets:
(i) Preventive, (ii) Punitive and (iii) Surveillance & Detection.

Preventive Vigilance: This calls for constant review
of roles, procedures and practices for refining and
improving the system, thereby reducing scope for
corruption and leading to better operational results.
To strengthen this facet of Vigilance framework,
during the year 2025-26, several system improvement
measures were recommended and implemented on
the basis of scrutiny of various Contracts & Purchases
files, inspections of installations both periodic
and surprise, intensive examinations of high value
projects/works were done internally. Additionally,
policy matters were also taken up for improvement like
standardization of Tender Documents, in Delegation
of Powers, review of Procurement Manual, Tender
Conditions etc. to name a few. Extensive use of
technology through E-procurements, E-payments,
Vendors Invoice Management System etc. has further
emerged as effective tools of preventive vigilance. To
create awareness and to sensitize employees about the
Company's rules and regulations, in-house awareness
programs were conducted in various spheres of
the organization. The programs included "Keep in
Touch" (KIT), "Catch Them Young" (CTY) and "Vigilance
Sensitization". Further, Management has been advised
to regularly conduct induction and mid-career training
programs on preventive vigilance. In addition to this,
an inhouse vigilance bulletin named "DRISHTI" covering
case studies of various inspections and recommended
best practices was also released during the year.

One major event towards Preventive Vigilance is
observance of "Vigilance Awareness Week" (VAW).
During the year, in line with the directives of CVC, as a
prelude to VAW 2025, a 3-month campaign on Preventive
Vigilance was conducted across the Company from 18^th
August - 17^th November, 2025 on the theme "Vigilance:
Our shared responsibility". The campaign focused on
five areas viz. Disposal of pending complaints, Disposal
of pending cases, Capacity Building programs, Asset
Management and Digital Initiatives. One of the key
accomplishments during the campaign period is the
launch of comprehensive Vigilance Portal. As part of
Capacity Building, more than 1400 employees were

imparted training through iGOT Karmayogi platform
on different topics and various Systemic Improvement
Measures relating to policies, manuals, tenders & ERP
were undertaken. Additionally, senior officials were
imparted training under Master Trainer Program during
the Campaign period.

The VAW 2025 was observed from 27^th October - 2^nd
November, 2025 across the Company on the theme
"Vigilance: Our shared responsibility". The week started
with the Integrity Pledge, which was administered by
the CMD and the CVO at the Corporate Office and by
the respective heads of all spheres in other offices. A
special issue of Vigilance in-house journal "InTouch"
was also released on the occasion of VAW 2025. Several
activities were conducted both within and outside the
Company. Some of these activities include Talks by
eminent personalities, Training, Seminar/ Webinars,
Workshops, Quiz, Debate, etc. In addition, several
competitions in nearby schools and colleges were
also organized. Vendors' Grievance Redressal Camp
/ Awareness Programs and Gram Sabhas were also
organized in different spheres of the Company, enabling
the stakeholders to redress their problems. The
activities undertaken during the campaign were widely
publicized through various social media platforms.

In addition to above, continuous efforts are on to
imbibe ethical behavior by encouraging everyone to
take the online "Integrity Pledge". The e-pledge link
has been hosted on the Company's website and is
easily accessible to employees, their family members,
vendors, contractors and other stakeholders. As a
result, more than thousand employees and stakeholders
of the Company have taken the e-pledge.

Punitive Vigilance: This function involves complaints
handling, investigations, monitoring of disciplinary
cases, etc. Based on complaints received by the
organization from various sources including the CVC
and the concerned Ministry, investigations are done
and taken to their logical conclusion. For effective and
timely disposal of disciplinary cases, management
has been advised to conduct training on the role of
Inquiry Officers & Presenting Officers among officers
at different levels of the organization. Also, as and when
required, assistance is also extended to the CBI in the
investigation of cases entrusted to them. Number of
Complaints received and disposed-off during the year
are as under:

As far as vigilance cases are concerned, during the year,
1 vigilance case (disciplinary proceeding) involving 4
officials was handled.

Surveillance & Detection: This function includes
conducting regular & surprise inspections, CTE Type
intensive examination of projects / works, besides
carrying out scrutiny of annual property returns, audit
paras, etc. During the year 2025-26, several inspections
/ examination / scrutiny in all spheres of the Company
were carried out and observations or findings were
appropriately taken up with the management.

16. Corporate Social Responsibility &
Sustainable Development

The Company remains committed to creating
sustainable value for society through need-based
and impactful Corporate Social Responsibility (CSR)
interventions in and around its operational areas,
while also extending support to communities across
the country. Guided by its vision of being a responsible
corporate citizen, the Company's CSR initiatives are
implemented in alignment with Schedule VII of the
Companies Act, 2013, national development priorities
and the United Nations Sustainable Development Goals
(SDGs), with a focus on fostering inclusive, equitable and
sustainable growth.

During the year, the Company undertook a wide range
of CSR initiatives across the areas of healthcare,
education, nutrition and sanitation, sustainable
livelihoods, skill development, women empowerment,
inclusion of persons with disabilities, rural
infrastructure, environmental sustainability, promotion
of sports, preservation of art, culture and heritage,
and development of Aspirational Districts. These
interventions were designed to strengthen community
resilience, improve quality of life and create long-term
socio-economic impact. A detailed account of the
major CSR initiatives undertaken during the year forms
part of the Annual Report on CSR Activities.

In compliance with the provisions of Section 135 of
the Companies Act, 2013, the Company incurred a CSR
expenditure of '144.59 crore during FY 2025-26 against
the statutory obligation of '137.51 crore, representing
2.10% of the average net profits of the preceding three
financial years.

17. Risk Management

Risk Management continued to remain an integral part
of the Company's governance framework during FY
2025-26, enabling monitoring of key business risks,
proactive identification, assessment and mitigation.

To align Company's Risk Management best practices
with leading national and international Oil & Gas
companies and with ISO 31000:2018 (Risk Management
- Guidelines), a comprehensive reassessment of the
Company's Risk Management Policy, Risk Register and
procedure was undertaken.

