Dear Members,

On behalf of the Board of Directors, it is my privilege to present the 67^th Annual Report of your Company, together with the Audited Standalone and Consolidated Financial Statements, the Independent Auditors' Report and the Comments of the Comptroller and Auditor General of India, for the financial year ended 31^st March 2026.

As a Maharatna Central Public Sector Enterprise, your Company continues to play a pivotal role in strengthening India's energy security while creating sustainable value for all stakeholders. The year under review was marked by heightened geopolitical uncertainty, volatile commodity prices and supply- chain disruption, with escalating tensions in West Asia and consequent pressure on shipping routes through the Strait of Hormuz adding further complexity to an already challenging global energy landscape. Against this backdrop, your Company demonstrated resilience, operational excellence and strategic agility, delivering a strong performance across its core business segments.

Guided by its firm commitment to the nation's energy security, your Company continued to expand the frontiers of exploration and production. Focused exploration efforts, supported by advanced technologies and deeper drilling campaigns exceeding 6000 metres, enabled the Company to access challenging reservoirs and achieve a Reserve Replacement Ratio (RRR) of 1.02, reaffirming the sustainability of its hydrocarbon resource base. Operational excellence was further reflected in the highest daily crude oil production in fourteen years - 10,566 metric tonnes - achieved through an aggressive drilling and workover programme, even as the Company upheld the highest standards of safety and environmental stewardship across its producing assets.

Your Company's overse as portfolio comprising producing interests in the Vankor and Taas fields in Russia, the Carabobo block in Venezuela and the Golfinho-Atum discovery in Mozambique continued to contribute to the Company's reserve base and diversified energy security footprint through the year, notwithstanding the same geopolitical headwinds.

Your Company also advanced its downstream and diversification agenda. The expansion of Numaligarh Refinery Limited (NRL), the Company's material subsidiary, remains a key strategic initiative that will strengthen the region's refining capacity and support the country's growing energy requirements. In parallel, your Company continued to broaden its energy portfolio toward cleaner and alternate sources, aligning its long-term growth strategy with India's energy transition objectives - a direction underscored by the incorporation of a new wholly owned subsidiary, OIL Green Energy Limited (OGEL).

' 24,038.58 crore (' 23,987.07 crore in FY 2024-25)

' 38,980.70 crore (' 37,830.04 crore in FY 2024-25)

• Standalone PAT: Rs.4,455.34 crore Consolidated PAT: Rs.7,550.67 crore

• Group Capex: Rs.21,673.75 crore, including Rs.8,439.90 crore by NRL toward capacity augmentation

• Total Dividend: '11.50 per equity share (115% of face value)

• Credit Ratings: CRISIL/CARE (highest domestic); Moody's Baa3 Stable and Fitch BBB- Stable — at par with India's sovereign rating

• Standalone EBITDA: Rs.8753 Crore

• Standalone EPS: Rs.27.39/share

' 67.57 Lakh

1.02

• 2P reserve accretion of 6.232 MMTOE

• Two new oil discoveries (East Borpothar-1, Namrup Borhat-2) and one gas technical discovery (Vijaya Puram-3 Andaman East)

• 74 wells drilled (22 exploratory + 52 development): highest-ever

• Highest daily crude oil production in 14 years: 10,566 MTPD

• Technical Service Agreement (TSA) with TotalEnergies for seismic interpretation & reservoir modelling & well design

• Crude oil pipeline throughput: 7.453 MMT — highest ever

• NSPL capacity augmentation (1.72 to 5.5 MMTPA) dedicated to the nation by the Hon'ble Prime Minister on 13^th March 2026, savings of Rs.110 Crore

• NRL: highest-ever crude processed (3,113 TMT); capacity utilisation above 100% for the second consecutive year; PAT up 90% to Rs.3,057.19 crore, highest distillate yields 87.25%.

• New wholly owned subsidiary, OIL Green Energy Limited (OGEL), incorporated to lead the clean- energy portfolio with focus of CBG plants.

• FIPI Award 2025 for 'Oil & Gas Production Company of the Year' (above 1 MTOE), among other recognitions during the year

• Duliajan Feeder Line (DFL) authorised for dedicated IGGL hookup for Company's gas output through NEGG.

• Advanced inventory management — reduced slow-moving stock & carrying cost.

• First Indian oil & gas PSU to enter critical mineral exploration; preferred bidder for graphite- vanadium (Arunachal Pradesh) and potash-halite (Rajasthan) blocks

• Scope 1 & 2 emissions down 17.93% over FY24 baseline; 20,000 crore committed under Project SANTULAN towards the 2040 Net Zero target

• 25 Compressed Biogas (CBG) plants across 9 states

• S&P Global ESG Score more than doubled: 22 to 46

• Carbon Disclosure Project (CDP) rating - From 'F' to 'C' for climate change & water security

• 5 patent applications filed; Rs.173.22 crore invested in R&D (3.20% of PBT)

• DRIVE 2.0 launched — 10 AI/GenAI- enabled digital initiatives across the E&P value chain

• 32% Flaring reduced vis-a-vis FY 25 through capex of Rs.51 Crore installing booster compressors and laying pipeline etc

During the financial year 2025-26, your Company reported a total income of Rs.24,038.58 crore on a standalone basis and Rs.38,980.70 crore on a consolidated basis, as compared to Rs.23,987.07 crore and Rs.37,830.04 crore, respectively, in the previous financial year, reflecting the Company's continued operational resilience despite a challenging business environment.

