Oil India to exit Russian oil block

Oil India Ltd (OIL) is exiting Project License-61 in Russia, but a decision has not been taken on whether to exit the shale asset in the US.

“OIL has initiated the sale process of Project License-61 in Russia. The performance of the asset has not been as expected,” Minister for Petroleum and Natural Gas, Dharmendra Pradhan, said in response to a query on the same in the Rajya Sabha.

“No decision has been taken on OIL’s asset in the US,” Pradhan added.