Based on the findings of the reassessment, Company's
Board in its 572^nd Meeting held on 09.10.2025 approved
the revised Risk Management Policy, 2025 and Updated
Risk Register ensuring organizational resilience,
informed decision-making, regulatory compliance, and
sustainable performance.

As part of the review exercise, the Company's risk
universe was rationalized and streamlined, resulting in
a reduction in the number of identified risks.

As of March 2026, Enterprise-level risks were determined
and monitored under the Company's Risk Management
Framework. These risks were categorized into three
broad segments to facilitate focused risk oversight and
effective mitigation planning. The portfolio comprised
Strategic Risks, which are associated with the
achievement of long-term organizational objectives,
business sustainability, growth opportunities and
external market dynamics. Core Function Risks
were identified across key operational and business
processes that directly impact the Company's value
chain, operational efficiency, production, and service
delivery. The Support Function Risks pertain to enabling
functions such as finance, human resources, information
technology, legal, procurement, administration and
other support services that are essential for sustaining
business operations.

The Company strengthened its risk governance
practices through the timely conduct of Risk
Management Committee (RMC), Risk Management
Steering Committee (RMSC) & Operational Risk
Management Committee (ORMC) meetings across all
operational spheres and corporate functions. These
meetings served as key platforms for periodic review
of identified risks, assessment of mitigation measures
and evaluation of emerging risk scenarios impacting
business operations.

The Company has adopted a structured Enterprise
Risk Management (ERM) framework aligned with its
strategic objectives and operational priorities. Regular
risk assessments are carried out across all business
functions to identify emerging risks and evaluate their
potential impact on operations, financial performance,
and long-term sustainability. Continuous monitoring
mechanisms were strengthened through enhanced
reporting systems and improved risk analytics. Special
emphasis was placed on risks related to operational
safety, project execution, digital transformation,
regulatory compliance, cyber security, supply chain
disruptions and environmental sustainability.

Risk ownership was clearly defined across business units
to ensure accountability and timely response. Capacity¬
building initiatives and awareness programs are
undertaken to further strengthen the risk management
culture across the organization. As part of these
efforts, reputed consultants were engaged to conduct
Risk Management workshops aimed at enhancing
awareness, knowledge, and capabilities among risk
stakeholders. Through these measures, the Company
remains committed to safeguarding stakeholder value
and ensuring sustainable growth in an evolving business
environment.

18. Start-Up Initiatives

Startup India is a flagship initiative launched by the
Government of India on 16^th January, 2016 aimed at
fostering a vibrant startup ecosystem by promoting
innovation and entrepreneurship. The programme seeks
to drive sustainable economic growth while creating
significant employment opportunities across the
country. In line with this national vision, the Company
has introduced the Start-up Nurturing, Enabling,
and Handholding (SNEH) programme to support and
accelerate innovative entrepreneurial ventures.

Under SNEH, the Company has entered into
Memorandums of Understanding (MoUs) with five leading
institutions—IIT Guwahati, Guwahati Biotech Park, IIT
Bhubaneswar, IIM Lucknow, and IIT Delhi—for incubation
support. The Company has completed 11 rounds of
startup screening and evaluation, disbursing grants
of 17.92 crore to startups and 6.19 crore to incubation
centres. So far, the Company has supported 25 startups
through the grant mechanism. Additionally, 15 startups
are in the final stage of selection for investment through
Company's upcoming Alternate Investment Fund (AIF).

The Company is in the process of setting up 'OIL SNEH
Venture Scheme' as a Category I Alternate Investment
Fund (AIF). The Fund has been conceptualized in
the context of India's ongoing structural economic
transformation, driven by rapid industrialization, the
energy transition, expansion of the manufacturing
sector, digital innovation, and strong policy support
for technology-led growth. It aims to establish itself
as a strategically differentiated Category I Alternative
Investment Fund (AIF) by leveraging the Sponsor,
Company's deep sectoral expertise and institutional
credibility, while drawing on the Investment Manager's
capabilities in innovation, incubation, and venture
building to support high-potential startups and
emerging enterprises. The Fund represents not merely
a financial investment vehicle, but also a platform
intended to facilitate technology adoption, innovation
engagement, and ecosystem development aligned with
the Startup India Mission.

More recently, the Company has joined hands with
other Oil & Gas Public Sector Undertakings (PSUs) to
consolidate and strengthen the startup incubation and
investment ecosystem across India's energy sector. As
part of this collaborative initiative, the 'MC2 Foundation'
has been established as a dedicated institutional
platform to promote innovation and sustainable
entrepreneurship. The Foundation aims to foster,
incubate, mentor, accelerate, and support startups
aligned with India's energy transition and national
development priorities. It is currently spearheading the
establishment of the 'MC2 Alternative Investment Fund
(AIF)' to catalyse investments in high-potential startups
and emerging technologies across the energy value
chain.

The Company supported Startups under its initiative
SNEH have made significant strides in driving
innovation and technological advancement in various
sectors. These startups have contributed to areas
such as clean energy solutions, Green Hydrogen,
Clean Mobility, Oilfield Solutions, Carbon Capturing,
Environmental Sustainability, Healthcare, Artificial
Intelligence, Robotics etc. Several of them have
successfully developed indigenous technologies that
reduce operational costs and environmental impact. By
fostering innovation through funding, mentorship and
strategic collaboration, Company's startup initiatives
contributing immensely to the startup ecosystem of our
country.

One of the Company's startups "Ohm Clean Tech Private
Limited" had developed a 9 meter Hydrogen Fuel Cell
bus which was flagged off by Honorable Prime Minister
Shri Narendra Modi on 6^th February, 2023 at India Energy
Week (IEW), Bengaluru.

Startup Beta Tank Private Limited is developing a
Robotic Tank cleaning system for cleaning Crude Oil
Tank and retail tanks (like Diesel, Petrol etc). The have
already patented the technology and Crude oil tanks
cleaning robot got lECEx certificate for Zone zero
operation.