The Profit Before Tax (PBT) stood at Rs.5,419.86 crore on a standalone basis and '9,581.92 crore on a consolidated basis during FY 2025-26, as against Rs.7,850.95 crore and Rs.9,436.43 crore, respectively, in FY 2024-25.

The Profit After Tax (PAT) for the year amounted to Rs.4,455.34 crore on a standalone basis and Rs.7,550.67 crore on a consolidated basis, compared with Rs.6,114.19 crore and Rs.7,039.63 crore, respectively, in the previous year.

The Company's Net Profit Margin stood at 20.87% on a standalone basis and 20.38% on a consolidated basis during FY 2025-26, compared with 27.64% and 19.47%, respectively, in the preceding financial year. While the standalone margin moderated during the year, the consolidated performance remained resilient, reflecting the strength and diversity of the Company's integrated business portfolio.

The average crude oil price realisation during FY 2025-26 was US$69.04 per barrel, compared with US$78.09 per barrel in the previous year. The average natural gas price realisation remained largely stable at US$6.64 per MMBTU for the year ended 31^st March 2026, as against US$6.68 per MMBTU in the previous financial year.

('in crore)

Important ratios (on consolidated basis) are as under:

NRL, the Company's material subsidiary, delivered an excellent financial performance during the financial year 2025-26, supported by improved refining margins and robust operational efficiencies.

During the year under review, Revenue from Operations increased to Rs.26,392.75 crore, as compared to Rs.25,146.68 crore in the previous financial year.

Profit Before Tax (PBT) registered a significant growth of 84.02% during the year, rising to Rs.4,076.64 crore from Rs.2,215.29 crore in FY 2024-25. The substantial improvement in profitability was primarily attributable to higher spreads on primary petroleum products during the year.

Consequently, Profit After Tax (PAT) increased substantially to Rs.3,057.19 crore, compared with Rs.1,607.78 crore in the previous financial year, reflecting the Company's strong operational and financial performance.

The Earnings Per Share (EPS) for FY 2025-26 stood at Rs.17.52, underscoring NRL's continued focus on creating sustainable value for its stakeholders.

On group level, Company has made capex investments of Rs.21,673.75 crore during FY 2025-26 which includes capex of Rs.8,439.90 crore by NRL primarily for refinery capacity augmentation from 3 MMTPA to 9 MMTPA. In addition, investment of Rs.1,947.73 crore was made towards Company's proportionate share of capex of its JVs & Associates during FY 2025-26. The aforesaid investment of Rs.21,673.75 crore further includes Rs.7,996.30 crore towards exploration and development activities at Standalone level.

Your Company continues to be a significant contributor to the Government exchequer, reaffirming its commitment to nation-building through substantial contributions in the form of taxes, duties, royalties, cess and dividends.

During the financial year 2025-26, your Company's total contribution to the Central and State Exchequers amounted to '9,213.26 crore, as compared to Rs.11,231.86 crore in the previous financial year.

Of the total contribution, Rs.5,335.17 crore was contributed to the Central Exchequer, while Rs.3,878.09 crore was contributed to various State Exchequers, compared with Rs.6,922.51 crore and Rs.4,309.35 crore, respectively, during FY 2024-25.

A detailed break-up of the Company's contribution to the Central and State Exchequers is furnished below:

During FY 2025-26, crude oil production stood at 3.450 MMT, as against 3.458 MMT in the previous year, registering a marginal decline of 0.23%. Crude oil sales during the year were 3.334 MMT, compared to 3.346 MMT in the previous year.

Despite the natural decline associated with mature fields, along with a period of economic blockade in parts of Upper Assam operational areas which was beyond control, the Company sustained production levels through the implementation of various strategic initiatives, including the deployment of Improved

Oil Recovery (IOR)/Enhanced Oil Recovery (EOR) techniques, accelerated monetisation and development of new discoveries, production optimisation, adoption of advanced technologies, recovery of missed opportunities, infill drilling, monetisation of sick wells, Cyclic Steam Stimulation (CSS) in Rajasthan, and the upgradation of surface facilities and infrastructure.

During FY 2025-26, the Company achieved a significant milestone by attaining a terminal crude oil production rate of 10,566 MTPD, the highest recorded in the last fourteen (14) years. The achievement reflects the sustained efforts undertaken across the Company's production operations, including drilling, workover and production optimization activities signifying a marked reversal of the overall declining trend towards a growth path. In FY 2025-26, the Company achieved a total crude oil production of 3.450 MMT against the MoU target of 4.034 MMT, corresponding to an overall achievement of 86%.

