Oil India & MECL Join Forces for Critical Mineral Exploration

Oil India Limited (OIL), a Maharatna CPSE under the Ministry of Petroleum & Natural Gas, has signed a Memorandum of Understanding (MoU) with Mineral Exploration and Consultancy Limited (MECL), a Miniratna-I CPSE under the Ministry of Mines. This collaboration aims to enhance the exploration and development of critical mineral blocks in India and abroad. The MoU was signed in the presence of senior officials from both organizations, marking a key milestone in India’s quest for resource security.

Focus on Critical Minerals and Global Expansion

Under this strategic partnership, OIL and MECL will jointly engage in mineral exploration, focusing on the identification, evaluation, and development of mineral-rich blocks. The collaboration extends beyond domestic efforts, with plans to explore mineral opportunities overseas. One of the key projects under this initiative is the recently awarded Phop Graphite and Vanadium block in Arunachal Pradesh, which holds significant potential for critical mineral resources.

Conclusion

This partnership underscores India’s commitment to strengthening its mineral exploration sector, ensuring a stable supply of critical resources essential for energy security, industrial growth, and sustainable development. Through joint efforts, OIL and MECL aim to position India as a global leader in mineral exploration and resource management.

On February 24, 2025, Oil India share price opened at ₹392.40, the same as its previous close of ₹392.40. At 9:38 AM, the share price of Oil India was trading at ₹386.00, down by 1.63% on the NSE.

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