The Company supported innovative startups 'Caliche
Private Limited' which has developed a biochemical
technology for controlling sand influx in oil wells. As a
result of Company's support, the startup has secured
a development order for deployment of its technology
in three wells. Caliche is currently focused on the
commercialization of its two flagship product lines:
SandPax, a biochemical sand influx control technology,
and CarbonOne, a microbial carbon capture technology.
The Company is driving market adoption through
direct customer engagements as well as strategic
partnerships.

Hopun Innovations Private Limited is a startup incubated
at IIT Bhubaneswar and supported by the Company under
its Startup Initiative. The startup develops indigenous
electric utility vehicles for industrial and commercial
applications. Under Company's support, it successfully
designed, developed, and delivered prototype electric
vehicles few of which shall be very soon deployed
for trial run (in-campus) in FHQ, Duliajan. The project
demonstrated the startup's technical capability and
the potential of its electric mobility solutions to
support Company's sustainability and decarbonization
initiatives.

Another startup supported by the Company 'Minimines',
operates in the field of lithium-ion battery recycling and
resource recovery. The startup is developing sustainable
recycling and extraction technologies to enable a
circular economy for the electric vehicle ecosystem. Its
carbon-neutral solutions focus on recovering valuable
materials from end-of-life lithium-ion batteries,
including cobalt, copper, nickel, aluminium, lithium,
and graphite. Through these innovative technologies,
Minimines aims to enhance resource efficiency, reduce
environmental impact, and support the transition
towards sustainable mobility.

There are several other success stories under Company's
Startup Initiative. Through its startup programme, the
Company has adopted a forward-looking approach to
fostering innovation, nurturing entrepreneurship, and
promoting sustainable technologies across diverse
sectors. By supporting emerging innovators and
indigenous solutions, the Company is contributing to
the growth of the startup ecosystem while addressing
industry challenges. Oil India Limited is proud to be
associated with the country's vibrant and prestigious
startup ecosystem.

19. Net Zero Pursuit

The Company is committed to achieve the 2040 Net
Zero target and has demonstrated its commitment
to transitioning into a clean and integrated energy
Company aligning with the nation's climate goals.
As part of this Net Zero pursuit, the Company is
implementing a structured, science-based roadmap
to achieve net zero emissions by 2040, with interim
targets of ~25% reduction by 2026, ~85% by 2030
and ~95% by 2035. Through Project SANTULAN, the
Company operationalized 26 high-impact initiatives
focused on GHG reduction, environmental sustainability
and strategic enablers. The Company has committed
an investment of approximately ' 20,000 crore towards
key decarbonization levers, which include reduction of
flaring, renewable energy, compressed biogas (CBG),
green hydrogen, electrifying traditional gas fired
equipment, CCS/CCUS, Geothermal, energy efficiency
upgrades, energy storage solutions and Dynamic
Gas Blending in Drilling Rigs. Through some of these
implemented efforts, the Company has already achieved
a further 17.93% reduction in emissions in FY 2025-26
over the base year FY 2023-24. The current Scope 1 and
2 emission figure is 1.190 MMT CO2e as against 1.268
MMT CO2e in the previous year.

Achieving lower emissions through gas flaring reduction
is an important lever to reduce emission for the oil and
gas sector to meet the climate goals. The Company
initiated zero routine flaring projects with a goal to
reduce carbon emissions and monetise the flared gas
by upgrading and construction of installations, adding
pipelines to evacuate gas and installing compression
facilities for gas field monetisation. It is noteworthy
that during FY 2025-26, the total gas flaring by the
Company has been reduced to 56 MMSCM, as compared
to 82 MMSCM in FY 2024-25, reflecting a reduction of
approximately 32% in Assam and Arunachal Pradesh.

With Installed Renewable Energy Capacity of 188.1 MW,
the Company is committed to deploying 5 - 5.5 gigawatts
of renewable energy capacity by 2040, emphasizing
wind, solar and other sustainable energy sources.
The Company already has in place Collaboration with
Assam Government for installation of 645 MW Solar
Projects across Assam with 25 MW solar plant under
construction in Namrup, Assam. Your Company is also
actively pursuing installation of roof top solar plant
and has installed 339 KWp roof top solar plants in FY
2025-26 and also plans to further install 570 Kwp of roof
top solar across assets pan India. The total installed
capacity of captive solar plants in the Company for
internal consumption has increased to 2261 Kwp in FY
2025-26. The total captive solar power generation in the
reporting year has also increased by 45.78% compared
to the previous year.

In line with the Government of India's vision of advancing
affordable and sustainable energy, the Company is
progressing the establishment of 25 Compressed Biogas
(CBG) plants, each with an output capacity of 2-5 Tonnes
Per Day (TPD), across strategically selected locations
in Assam, Arunachal Pradesh, Tripura, West Bengal,
Odisha, Jharkhand, Rajasthan, Himachal Pradesh and
Haryana. This landmark green initiative underscores
Company's commitment to fostering a circular economy
by transforming organic waste into clean, renewable
energy,whilecontributingto effectivewaste management
and creating lasting environmental and socio-economic
benefits for communities across the country.

Your Company has forged prominent collaboration with
leading national international platforms to accelerate
its sustainability and decarbonization journey. As a
signatory to the Oil and Gas Decarbonization Charter
(OGDC), the Company has committed to industry wide
collective action towards reducing greenhouse gas
emissions and achieving net zero target. In pursuit to
reduce GHG emissions, your Company has conducted
a fugitive emission detection and quantification
campaign through an agreement with TotalEnergies
in its production installations. The detection &
quantification of Methane and Carbon dioxide was done
through a drone-based survey using TotalEnergies
proprietary AUSEA (Airborne Ultra-light Spectrometer
for Environmental Applications) technology.