The total crude oil sales for FY 2025-26 stood at 3.334 MMT, representing approximately 97% of the overall production of 3.450 MMT. The crude oil sales from Assam and Arunachal Pradesh stood at 3.282 MMT against a total production of 3.387 MMT, representing approximately 97% of the total production. Sales from the Rajasthan field amounted to 0.034 MMT against a total production of 0.044 MMT (including 250 MT of condensate), accounting for approximately 77% of the production.

The production shortfall against the MoU target was primarily attributable to consequential production losses of 0.099 MMT due to economic blockade and other associated environmental constraints. Operation related losses amounted to 4,095 MT, attributable to operational and maintenance-related activities associated with field operations. Further, the natural

decline in wellhead production potential across mature producing fields, estimated at 1,516 MTPD, contributed to the overall production shortfall during FY 2025-26. Additionally, production losses of 9,999 MT were incurred due to Low Market Demand (LMD), comprising 296 MT from Company-operated areas and 9,703 MT representing Company's share from Dirok JV.

Despite these challenges, the Company successfully maintained production momentum through continuous monitoring of production performance and focused production enhancement initiatives across its operating assets. The increased production of crude oil also helped Company's material subsidiary NRL to achieve the highest throughput since inception of the refinery.

FY 2025-26 marked a landmark year for RF with the achievement of the highest-ever crude oil production since inception. The field recorded crude oil production of 0.044 MMT and achieved the highest-ever daily production rate of 1,202 BOPD. These achievements were made possible through a combination of intensified drilling activities, optimized CSS operations, barefoot completion implementation and innovative production enhancement measures.

The Company achieved Natural Gas production of 3.186 BCM against the MoU target of 3.889 BCM, registering an achievement of 81.93%. Of the total production, Assam & Arunachal Pradesh fields contributed 2.863 BCM, Rajasthan Fields contributed 0.255 BCM, and Company's share from Dirok JV was 0.068 BCM.

The total Natural Gas sales during the year stood at 2.632 BCM, representing approximately 83% of the total production achieved. Out of this, Natural Gas sales from Assam & Arunachal Pradesh were 2.243 BCM against a production of 2.863 BCM, while Rajasthan Fields recorded sales of 0.250 BCM against a production of 0.255 BCM, corresponding to approximately 98% evacuation of production from the Rajasthan assets.

However, total opportunity loss in natural gas production due to LMD (Low Market Demand) and low upliftment by major consumer is 0.221 BCM and opportunity loss due bandhs/blockades etc is 0.009 BCM which is not attributable to the Company. Moreover, opportunity loss due to lack of evacuation is 0.175 BCM. The revenue from Natural Gas in the FY 2025-26 was Rs.5,636.72 crore as against Rs.5,514.09 crore in the previous year. The shortfall in achievement of the MoU targets for Natural Gas production and sales was primarily attributable to lower-than-anticipated offtake by existing consumers and the lack of adequate evacuation infrastructure for connectivity to the National Gas Grid, thereby limiting access to external markets and constraining monetization of the available gas potential.

RF continued its dedicated efforts to ensure efficient production operations and uninterrupted supply of natural gas to Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) in accordance with the Gas Sale Agreement (GSA) through the pipeline network of GAIL (India) Limited, thereby supporting the energy requirements of the State of Rajasthan and contributing significantly to the overall annual performance of the Company. During FY 2025-26, RF achieved its highest- ever natural gas production since inception, marking a significant operational milestone, while consistently maintaining the gas supply rate, demonstrating high operational reliability and efficiency. Overall gas production stood at 254.99 MMSCM including 23.13 MMSCM from DSF Contract area, achieving 81.73% of the annual target of 312 MMSCM, while gas sales reached 250.40 MMSCM establishing a new record for the highest-ever gas production and sales in the field.

Total oil & gas production during FY 2025-26 stood at 6.64 MMTOE (O+OEG), with oil production reaching 3.45 MMT and gas production reaching 3.186 BCM - sustaining the Company's performance above the 6 MMTOE mark for the fourth consecutive year. Oil production has shown consistent and steady growth, rising from 3.01 MMT in 2021-22 to 3.45 MMT in 2025-26, registering a increase of approximately 14.6% over the period. With various efforts undertaken by the Company, the 2P recovery factor of the major producing fields is anticipated to rise substantially up to 33-50%. Gas production has remained stable, growing from 3.05 BCM in 2021-22 to 3.19 BCM in 2025-26, an increase of about 4.6% over the period. The average daily terminal oil production rate has shown a strong upward trajectory, touching 10,566 MTPD in March 2026 - the highest terminal oil production rate recorded in the last decade, a reflection of sustained operational efficiency and field optimization efforts undertaken by the Company.

The LPG Recovery Plant recorded an availability of 99.89%, while plant efficiency in terms of butane recovery stood at 98.59%, compared to the design specification of 98%. The plant processed an average of 1.83 MMSCMD (66.15 MMSCFD) gas with an average butane of 1.01% (v/v) in the feed gas in the FY 2025-26. The LPG Recovery Plant was in operation for 338 days and 30,906 metric tons of LPG was produced during the year.

