Oil India Limited

On March 9, 2021, Oil India was removed from the Florida State Board of Administration (SBA) Iran Continued Examination List. 

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On February 16, 2021, Iowa Public Employees' Retirement System removed Oil India from its Iran Prohibited Companies List. 

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In January 2021, the State of New Jersey Department of the Treasury listed Oil India as a company engaged in prohibited activities in Iran pursuant to P.L. 2012, c. 25 ("Chapter 25").

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As of December 2020, Rhode Island continues to list Oil India as having active investment in Iran's energy sector of at least greater than $20-50 million. 

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On October 14, 2020, Oil India remained on the Tennesse Department of General Services list of persons it determines engage in investment activities in Iran, as described in 12-12-105.

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Oil India is listed on the August 5, 2020 California Department of General Services, "Entities Prohibited from Contracting with Public Entities in California per the Iranian Contracting Act, 2010" list.

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As of July 2020, Oil India remains on the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because of oil-related investment of US $20 million since 1996. 

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In 2020, the U.S. state of Mississippi listed Oil India on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering it ineligible for investment and/or state contracting.

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In June 2020, Oil India was listed by the Connecticut Office of the Treasurer as a restricted company and therefore prohibits direct investment in the company due to its involvement in Iran. 

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"Oil India has been identified as having a participating interest in an offshore oil field in Iran. The U.S. Government Accountability Office (GAO) has identified Oil India as having commercial activity in Iran’s energy sector. Since 2012, CalSTRS has initiated the review process multiple times as the security was purchased by CalSTRS external managers but liquidated the security before completing the engagement. In 2015, CalSTRS designated the company as “Divested and Restricted” because it would be more efficient than continually initiating the review process. In 2020, prompted by potential manager interest in investing in the company, CalSTRS removed Oil Indian after further review of the company’s internal controls to prevent sanction violations."

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As of May 28, 2020, the Florida State Board of Administration (“SBA”) continues to list Oil India on its list of “Continued Examination Companies with Petroleum Energy activities in Iran.

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On May 15, 2020, the IPERS identified Oil India on its Iran Prohibited Companies List.

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As of April 15, 2020, Oil India is included as an entity determined to be non-responsive bidders/offerers pursuant to The New York State Iran Divestment Act of 2012.

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As of April 15, 2020, Oil India is included on the Tennessee list of persons it determines engage in investment activities in Iran, as described in § 12-12-105.

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As of December 31, 2019, the Alaska Retirement Management Board lists Oil India as a company doing material business with Iran.

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Since 2012, the California State Teachers Retirement System (“CalSTRS”) initiated the review process of Oil India as the security was purchased by CalSTRS external managers. However, the security was always sold before the review process could be completed. In 2015, CalSTRS designated the company as “Divested and Restricted” for having a participating interest in an offshore block in Iran and because it would be more efficient than continually initiating the review process. CalSTRS maintained the “Divested and Restricted” designation in 2019.  In 2009 through 2010, the California State Public Employees Retirement System (“CalPERS”) identified Oil India as having oil exploration contracts and oilfield interests in Iran. In 2012 CalPERS approved divestment from the company.

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As of October 28, 2019, the Pennsylvania Treasury Department (“PA Treasury”) lists Oil India on its Iran list of scrutinized companies for “oil-related investment of at least US $20 million since 1996.

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As of August 15, 2019, the state of Iowa listed Oil India on its Iran scrutinized companies list.

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On June 30, 2019, New Jersey listed Oil India on its state list of entities determined, based on credible information, to be engaged in prohibited activities in Iran.

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Oil India is listed on the June 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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Oil India is listed on the March 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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On March 13, 2019, the Mississippi Department of Finance & Administration identified Oil India as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran.

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Oil India is listed on the January 2019 Entities prohibited from Contracting with Public Entities in California list.

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Oil India has been identified as having a participating interest in an offshore block in Iran. The GAO has identified Oil India as having commercial activity in Iran’s energy sector.

Since 2012, CalSTRS has initiated the review process of Oil India as the company was purchased by CalSTRS external managers. However, the security was always sold before the review process could be completed. In 2015, CalSTRS designated the company as “Divested and Restricted” because it would be more efficient than continually initiating the review process. CalSTRS has maintained the “Divested and Restricted” designation in 2018.