Further, your Company through its material subsidiary-
NRL has embarked on a journey to Green Hydrogen,
which signifies our commitment to harnessing the
potential of hydrogen as a clean and sustainable energy
source. As part of this initiative a 2.4 KTPA of green

hydrogen plant is currently being built and is expected to
be commissioned by 2026. The potential for reduction
of CO2 emission will be 0.024 MMTPA. In strengthening
its green portfolio, the Company, through NRL, has
commissioned a 2G Ethanol plant based on bamboo
feedstock, under the joint venture Assam Bio-Refinery
Private Limited.

Your Company in its pursuit towards the Net Zero has
taken initiative to electrify operations through Green
Energy. Your Company has already connected 05 (five)
installations in FHQ with green power to reduce scope
1 and 2 emissions. Initiatives have also been taken to
connect the Pump Stations: PS4, PS5, PS6 and PS7
pipeline stations with grid power. Your Company will
be connecting more installations to the grid to enable
supply of renewable power to run the installations in
future.

The concept of Carbon Capture and Storage (CCS) to
enable large scale underground sequestration is gaining
traction in view of drastic climate change. Identification
of suitable storage complex for permanent storage of
CO2 plays a major role in path towards decarbonization
and net zero from the perspective of upstream Oil and
Gas Sector. In this regard, your Company has conducted
a feasibility study for identification of suitable
reservoirs/aquifers along with design considerations
for capture, transportation and sequestration of CO2
in suitable reservoirs/aquifers within Jaisalmer Basin
in Rajasthan. Successful completion of the study will
serve as a demonstration project and pave the way for
CCUS deployment in India.

The Company has taken the strategic initiative to
venture into geothermal energy exploration in India,
marking a significant step towards diversifying its
energy portfolio. This move aligns with the Government
India's vision to promote the development of geothermal
resources as a sustainable and reliable component of
the country's future energy mix. Recognizing the long¬
term potential of geothermal energy, the Company has
identified it as a key focus area under its new energy
initiatives and is actively undertaking measures to
assess its viability and implement pilot scale projects.
In this regard a collaborative Study with Centre for Earth
Sciences & Himalayan Studies (CES & HS) and National
Centre for Seismology (NCS), Ministry of Earth Sciences
(MoES), for Geothermal Potential in Arunachal Pradesh
has been undertaken. Also, the Company has initiated
a feasibility study on extracting geothermal energy by
repurposing of abandoned/to be abandoned oil and gas
wells.

Your Company has taken various energy efficiency
measures to reduce emissions. Notable among these
are replacement of conventional appliances in FHQ
with energy efficient appliances across the Company
resulting in savings of 2745.43 tCO2e in emissions.

Electrical energy storage is one of the frontline solutions
towards reducing emissions and your Company has taken
an important step in this regard. Battery Energy Storage
System (BESS) is being explored to enhance energy
reliability, grid stability and support renewable integration.

Further, your Company is operating Dynamic Gas
Blending (DGB) system in one Drilling Rig. The DGB
system, allows diesel engines to operate on diesel and
natural gas simultaneously, reducing environmental
impact and operational cost, without compromising
the engine performance. This has resulted in direct
reduction of emissions due to lower diesel consumption
and the same will be extended to two more drilling rigs.

The Company has registered 431 hectares of land
across Assam and Odisha, under the Government of
India's Green Credit Program (GCP). Of this, plantation
activities have already been undertaken in 431 hectares,
putting the Company on track to earn green credits in
2029. These credits will help offset residual emissions
and support India's national afforestation goals.

Through these multi-dimensional initiatives, the
Company is not only reducing its environmental
footprint but also creating a scalable and resilient clean
energy model. The Company's proactive approach
underscores its leadership in India's energy transition
and reflects its commitment to delivering long-term
value for stakeholders while contributing meaningfully
to national and global climate goals.

20. Digital and Major IT Initiatives

Building on the success of its digital transformation
journey, your Company has launched the next phase-
Digital Readiness for Innovation and Value in E&P (DRIVE)
2.0-to accelerate enterprise-wide digital adoption and
enhance value creation across the organisation. The
programme comprises a comprehensive portfolio of
digital initiatives aligned with key strategic dimensions,
namely Digital Strategy, People & Organisation, Business
Processes, Stakeholder Experience and Technology &
Security.

DRIVE 2.0 encompasses ten focused initiatives
designed to enable integrated monitoring, optimisation
and decision-making across the entire E&P value chain:

(i)    Digital Oil field

Enables real-time monitoring and optimisation of
production through IoT-enabled data acquisition and
advanced analytics, supporting predictive maintenance
and enhanced hydrocarbon recovery.

(ii)    Intelligent Well Planning & Scheduling and Drill Bit
Performance

Leveraging machine learning, predictive analytics and
optimisation techniques for improved rig allocation,
drilling simulations, logistics planning and drill bit
performance management.

(iii)    PPE and Unsafe Act Detection using Video
Analytics

AI-driven computer vision solution for real-time
monitoring of PPE compliance and identification of
unsafe practices, strengthening safety and operational
discipline.

(iv)    Asset Lifecycle Management

Integrated platform for end-to-end management of
physical assets, covering planning, procurement,
deployment, maintenance, performance optimisation
and decommissioning.

(v)    Smart Procurement & Analytics

Transformation of procurement processes through
automation of the complete PR-to-PO cycle, enabling
efficiency, transparency and data-driven decision¬
making.

(vi)    Digital Workforce Manager

Data-driven HR solution to enhance workforce planning,
automate routine processes, and foster collaboration,
transparency and employee well-being.

(vii)    G&G Analytics using GenAI

Application of advanced analytics, machine learning, and
GenAI for subsurface data interpretation, production
forecasting and improved resource management.

(viii)    Digital Twin for Surface Facilities

Development of real-time digital replicas of surface
infrastructure to enable performance monitoring,
scenario simulation and proactive maintenance.

(ix)    Al-driven Project Performance Monitoring

Use of AI and machine learning to track project health,
predict delays, optimise resource utilisation and
improve execution efficiency.