Along with LPG, 20,925 metric tons of Condensate was also recovered as by-product which was added to the crude oil production of the Company. LPG Filling Plant was in operation for 276 days despatching entire quantity of LPG produced in bulk tankers to IOCL. Revenue earned by selling LPG during FY 2025-26 was Rs.166.393 crore. Net realization of Condensate was Rs.25.56 crore during the FY 2025-26 as against Rs.30.45 crore in the previous year.

In FY 2025-26, the crude oil pipeline achieved a record transportation volume of 7.453 MMT of crude oil, surpassing the previous year's 7.145 MMT and marking the highest-ever throughput. The Digboi-Naharkatia- Bongaigaon Sector transported 3.282 MMT of crude oil for the Company, 1.040 MMT of crude oil for ONGC and 0.032 MMT of crude oil from JVC. The Barauni- Bongaigaon-Guwahati sector transported highest ever 3.098 MMT of imported crude oil for Bongaigaon and the Guwahati Refinery.

Your Company also transported 1.724 MMT of petroleum products through the Numaligarh- Siliguri Product Pipeline. The total revenue earned from transportation business was Rs.936.20 Crore (including Rs.263.11 Crore arrear recovery arising out of revision of transportation tariff but excluding Rs.6.74 Crore earned from telecom business) during the FY 2025-26 against Rs.572.23 Crore (excluding Rs.9.28 Crore earned from telecom business) during the previous year.

• Nadua and East Khagorijan Areas (Dibrugarh District, Assam): A state-of-the-art Oil Collecting Station (OCS) project has been commissioned at Nadua, and the process plant is currently under stabilization. The Group Gathering Station (GGS) at East Khagorijan is under development. These facilities are designed with enhanced fluid and gas handling capacities. Both installations include Effluent Treatment Plants (ETPs), dehydration units and non-luminous flare stacks, conforming to oilfield safety standards.

To enhance the production potential of this high yielding field, a modern Field Gas Gathering Station (FGGS) is being constructed. This facility will handle the collection and processing of non-associated natural gas. It will be equipped with gas dehydration units, effluent treatment systems and non-luminous flare stacks, conforming to oilfield safety standards. Upon commissioning, the FGGS is expected to handle future enhanced gas output and improve the quality of gas supplied for downstream applications.

The Company is developing an integrated Group Gathering Station (GGS) at Lakwagaon Field, which will comprise an Oil Collecting Station (OCS), Effluent Treatment Plant (ETP) and a Water Injection Station (WIS). Once operational, this facility will enable the field to operate at optimal production capacity, ensuring efficient resource management and enhanced recovery.

Your Company owns and operates a 16-inch cross country Numaligarh Siliguri Product Pipeline (NSPL) of length 654 Km and with existing capacity of 1.72 MMTPA for transporting products of Numaligarh Refinery Limited (NRL) viz., Motor Spirit (MS), High Speed Diesel (HSD) and Superior Kerosene Oil (SKO).

The NSPL Capacity Augmentation Project has been undertaken to increase the existing throughput of Numaligarh-Siliguri Product Pipeline (NSPL) from 1.72 MMTPA to 5.5 MMTPA, which is required to evacuate additional petroleum products following the expansion of NRL's refinery capacity from 3 MMTPA to 9 MMTPA. The project has been formally dedicated to the nation by Hon'ble Prime Minister of India on 13^th March, 2026 at Guwahati. The project incorporated several state-of- the-art technologies such as SCADA-based centralized control system, Gas Insulated Switchgear (GIS), Variable Frequency Drive (VFD)-based pumping system, Drag Reducing Agent (DRA) injection facilities and Negative Pressure Wave (NPW)-based leak detection system to enhance operational efficiency, safety and energy conservation. The project also achieved significant cost optimization, with the anticipated completion cost estimated at around Rs.750 Crore against the approved project cost of Rs.860 Crore. In addition, the project recorded over 4 million Loss Time Accident (LTA) free man-hours, reflecting the strong emphasis placed on Health, Safety and Environment (HSE) practices during execution.

• Compliance with OISD Safety Guidelines and Strengthening of Field Installations: Reinforcing its commitment to maintaining the highest standards of process safety and operational integrity, the Company continued the implementation of a comprehensive action plan based on the recommendations of a detailed study undertaken to address observations raised by the Oil Industry Safety Directorate (OISD). During FY 2025-26, significant progress was achieved in executing the identified mitigation measures across field installations. These initiatives are aimed at eliminating legacy gaps, enhancing the safety and reliability of production facilities, and ensuring sustained compliance with applicable statutory, regulatory, and OISD safety requirements.

