Oil India (OIL) has signed a memorandum of understanding (MoU) with Mahanagar Gas (MGL) to explore opportunities across the LNG value chain and in emerging clean energy sectors.
OIL is actively pursuing an expansive hydrocarbon exploration and development program, with plans to significantly increase gas production and advance its clean energy projects. MGL, having established a presence in the LNG sector, operates LNG retail stations and is pursuing additional clean energy initiatives.
Under the MoU, the two organizations will collaborate to assess technical and commercial viability of LNG in heavy-duty transport and to explore potential clean energy projects, with the aim of scaling feasible pilots to commercial operations.
“The collaboration will focus on assessing technical and commercial feasibility of LNG in heavy-duty transport and exploring projects in clean energy. Our objective is to take feasible pilots to commercial scale,” said Oil India’s Director (Operations).
About Oil India: The company is engaged in exploration, development, and production of crude oil and natural gas, transportation of crude oil, and LPG production, while providing various E&P-related services for oil blocks.
Financial Performance: On a consolidated basis, OIL reported a net profit of Rs 1,896.42 crore, up 0.6%, despite a 2.4% decline in net sales to Rs 7,928.66 crore in Q1 FY26 compared to Q1 FY25.