(x)    Command & Control Centre (CCC)

A state-of-the-art integrated platform providing
enterprise-wide visibility across Exploration,
Production, Transportation, Refining, Finance, HR, HSE,
ESG, and CSR functions. The CCC will enable real-time
monitoring, faster decision-making, and coordinated
response to operational events, thereby maximising
business value.

Overall, DRIVE 2.0 is a strategic enabler for transforming
the Company into a digitally empowered, data-driven
enterprise, enhancing operational efficiency, improving
safety and sustainability, and strengthening long-term
organisational resilience.

Alongside its ongoing digital transformation journey,
the Company has successfully completed and
initiated several significant IT-enabled projects
during the last fiscal year. A dedicated Vendor
Enlistment Portal has been launched to digitize
and streamline the vendor onboarding process,
enabling seamless documentation submission and
participation in enlistment opportunities. A real-time
E-NAMS Dashboard has been deployed for efficient
news tracking and risk analysis by the Public Affairs
Department. The Corporate Communication Proposal
Portal has been introduced to manage the end-to-
end lifecycle of CC proposals, significantly reducing
manual intervention and enhancing transparency.
On the human resources front, Shram Sanchay has
been launched to digitize labour-related legal and
conciliation proceedings, while the SEWA Portal now
serves as a dedicated platform for the Specially Abled
Employees' Welfare Association. In a significant step
towards sustainability, the EcoTrail App has been
jointly developed by the ESG and IT Departments to
encourage employees to adopt eco-friendly commuting
habits and track their carbon footprint in real time.
The organization has also successfully completed the
digitization of old physical files, further advancing
its vision of a paperless office. On the cybersecurity
front, a comprehensive Cybersecurity Program has
been developed, defining a target state architecture
for IT and Operational Technology (OT) security, and
a state-of-the-art Cyber Security Operations Centre

(CSOC) has been established and is being managed in
collaboration with CDAC. The CSOC is equipped with
advanced tools, including SIEM, SOAR, UEBA and a
Threat Intelligence Platform, to ensure round-the-
clock monitoring, automated response, and enhanced
security readiness.

Implementation of SAP S/4 HANA: Transforming
Enterprise Operations

FY 2025-26 marked a defining milestone in the
Company's digital transformation journey with the
successful migration from SAP ECC 6.0 to SAP S/4HANA
on RISE with SAP. The transformation encompassed
the implementation of a cloud-enabled digital core
integrated with SAP Business Technology Platform
(BTP), SAP Work Zone, SAP Fiori, SAP Cloud Platform
Integration (CPI) and SAP BW/4HANA with BPC, creating
a unified and future-ready enterprise platform.

Following the successful deployment of SAP SRM,
SAP S/4HANA and BW/4HANA, the Company achieved
enterprise-wideGo-Live on4August2025. This landmark
achievement represents one of the most significant
technology modernization initiatives undertaken by the
Company, aimed at enhancing operational excellence,
strengthening governance, and enabling data-driven
decision-making across the enterprise.

Built on SAP's in-memory HANA technology and
hosted on the RISE with SAP Private Cloud, the new
ERP landscape has significantly enhanced business
performance through faster transaction processing,
streamlined workflows and real-time enterprise
reporting. The transformation has established a single
source of truth for Finance, Procurement, Human
Resources, IS-OIL, Materials Management, Project
Systems and other core business functions, enabling
greater transparency, agility and control.

The adoption of SAP Fiori, Work Zone and mobile-
enabled ERP services has substantially enhanced
employee experience by providing intuitive, role-based
and anytime-anywhere access to business processes.
Digital self-service capabilities for employees and
managers have accelerated Company's journey toward
a paperless and more efficient workplace.

The transformation has delivered significant
improvements in payroll processing, financial closing,
invoice management and overall system responsiveness,
while reducing process cycle times across the

enterprise. Real-time analytics and embedded reporting
capabilities now empower leadership with timely
insights for faster and more informed decision-making.

Beyond immediate operational benefits, the new
digital platform establishes a strong foundation for
the adoption of emerging technologies including
Artificial Intelligence, SAP Joule, intelligent automation,
advanced analytics and future digital innovations. The
cloud-based architecture enhances cybersecurity,
business continuity, scalability and disaster recovery
readiness while eliminating the complexities of
managing on-premise infrastructure.

More than a technology upgrade, SAP S/4HANA
represents Company's transition to an intelligent,
integrated and digitally connected enterprise. By
modernizing its core business systems and embracing a
cloud-first digital strategy, Company has strengthened
its capability to drive sustainable growth, operational
resilience and innovation in an increasingly dynamic
energy landscape.

"The successful implementation of SAP S/4HANA is a
strategic step towards building a future-ready OIL. It not
only enhances operational efficiency and governance
but also provides a robust digital foundation for
innovation, agility and long-term value creation."

21. Cyber Security - Strengthening
Measures

Considering the persistent and evolving nature of
cybersecurity threats for the Company, effective
management and mitigation of such threats require
sustained, organization-wide efforts and seamless
coordination.

To strengthen its cybersecurity posture, the organization
has overhauled its Information Security Governance
Structure to ensure cybersecurity considerations are
strategically aligned with business objectives.

As part of a comprehensive cybersecurity enhancement
program, the organization has undertaken multiple
initiatives. Specialized programs have been conducted
for building the capabilities of core cybersecurity
groups, regular cyber incident response drills are being
conducted to test preparedness and refine response
mechanisms under simulated attack scenarios.

Despite its relatively recent foray into cybersecurity, the
Company has taken ambitious initiatives in FY 2025-26,

including strategic policy interventions, formalisation
of all policies and procedures, comprehensive audit,
establishment of a 24x7 ICT Security Operations Centre.
Company has also started working on opportunities
of improvements in the area of cybersecurity as
identified during comprehensive Gap Assessment. The
leadership's unwavering commitment to safeguarding
critical cyber infrastructure, particularly in the context
of a volatile geopolitical environment, is demonstrated
through proactive self-defence measures and stringent
adherence to regulatory guidelines issued by CERT-
In and NCIIPC. Your Company remains steadfast in its
mission to protect its critical information infrastructure
by conducting audits of key installations, which are
vital not only to the organization but also to the nation's
energy security. The Company regards cybersecurity
as a high-impact, high-materiality governance priority
integral to its sustainability agenda. Cyber risk is
meticulously monitored by the leadership, ensuring
robust governance and oversight. These concerted
efforts position your Company at par with its peers in
India's oil and gas sector, setting a strong foundation
for an ambitious digital transformation underpinned by
rigorous cybersecurity controls.