Facilities: In line with evolving regulatory requirements, including OMR 2017 and the standards and guidelines of OISD, PNGRB, CEA, DGMS, and the Pollution Control Boards, the Company continued its efforts to modernise its ageing production facilities. During the year, a Detailed Project Report (DPR) was completed to assess the technical feasibility and economic viability of refurbishment and centralisation of vintage installations, taking into account the prevailing production profile and future operational requirements. The study also evaluated the establishment of a greenfield Condensate Recovery Plant to maximise hydrocarbon recovery and optimise resource utilisation. The recommendations of the DPR will provide a roadmap for phased infrastructure modernisation, enhanced operational efficiency, improved regulatory compliance and sustainable production growth.

• Gap Analysis for Production Optimisation in Mature Fields: As part of its continued focus on enhancing hydrocarbon recovery from mature assets in Assam and Arunachal Pradesh, the Company has undertaken a comprehensive gap analysis to benchmark existing production performance against the fields' potential. The study aims to identify operational and systemic constraints, recommend targeted interventions and facilitate their implementation to improve field performance. This strategic initiative is expected to enhance operational efficiency, bridge performance gaps, maximise recovery from mature reservoirs and unlock incremental oil and gas production, thereby contributing to the Company's long-term production sustainability and national energy security.

• Hydraulic Fracturing for Enhanced Recovery: As

part of its strategy to maximise recovery from mature reservoirs, the Company continued the deployment of hydraulic fracturing as an effective reservoir stimulation technique to enhance well productivity. During FY 2025-26, hydraulic fracturing operations were successfully carried out in selected wells across the Upper Assam fields, yielding encouraging improvements in production performance and reservoir deliverability. The successful execution of these operations reaffirms the Company's commitment to leveraging advanced reservoir management and enhanced recovery technologies to optimise hydrocarbon production, improve asset performance and sustain long-term production growth.

• Sick well liquidation: The Company continued to accord high priority to the liquidation of sick wells as a key strategy for arresting production decline and maximising recovery from its mature fields. During FY 2025-26, a total of 172 workover operations were successfully completed, comprising both rig- assisted interventions and rigless live-condition perforation jobs. These efforts resulted in 59 wells being restored to production, contributing an on-stream production gain of 372 KLPD (309 MTPD). To support this initiative, the Company deployed 34 workover rigs across its operational areas. In addition, an internationally reputed reservoir consulting firm, D&M, was engaged to evaluate 25 identified sick wells, complementing in-house technical studies aimed at identifying optimum intervention strategies and maximising production gains through scientific well restoration and enhanced reservoir management.

• Deployment of Plunger Lift System: As part of its ongoing efforts to enhance production from mature wells, the Company successfully deployed 14 Plunger Lift Systems across the Eastern and Western fields during FY 2025-26. The implementation of this artificial lift technology has resulted in enhanced production efficiency and overall hydrocarbon output. The successful deployment reinforces the Company's focus on adopting cost-effective production optimisation technologies to maximise recovery and sustain production from mature assets.

• Radial Drilling: As part of its continued focus on enhancing hydrocarbon recovery from mature and marginal fields, the Company deployed Radial Drilling Technology, a fast and cost-effective reservoir intervention technique for improving well productivity. During FY 2025-26, the technology was successfully implemented in selected wells to extend the drainage area within productive formations, resulting in improved crude oil and natural gas production. The successful deployment of this technology underscores the Company's commitment to adopting innovative well intervention techniques to maximise reservoir recovery, optimise asset performance and sustain production from mature fields.

• Elimination of Crude Oil Bowser Transportation from Lakwagaon Area: In a significant milestone towards strengthening production infrastructure and improving operational efficiency, the Western Fields achieved 100% elimination of crude oil bowser transportation from the Lakwagaon Area with the commissioning of the fourth Crude Oil Pumping Facility (WHS#MHB) on 27^th June 2025. This marks the completion of a phased infrastructure development programme, following the commissioning of three pumping facilities at WHS#MFK, WHS#MGM, and WHS#MGJ during 2023 and 2024. With this achievement, the entire crude oil production of approximately 1,600 KLPD from the Lakwagaon

Area is now being transported through a 24-km, 8-inch Crude Oil Dispatch (COD) pipeline to CTF- Moran, replacing the earlier system of evacuating crude through more than 100 bowser trips. The transition to a fully pipeline-based evacuation system has significantly enhanced operational safety by eliminating road transportation risks, reduced logistics costs, minimized environmental footprint and improved the overall reliability and efficiency of crude oil evacuation.

Workover operations continued to play a pivotal role in sustaining and enhancing hydrocarbon production during FY 2025-26 through focused well intervention programmes, improved rig utilisation and the strengthening of well servicing infrastructure. The Company's emphasis on operational excellence and timely execution of workover activities contributed significantly to production continuity and improved asset performance across its mature fields. During the year, workover operations delivered an incremental production gain of 0.051 MMT of crude oil and 60.67 MMSCM of natural gas, underscoring the critical role of well intervention in reservoir management and production optimisation.