Oil India is listed on the December 31, 2018 CalSTRs Portfolio of companies identified as possibly having ties to Iran and from which CalSTRs has divested from and restricted in 2018.

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Oil India is listed on the CalPERS November 2018 Iran Divested/Restricted companies list.

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In 2017 the U.S. state of California listed OilIndia on its list of companies doing material business with Iran rendering OilIndia for investment and/or state contracting.

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 In 2017 the U.S. state of Florida, Pennsylvania, Mississippi, Rhode Island, South Carolina, Tennessee listed Oil India on its continued examination list of companies with petroleum energy activities in Iran.

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In 2018 the U.S. states of Iowa, New Jersey, New York listed Oil India as an Iran restricted company rendering Oil India ineligible for investment and/or state contracting.

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"A U.S. Congress investigative arm has identified four companies that did business with Iran's energy sector over roughly the past year, despite global sanctions. Based on open-source information, the U.S. Government Accountability Office on Tuesday pinpointed two companies in China and another two in India dealing with Tehran's energy industry during a 13-month period ending in November. Any or all of the parties could come under new global pressure to cease their joint projects...Oil India and another Indian firm, Oil and Natural Gas, each told U.S. auditors they had divested from gas field development efforts noted in their annual reports. However, the investigators still labeled the firms as ‘active’ collaborators with Iran during the recently concluded reporting period." (Global Security Newswire, “Iran's Business Partners Face New Sanctions Scrutiny,” 1/9/14)

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"Iran has offered the first such pact globally since the 1979 revolution that overthrew the monarchy in Iran to an Indian consortium comprising ONGC Videsh Ltd (OVL), Indian Oil Corp. Ltd(IOC) and Oil India Ltd (OIL), which won a bid for the block in 2002 from National Iranian Oil Co." (The Wall Street Journal, "Indian firms to ink production-sharing contract with Iran," 6/16/2013)

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Firm/country: Oil India Ltd. (OIL)/India;

Firm activity: Development of Farzad-B natural gas field in the Farsi block;

Status: Part of a consortium that is exploring the Farsi block and

that submitted a 2009 plan to develop the gas field over a 7- to 8- year period;

Commercial activity: 20% stake in the project, with an estimated total investment of $5 billion;

Firm comment: Contacted on February 18, 2010; no response as of March 22, 2010.

(GAO Report 2010, "Firms Reported in Open Sources as Having Commercial Activity in Iran’s Oil, Gas, and Petrochemical Sectors")

"Indian companies including Oil India Ltd and ONGC plan to buy a part of ConcoPhillips' Canadian oil sands assets worth around $5 billion." (Reuters, "India ONGC says presence in Iran, Sudan may affect US plans," 9/4/2012)

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"The Indian government has asked its public sector oil firms to seek legal opinion on the impact of the latest round of US sanctions on Iran on their investment in the Persian Gulf nation, Oil Secretary S Sundareshan said here. The US administration had in May named Oil and Natural Gas Corporation, ONGC Videsh Ltd, Oil India Ltd, IndianOil, Hinduja Group and Petronet LNG among the 41 firms worldwide having energy ties with Iran, an act for which it may impose sanctions on them." (Economic Times, "Oil PSUs to seek legal opinion of impact of sanctions on Iran," July 22, 2010)

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"We had last year mentioned about commercial gas discovery in an Exploration Service Contract for Farsi Off shore Block, Iran, where your Company has 20% PI as a member of the consortium led by OVL. Th e consortium is now in discussion with National Iranian Oil Company (NIOC) and Iran Off shore Oil Company (IOOC) on its development plan." (Company Website - Chairman's Address, 2010) 

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"The Company has overseas presence in seven countries, Libya, Gabon, Nigeria, Yemen, East Timor, Iran and Sudan.  These blocks are part of one of the most prolific basins in Libya. In Iran , OIL has 20% PI in Farsi Block. Discovery of oil and gas in the block has been made, which is being evaluated for commercialization." (Company Website - Press Release, April 2009)