22. Subsidiaries / Joint Ventures / Associate
Companies (Ref. Form AOC-I & Note 48 of
Consolidated Financial Statements)

A.    Material Subsidiary

Numaligarh Refinery Limited (NRL)

NRL is a Schedule 'A' Navratna CPSE having a 3 MMTPA
Refinery (currently under capacity enhancement to 9
MMTPA) at Numaligarh in Golaghat District of Assam. As
on 31^st March 2026 the Company holds 69.63% stake in
NRL and has the management control. Govt. of Assam
and Engineers India Limited hold 26% and 4.37% stake
in NRL respectively.

B.    Subsidiaries

(1) Domestic Subsidiary

OIL Green Energy Limited (OGEL)

OGEL is a wholly owned dedicated green energy
subsidiary to build a significant portfolio for the Company
across multiple businesses in the green and alternate
energy space. It operates in the domain of low carbon,
new, clean and green energy including renewable

energy, green hydrogen and its derivatives, biofuels,
Carbon capture, usage & sequestration, Geothermal
energy and other opportunities directly and indirectly
supporting de-carbonization and energy transition.

(2) Overseas Subsidiaries

i.    Oil India International Pte. Ltd. (OIIPL)

OIIPL, a Singapore based wholly owned subsidiary of
the Company, holds 33.5% stake each in Vankor India
Pte. Ltd (VIPL), Singapore and Taas India Pte. Ltd.
(TIPL), Singapore which in turn hold 23.9% and 29.9%
in Russian entities namely, JSC Vankorneft and LLC
TYNGD, respectively.

ii.    Oil India Sweden AB

Oil India Sweden AB is a wholly owned subsidiary of the
Company. Itholds50%shareholdinginIndOilNetherlands
BV, Netherlands which holds 7.0% Participating Interest
(PI) in the Venezuelan Asset namely PetroCarababo S.A.

iii.    Oil India International B.V (OIIBV)

OIIBV, Netherlands is a wholly owned subsidiary of
the Company. OIIBV holds 50% stake in WorldAce
Investments Limited, Cyprus which hold 100% stake in
Stimul T, a Russian legal entity.

C. Joint Venture / Associate Companies

i.    Brahmaputra Cracker and Polymer Ltd (BCPL)

BCPL owns a Petrochemical Complex at Lepetkata,
Dibrugarh, Assam for production, distribution and
marketing of petrochemical products viz. polyethylene
(LLDPE & HDPE) and Polypropylene. Your Company
holds 10% equity share capital in BCPL. GAIL (India)
Limited, Government of Assam and Numaligarh Refinery
Limited also hold 70%, 10% and 10% equity share capital
respectively.

ii.    DNP Limited (DNPL)

DNPL was incorporated with the primary objective of
acquisition, transportation and distribution of natural
gas. Your Company holds 23% equity share capital in
DNPL. Assam Gas Company Limited and Numaligarh
Refinery Limited hold 51% and 26% equity share capital
respectively.

iii.    Assam Petro-Chemicals Limited (APL)

Your Company is holding 48.80%, Government of Assam

along with its owned entities is holding 51.11% and
others are holding 0.09% equity shares of APL. The 200
TPD Formaldehyde Plant is operational now, which was
successfully commissioned during FY 2025-26.

iv.    Indradhanush Gas Grid Limited (IGGL)

IGGL, a joint venture of OIL, ONGC, IOCL, GAIL and NRL
(with 20% equity each), is implementing the 1,670 km
North-East Gas Grid (NEGG) to connect all eight North
Eastern states of India with the National Gas Grid and
regional sources.

To support the evacuation and commercialization of
additional natural gas from the Company's operational
areas in Assam and Arunachal Pradesh, IGGL is executing
the Duliajan Feeder Line (DFL), a key pipeline project that
will significantly enhance gas transportation capacity
and enable efficient market connectivity.

v.    HPOIL Gas Private Limited (HPOIL)

HPOIL, a joint venture between OIL and HPCL with
equal equity participation, was incorporated for the
development of CGD networks in Ambala-Kurukshetra
and Kolhapur Geographical Areas (GAs). During the FY
2025-26, HPOIL achieved 100% of its Minimum Work
Programme (MWP) targets in both the GAs. As at the
end of March, 2026 HPOIL is operating 32 CNG Stations
and provided 21,127 PNG connections at Ambala-
Kurukshetra and 33 CNG Stations and provided 39,481
PNG connections at Kolhapur. HPOIL also secured CGD
authorization for the Nagaland State GA in the 12^th CGD
bid round and commenced construction activities for
CGS and a CNG station.

vi.    Purba Bharati Gas Private Limited (PBGPL)

PBGPL is a joint venture with equity participation of 26%
each from OIL and GAIL Gas Ltd and 48% from Assam Gas
Company Ltd. PBGPL has been formed for development
of CGD networks in Kamrup and Kamrup Metropolitan
Districts (Kamrup GA) and Cachar, Hailakandi and
Karimganj Districts (Cachar GA) of Assam. In the Cachar
GA, the Company has commissioned 2 CNG stations,
with 2 additional stations ready for commissioning and
1 station mechanically completed. It has also provided
6,069 domestic PNG connections. In the Kamrup GA,
the Company has commissioned 5 CNG stations, with
3 stations ready for commissioning and 5 mechanically
completed, while extending 6,392 domestic PNG
connections.

vii.    North-East Gas Distribution Company Limited
(NEGDCL)