A notable technological achievement during the year was the successful deployment of Single String Multi Zone Completion in well DNJ001, marking the first application of this advanced completion technique in the Company's operations. The well enabled sequential testing of three previously untested reservoir intervals- the 3563 m LK+TH Sand, 3518 m Narpuh Sand, and 3506 m Narpuh Sand-through a single production string. The technology facilitates selective production and isolation of individual zones using a Sliding Side Door (SSD), thereby eliminating repeated workover operations, reducing testing time and operational costs, and significantly improving overall well intervention efficiency.

Your Company has deployed 34 Workover Rig packages across Assam, Arunachal Pradesh and Rajasthan in FY 2025-26. The Company also continued to strengthen its workover infrastructure to support future production enhancement initiatives. During the year, BHEL-E and BHEL-F, two in-house workover rigs, were commissioned and deployed for field operations, enhancing the Company's self-reliance and operational flexibility. In parallel, the procurement process for seven new workover rigs comprising five replacement rigs and two additional rigs progressed substantially, with bid evaluation completed and award of contracts is under process. The Company has also initiated the hiring of two dedicated workover rigs for well abandonment operations, while procurement of a Snubbing Unit is underway to further strengthen specialised well intervention capabilities.

These strategic investments in modernising and expanding the workover fleet are expected to improve rig availability and reliability, reduce operational downtime and maintenance requirements, enhance safety and provide greater operational flexibility. The planned induction of additional rigs and specialised equipment is expected to increase the Company's workover rig fleet strength to 37 by the end of the current financial year, further strengthening its well intervention capabilities and supporting sustained production, enhanced asset integrity, improved operational resilience and long-term reservoir optimisation.

The total installed capacity of the Company for renewable energy was 188.1 MW comprising of 174.1 MW from wind energy and 14.0 MW from solar energy. During the FY 2025-26, the Company has generated revenue of Rs.110.7 crore from its renewable energy projects. Further, to develop green energy infrastructure in the northeastern part of the country, the Company incorporated a Joint Venture Company i.e. APGCL OIL Green Power Limited (AOGPL) on 21^st February, 2025 in association with Assam Power Generation Corporation Limited (APGCL) wherein APGCL holds 51% stake and the Company holds 49% stake. AOGPL has identified primarily solar power projects of total capacity of 645 MW in the State of Assam. Foundation stone for the initial 25 MW Solar power project in Namrup, Assam has been laid by the Hon'ble Chief Minister, Assam on 14^th June, 2024 and currently plant is under Construction. Additionally, the Company has signed a Joint Venture Agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL) for development of 1200 MW renewable energy projects in Rajasthan. The proposal for formation of the Joint Venture has been submitted for concurrence of DIPAM and upon receipt of the concurrence, the Joint Venture Company will be incorporated.

To ensure sustained value creation over the long term, your Company is focused on addressing the challenges facing the fossil fuel industry, particularly in exploration and production. It aims to develop innovative solutions that mitigate exploration risks, overcome limitations of geophysical methods in challenging terrains, address declining production from mature fields and ensure flow assurance for waxy crude. Emphasizing technology and innovation, the Company is committed to fulfil its promises while prioritizing the well-being of employees, communities and the environment. This commitment is fostered by robust R&D initiatives and the adoption of state-of-art technologies. The Company currently operates two R&D facilities: the R&D Department at its Field Headquarters in Duliajan and the Centre of Excellence for Energy Studies (CoEES) in Guwahati, focusing on both immediate and future research needs.

To enhance the impact and effectiveness of its R&D endeavours, the Company collaborates extensively with academia, research institutes, start-ups and other industry bodies. These partnerships aim to build a comprehensive knowledge base that will drive the nation towards energy self-reliance and independence in the years ahead.

NRL processed 3113 TMT of crude oil against its design capacity of 3000 TMTPA during the FY 2025-26. This is the highest ever crude oil processed by the refinery in a financial year. Previous highest was 3091 TMT during 2022-23. The refinery maintained its capacity utilization above 100% for the second consecutive year. Domestic crude oil received from the Company and ONGC, during the year was 3031 TMT. A small quantity of 2 TMT of crude oil was also received from the nearby Hazarigaon field (DSF) operated by Vedanta Limited. In addition to domestic crude oil, the refinery also processed 44 TMT of imported crude oil from Shell, Brunei and Petronas, Malayasia. Three consignments (62 TMT) of imported crude oil were received at Haldia during the financial year.

A higher capacity utilization of the refinery could be maintained due to the availability of domestic crude oil and improved reliability of the refinery units. Secondary processing units, Diesel Hydrotreater (DHDT), Hydrocracker Unit (HCU) and Naphtha Hydrotreater Unit (NHTU) were operated at a higher throughput of 103%, 101% and 100% consistently.

Some of the major projects being undertaken by NRL are as under:-

The flagship Numaligarh Refinery Expansion Project (NREP) under execution at NRL is a brown field initiative to introduce an independent train of process units adjacent to the existing 3 MMTPA plant incorporating the latest refining technology to process variety of international crudes. The project shall triple the crude processing capacity of NRL from 3 MMTPA to 9 MMTPA.

