Oil India Ltd.OIL₹414.10 -0.56%

Oil India Ltd. today announced the signing of a long-term firm Gas Sale and Purchase Agreement (GSPA) with North Eastern Electric Power Corporation Limited (NEEPCO). This crucial agreement secures the continued supply of 1.4 million standard cubic meters per day (MMSCMD) of Natural Gas to NEEPCO’s Assam Gas Based Power Station (AGBPS) at Bokuloni, Dibrugarh, for an extended period of 15 years.

This new GSPA succeeds the earlier 10-year arrangement between the two companies, marking an important continuation of their partnership. The agreement was formally executed at the AGBPS office in Bokuloni by Sh Ranjan Goswami, Executive Director (Business Development) for OIL, and Sh Bijit Kumar Goswami, Executive Director (Operation & Maintenance) for NEEPCO.

AGBPS holds the distinction of being the largest gas-based power plant in Assam and is fundamental to meeting the region’s electricity demand. The signing of this extended-term agreement strongly reaffirms OIL’s commitment and confidence in its reserve base and its capability to ensure a sustained gas supply from its domestic sources.

Through this long-standing collaboration, OIL and NEEPCO are working together to secure the power needs of Assam and the entire Northeast region. This initiative strengthens regional energy security and strongly supports the national vision of advancing affordable and clean energy. As the anchor energy company in the region, OIL remains focused on expanding its upstream portfolio and playing a key role in supporting India’s transition towards a gas-based economy.

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Note: The stock price mentioned is as of 3:30 pm.