NEGDCL, a joint venture between OIL (49%) and Assam
Gas Company Ltd (51%), to implement CGD projects in
the north bank of Assam and northern & southern Tripura
Geographical Areas. The Company commissioned one
CNG station in north bank of Assam, three CNG stations
in North Tripura and two stations in South Tripura. The
supply of DPNG has commenced in North Bank of Assam.

viii.    Arunachal Gas Private Limited (AGPL)

AGPL [incorporated on 15^th November 2025] is a 50:50
joint venture between OIL and BPCL. The consortium
was awarded the Arunachal Pradesh Geographical Area
(GA) by the PNGRB under the 12^th CGD Bidding Round. It is
responsible for laying, building, operating, and expanding
the City Gas Distribution (CGD) network and associated
infrastructure to supply natural gas to domestic,
commercial, industrial, and automotive consumers
across the authorized GA in Arunachal Pradesh.

ix.    APGCL OIL Green Power Limited (AOGPL)

AOGPL [incorporated on 21^st February, 2025] is a joint
venture between OIL (49%) and Assam Power Generation
Corporation Limited (51%) to execute projects in the field
of green energy. It has identified solar power projects of
total 645 MW capacity in the state of Assam.

x.    Assam Valley Fertilizer and Chemical Co. Limited
(AVFCCL)

AVFCCL was incorporated on 25^th July 2025 as joint
venture with Government of Assam (40%), Oil India
Limited (18%), National Fertilizers Limited (18%),
Hindustan Urvarak & Rasayan Limited (13%) and
Brahmaputra Valley Fertilizer Corporation Limited (11%),
for setting up of new Ammonia-Urea Complex Namrup
IV Fertilizer Plant at Namrup, Assam.

xi.    Suntera Nigeria 205 Ltd.

Your Company holds 25% stake in Suntera Nigeria
205 Ltd., Nigeria (with the objective to engage in the
petroleum business including exploration, production
and development of crude oil and natural gas in Nigeria)
pursuant to a Share Purchase Agreement (SPA) signed
with Suntera Resources Ltd., Cyprus and Indian Oil
Corporation Limited (IOCL).

xii.    Beas Rovuma Energy Mozambique Ltd. (BREML)

The Company holds 40% share in BREML. BREML holds
10% Participating Interest in the Rovuma Area 1 Offshore
Block in Mozambique. The Area-1 consortium had taken

Final Investment Decision (FID) in June 2019 for the
initial development of Golfinho-Atum field through
the construction of a two-train LNG plant with a total
capacity of 13.12 MMTPA. The project is progressing
with overall completion reaching 42%.

23.    Statutory Requirements

Your Directors have made necessary disclosures as
required under various provisions of the Companies Act,
2013 and SEBI (LODR) Regulations, 2015. Information on
the Conservation of Energy, Technology Absorption,
Foreign Exchange Earnings & Outgo etc. as required
under Section 134 of the Companies Act, 2013 and the
Rules made thereunder is given in the Annexure-I to this
Report.

The details of the employees who drew remuneration
exceeding the limits laid down in the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014 are not required to be annexed
to the Annual Report in view of exemptions to the Govt
Companies.

Further, during the FY 2025-26, there was no order or
direction of any court or tribunal or regulatory authority
either affecting Company's status as a going concern
or which significantly affected Company's business
operations.

Neither any application was made during the FY 2025-26
nor any proceedings are pending against the Company
under the Insolvency and Bankruptcy Code 2016.

The Company complies with the applicable Secretarial
Standards issued by the Institute of Company
Secretaries of India (ICSI).

24.    Statutory Auditors, Cost Auditors and
Secretarial Auditors

M/s Gopal Sharma & Co., Chartered Accountants and
M/s RKP & Associates, Chartered Accountants were
appointed as Joint Statutory Auditors for the FY 2025-26
by the Comptroller & Auditor General of India (C&AG).
The Statutory Auditors have audited the Accounts of the
Company for FY 2025-26 and submitted their Unqualified
Report to the Company. They have not reported any
instance of fraud committed by the officers/employees
of the Company. The C&AG has given "NIL" comments on
Financial Statements 2025-26 of the Company.

The Cost Audit Report for the FY 2024-25 given by M/s
Shome & Banerjee, Cost Accountants was filed within

the statutory time limit. For the FY 2025-26, M/s Shome
& Banerjee, Cost Accountants are the Cost Auditor of the
Company. The report will be filed within the stipulated
time frame.

M/s VAP & Associates, Company Secretaries were
appointed as the Secretarial Auditor of the Company for
FY 2025-26 to 2029-30. The Secretarial Audit Report
confirming compliance to the applicable provisions
of the Companies Act, 2013, SEBI (LODR) Regulations,
2015, SEBI Guidelines and all other relevant rules and
regulations except the Board Composition is annexed
as Annexure-II to this Report.

Reply of the Management on the observation on Board
Composition in the Secretarial Audit Report is as under :

(a)    Post completion of tenure of 3 (Three) Independent
Directors on 27^th March 2026, there were

5    (Five) Functional Directors including Chairman

6    Managing Director, 2 (Two) Govt. Nominee
Directors & 1 (One) Independent Director as
on 31.03.2026. Accordingly, the Committees
viz. Audit & Ethics Committee (A&EC) and
Nomination & Remuneration Committee (N&RC)
were reconstituted from the existing Board
Composition. However, no meeting of A&EC and
N&RC was held between 28.03.2026 to 31.03.2026.

(b)    The Company is compliant with the provisions of
Companies Act, 2013 and SEBI (LODR) Regulations,
2015 on Corporate Governance including (ii) Board
Committees (Audit Committee etc.) (iii) Holding
Board Meetings (iv) Related Party Transaction
(v) Disclosures and Transparency, except
(i) Composition of Board of Directors.

Since the Company is a Govt. of India Enterprise, the
Directors on the Board of Company are appointed
by the President of India through Administrative
Ministry - Ministry of Petroleum & Natural Gas
(MoP&NG). The Company has been requesting the
MoP&NG for appointment of requisite number of
Independent Directors on the Board of Company
for compliance of the extant regulations.