In addition to conventional units, the refinery component of the project includes Petro Fluidized Catalytic Cracking Unit (PFCC) for downstream petrochemical integration and Residue Processing & Treating Unit (RPTU) for maximizing bottom residue upgradation. As on 31.03.2026, physical progress is 84.03% and financial progress is 86.33%.

As a part of the refinery expansion project, NRL is executing a crude oil pipeline project from Paradip in Odisha to Numaligarh, Assam. The crude oil pipeline will traverse through five states of Odisha, Jharkhand, Bihar, West Bengal and Assam. The length of the pipeline is 1,635 KMs and 9 MMTPA in capacity. Crude Oil Import Terminal (COIT) is also being constructed at Paradip on BOOT (Build, Own, Operate, Transfer) basis to facilitate storage and pumping of the crude oil. As on 31.03.2026, physical progress is 92.12% and financial progress is 94.43%.

The Company is implementing a 360 KTPA Polypropylene Project at Numaligarh, Assam, comprising a Polypropylene Unit (PPU) and associated facilities. The approved project cost of the project is Rs.7,231 crore. Upon commissioning, the project is expected to enhance the Company's Petrochemical Intensity Index (PII) to 3.88%, strengthening its presence in the petrochemical sector through the production of value-added products. The project has received Environmental Clearance, and Engineering India Limited (EIL) has been engaged as the Engineering, Procurement and Construction Management (EPCM) consultant. The project is targeted for completion by March 2028. The foundation stone for the project was laid on 14^th September 2025 at Numaligarh, Assam by the Hon'ble Prime Minister.

NRL, in collaboration with two other foreign companies, have formed the Joint Venture Company, Assam Bio Ethanol Private Limited", which has set up a 2G bioethanol plant at Numaligarh, Assam to produce ethanol from non-food grade feed stock bamboo.

The 2G bio-ethanol plant was inaugurated by Hon'ble Prime Minister of India in September 2025. The plant is currently in its stabilisation phase and is expected to commence commercial production during the current financial year.

The Company continues to intensify its exploration activities with a strategic focus on making new discoveries and establishing new hydrocarbon reserves. In addition to its mainstay areas in Assam, Arunachal Pradesh and Rajasthan, your Company has gradually increased its operational presence in the states of Tripura, Nagaland, Meghalaya, Odisha, Andhra Pradesh & Gujarat and offshore areas in Andaman, Kerala-Konkan, Krishna Godavari and Mahanadi basins. The Company is operating in 01 (one) PEL and 25 (twenty-five) PML areas, allotted under the nomination regime in the states of Assam, Arunachal Pradesh and Rajasthan. As part of its endeavour to gain access to more prospective sedimentary basins, your Company has been actively participating in the OALP Bidding Rounds and secured a sizeable portfolio of OALP Blocks for carrying out frontier exploration activities. The Company is currently active in 32 OALP Blocks in the states of Assam, Arunachal Pradesh, Tripura, Nagaland (PEL grant awaited), Meghalaya (PEL grant awaited), Odisha, Rajasthan & Gujarat and offshore areas in Andaman shallow offshore, Kerala-Konkan shallow offshore and KG & Mahanadi ultradeep waters. The Company also has 02 NELP Blocks as operator in Assam. Under DSF Bid rounds, the Company also acquired 3 (three) DSF Blocks as operator - 01 Block each in Tripura and Krishna- Godavari Shallow Offshore under DSF-II Bid round and 01 Block in Rajasthan under DSF-III Bid round. The total operating acreage covers an area of 93,061 Sq. Km across 63 nos. of Blocks as on 31^st March, 2026.

The Company also has Participating Interests as nonoperator in 07 Blocks (01 NELP Block each in West Bengal & Gujarat-Kutch shallow offshore, 01 OALP Block each in Gujarat, Meghalaya & Mahanadi ultradeep, 01 Pre-NELP JV Block each in Assam & Arunachal Pradesh). The total non-operating acreage covers an area of 13,420 Sq. Km as on 31^st March, 2026.

Capitalising on the momentum, under OALP-IX Bid Round, your Company has successfully acquired 06 Blocks viz. KG-UDWHP-2023/1, KG-UDWHP-2023/2, MN- UDWHP-2023/2, MN-UDWHP-2023/3, CB-ONHP-2023/1 & AS-ONHP-2022/3 and 03 Blocks as non-operator (ONGC- 50%, OIL- 50%) viz. MN-UDWHP-2023/1, CB- ONHP-2022/2 & AS-ONHP-2022/2. The total acreage of the 09 Blocks is 51,555.15 Sq. km. This marks Company's maiden foray as operator in the ultradeep water frontiers of Mahanadi & KG Basins including first ever entry as operator in the states of Meghalaya & Gujarat.

The Company continues to pursue a focused growth strategy through selective acquisition of high-potential acreages, while steadily expanding its exploration footprint into emerging and technically challenging frontiers across both onshore and offshore domains. The emphasis remains on building a balanced and future- ready exploration portfolio with increasing presence in deepwater and frontier plays. These initiatives are aligned with the Company's long-term strategic vision of strengthening and diversifying its domestic reserves base, while supporting the Government of India's broader objective of accelerating exploration activities and enhancing the country's energy security through increased indigenous hydrocarbon production.

