IndianOil, India's flagship energy major and Oil India Limited (OIL), the nation's premier E&P company, signed an MoU for collaborating on a unique CO2-Enhanced Oil Recovery (EOR) project in Assam.

IndianOil Chairman, Mr. Sanjiv Singh, executed the agreement alongside Mr. SC Mishra, CMD, OIL in the presence of Dr. SSV Ramakumar, Director (R&D), IndianOil; Mr. Akshay Kumar Singh, Director (Pipelines), IndianOil; Mr. SM Vaidya, Director (Refineries), IndianOil; Mr. PK Sharma, Director (Operations), OIL, and senior officials from IndianOil and OIL.

The two mega corporates intend to collaborate in developing Carbon Capture, Utilisation and Storage (CCUS) as an effective emissions mitigation tool to combat climate change. Injecting carbon dioxide (CO2) into oil reservoirs for effecting Enhanced Oil Recovery (EOR) offers a potentially attractive way to spur greater CCUS action to support climate change-related carbon storage objectives as well as improve oil-well productivity.

It is proposed that CO2 captured from the flue-gas stacks of Hydrogen Generation Unit & Gas Turbine power plant at Digboi Refinery will be transferred to the Nahorkatiya & Dikom oil fields of OIL in Assam, located approximately 50 - 60 km from Digboi.

Speaking on the occasion, Mr. Sanjiv Singh said, "Enhanced oil production from depleting wells using CO2 captured from refineries is a pioneering initiative in India. Expeditious implementation should be ensured to quickly exploit & scale up this initiative."

Addressing the dignitaries, Mr, SM Vaidya asserted that, "Carbon capture for EOR extends the productivity of mature oil fields and is in line with our Prime Minister's clarion call for reducing crude oil imports. It is also a step in the direction of mitigating 'climate emergency' that our planet faces."

About Indian Oil Corporation (IndianOil)

Indian Oil Corporation Ltd. (IndianOil) is India's largest commercial enterprise, ranked 119th among the world's largest corporates (and first among Indian enterprises) in the prestigious Fortune ‘Global 500’ listing for the year 2015. IndianOil has been meeting India’s energy demands for over half a century. Its business interests straddle the entire hydrocarbon value-chain – from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas and petrochemicals, besides forays into alternative energy and globalisation of downstream operations. As part of its Exploration & Production portfolio, IndianOil has participating interest in eight domestic and seven overseas blocks. The seven overseas blocks are located in Libya, Gabon, Nigeria, Yemen, Venezuela, Canada and USA.

About Oil India Limited (OIL)

Oil India Limited (OIL)is a fully integrated Exploration & Production (E&P) company in the upstream sector and is the second largest national oil and gas company of India as measured by total proved plus probable oil and natural gas reserves and production in India.