As a step towards good corporate governance, the
Secretarial Audit Report of our Material Subsidiary is
also annexed hereto as Annexure-III.

25.    Annual Report of Subsidiaries and
Consolidated Financial Statements

In accordance with Section 134 of the Companies Act,
2013 and the applicable Accounting Standards, Audited
Consolidated Financial Statements for the year ended
31^st March, 2026 of the Company and its subsidiaries
forms part of this Annual Report.

A report on the performance and financial position of the
subsidiaries, associates and joint venture companies of
the Company as per the prescribed form (Form AOC-1) of
the Companies Act, 2013 also forms part of this Annual
Report.

The Complete Annual Reports of subsidiaries of the
Company are available on the Company's website.

26.    Details of Loans, Guarantees and
Investments/ Deposits

The particulars of investment made, loans extended,
guarantees and securities provided along with the
purpose for which the loan or guarantee or security is
proposed to be utilized by the recipient are provided in
the standalone financial statements. (Ref. Note 6, 8, 42
and 45 to the standalone financial statements).

27.    Related Party Transactions

All contracts / arrangements / transactions entered by
the Company during the year with related parties were
in ordinary course of business and at arm's length basis.
The policy on materiality of related party transactions
and dealing with related party transactions can be
accessed on the Company's website at www.oil-india.
com. Attention is also invited to Note 45 to the financial
statements and Form AOC-2 attached herewith.

28.    Annual Return

As required under the provisions of the Companies Act,
2013, the Annual Return for the FY ended 31^st March, 2026
in the prescribed form MGT-7 has been prepared and
hosted on the website of the Company at the following
weblink:https://www.oil-india.com/annual-financial-
results/36

29.    Awards And Recognitions

During the FY 2025-26, following recognitions and
awards/accolades were conferred upon your Company:

30. Vigil Mechanism

Your Company promotes ethical behaviour in all its
business activities and has put in place mechanism for
reporting illegal or unethical behaviour. The Company
has a Vigil Mechanism and a whistle-blower policy

in accordance with provisions of the Act and Listing
Regulations. The policy on Vigil Mechanism/Whistle-
Blower can be accessed on the Company's website at
https://www.oil-india.com/files/investor_services_
documents/Whistle_Blower_Policy.pdf

31.    Significant and Material Orders passed
by The Regulators Or Courts

No significant and material orders were passed by the
regulators or courts or tribunals, during the year that
impact the going concern status of the Company and its
operations in the future.

32.    Policy on Directors' Appointments Etc. /
Performance Evaluation

The Company being a Government Company, the
provisions of Section 134 (3)(e) and Section 134(3)(p) of
the Companies Act, 2013 regarding policy on Directors'
appointment and remuneration, annual evaluation
of the performance of the Board, Committees and
individual directors are not applicable in view of the
Gazette notification dated 05^th June, 2015 issued by
the Government of India, Ministry of Corporate Affairs
granting exemptions to Government Companies as the
performance evaluation of the Directors is carried out
by the administrative ministry, i.e., MoP&NG as per laid-
down evaluation methodology.

Further, the said notification also exempted Government
Companies from the provisions of Section 178 (2) which
requires performance evaluation of every director by
the Nomination & Remuneration Committee.

33.    Changes in the Board of Directors

a.    In terms of Letter No. CA-31022/1/2021-CA-PNG
(37493) dated 09^th March, 2026 issued by Ministry
of Petroleum & Natural Gas (MoP&NG) :

(i)    Shri Rohit Mathur, Joint Secretary, MoP&NG
[08216731] ceased to be Govt. Nominee
Director on the Board of Company w.e.f.
09^th March, 2026.

(ii)    Shri Bhupinder Kumar, Director, MoP&NG
[DIN-11596173] was appointed as Govt.
Nominee Director on the Board of Company
w.e.f. 10^th March 2026.

b.    Shri Balram Nandwani [DIN: 00356119], Ms. Pooja
Suri [DIN-03077515] & Shri Raju Revanakar [DIN-
09398201], Independent Directors, ceased to
be Directors on the Board of Company w.e.f.
28^th March, 2026 after completion of their tenure.

34.    Directors' Responsibility Statement

Pursuant to the requirement under Section 134 (5) of
the Companies Act, 2013 with respect to Directors'
Responsibility Statement, it is hereby confirmed that:

i.    in the preparation of the annual accounts, the
applicable accounting standards have been
followed along with proper explanation relating to
material departures;

ii.    the directors have selected such accounting
policies and applied them consistently and made
judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the
state of affairs of the Company at the end of the FY
2025-26 and of the profit and loss of the Company
for that period;

iii.    the directors have taken proper and sufficient care

for the maintenance of adequate accounting
records in accordance with the provisions of this
Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other
irregularities;

iv.    the directors have prepared the annual accounts
on a going concern basis;

v.    the directors have laid down internal financial
controls in the Company which are adequate and
are operating effectively; and

vi.    the directors have devised proper systems
to ensure compliance with the provisions of
all applicable laws and that such systems are
adequate and operating effectively.

35. Acknowledgement

I, on behalf of the entire Board, extend our thanks to the
Investors, Vendors, Customers, Auditors & Bankers for
their continued immense support during the year. Your
Directors place on record the contribution made by the
employees at all levels and the consistent growth of the
Company was made possible by their hard work, co¬
operation and support. Your Directors also acknowledge
the support of the MoP&NG, all other Ministries and
Agencies in Central and State Governments and extend
sincere thanks for their guidance & help.

For and on behalf of the Board of Directors

Sd/-

Dr. Ranjit Rath
Chairman & Managing Director
DIN: 08275277

Place: Noida
Date: August 7, 2026

1

   In AIPSSCB Table Tennis Tournament, Men's and
Women's Teams emerged as Runner-up, with notable
individual achievements.

2

   Senior Executives conducted rigorous Loss Control
Management Tours to ensure field compliance, while
multi-tiered mock exercises (Tiers 1 to 4) validated
crisis response capabilities. Process Safety