Seismic Survey & Exploratory Drilling constitute critical early-stage milestones in the exploration lifecycle, requiring seamless coordination and synchronized execution of multiple interdependent technical, operational and logistical activities. Your Company has carried out 4235.37 LKM of 2D seismic survey and 5263.19 Sq. Km. of 3D seismic survey in Nominated PMLs & OALP Blocks during the FY 2025-26. So far, out of 34 OALP Blocks with valid PEL (including the relinquished OALP Blocks) that were awarded under OALP Round I to IX, the Company has completed committed seismic acquisition in 31 OALP Blocks. Seismic acquisition is in progress in 02 Blocks. Your Company drilled 22 exploratory wells and 52 development wells leading to a total of 74 wells drilled during FY 2025-26, which is the highest drilling achievement recorded ever. Backed by comprehensive geoscientific evaluations and integrated G&G studies undertaken by Company's multidisciplinary teams, along with additional review & validation by reputed international experts, the Company continues to advance its seismic and exploratory drilling programmes across its operational portfolio.

The Company is strategically pursuing focused near-field exploration programmes aimed at unlocking additional hydrocarbon potential in proximity to existing producing assets, thereby enabling faster commercialization of reserves and sustaining incremental oil and gas production from its assets. During FY 2025-26, your Company has made two discoveries viz. one oil discovery in well East Borpothar-1 in Borhapjan PML, Assam and another oil discovery in well Namrup Borhat-2 in OALP-I Block AA-ONHP-2017/20 in Assam. The Company also in a significant breakthrough successfully established presence of gas in the exploratory well Vijaya Puram-2 drilled in OALP-II Block AN-OSHP-2018/1 in Andaman East shallow offshore. These discoveries are expected to further strengthen and accelerate the Company's ongoing exploration momentum. Such achievements reflect Company's integrated exploration strategy encompassing both near-field opportunities and frontier exploratory initiatives, reinforcing its commitment towards enhancing domestic hydrocarbon production and contributing to India's long-term energy security objectives.

Under OALP regime and PEL blocks, the Company drilled four (04) exploratory wells in FY 2025-26 viz, Maijan-1 (AA-ONHP-2017/18) & Mangaldoi-1 (AS-ONHP-2021/3) in Assam, Vijayapuram-2 (AN-OSHP-2018/1) in Andaman shallow offshore, Cuttack-3 (MN-ONHP-2018/5) in Odisha. Another three (3) wells are under drilling viz. Jagatsinghpur-1 (MN-ONHP-2018/1) in Odisha, Vijaya Puram-3 (AN-OSHP-2018/1) in Andaman Offshore and Kollam-1 (KK-OSHP-2018/1) in Kerala-Konkan Offshore. The Company had focussed drilling on offshore areas and prospective onshore areas in view of Gol mandate for reduction in import dependency. Accordingly, Company's intention was intimated to MoPNG to reduce the targeted PEL wells for FY 2025-26.

The Company has adopted a structured stage-gate approach for advancing exploration activities across its OALP portfolio, with emphasis on systematic evaluation and progressive de-risking of prospects. The focus is not only on timely execution of committed work programmes but also on undertaking supplementary technical studies and additional exploratory activities, wherever required,tofurther enhance the understanding of hydrocarbon prospectivity.

The Company also drilled a total of 03 wells under DSF regime viz. wells Debtamura-1 & Debtamura-2 in Block AA/ONDSF/Tulamara/2018 in Tripura which is the first ever drilling campaign by the Company in the state and well Bagitibba-7 in Block RJ/ONDSF/Bakhritibba/2021 in Rajasthan. The third well viz. Debtamura-3 in Tripura DSF Block is under drilling and the first well viz. well Godavari-1 in KG shallow offshore DSF Block KG-OSDSF- GSKW-2018 has been spudded on 31.03.2026 and is under drilling.

In addition to extensive in-house geoscientific evaluations, the Company has undertaken a range of specialized technical studies through reputed international consultancy firms to obtain independent assessments of identified drilling prospects, validate exploration models, and evaluate potential future resource upsides. Studies have been conducted in Company's operational areas in Assam & Arunachal Pradesh, Tripura, North Bank of Brahmaputra, Jaisalmer Basin (for CO2 storage feasibility), Mahanadi Basin etc. The studies have helped in the re-affirmation of drilling locations planned to be drilled by the Company in different sedimentary basins of the country. Technical due-diligence of Blocks offered under OALP Bid Round-X was also carried out and validated by third party international experts.

Further, reservoir related studies to maximize oil/gas recovery from producing fields, has led to identification of development locations in Lakwagaon, Kumchai, Jutlibari, Balimara, Barekuri, Sesabil, Hapjan and other areas in Assam as well as Baghewala heavy oilfield in Rajasthan as part of field development campaigns.

During the year, your Company deployed a strong fleet of 27 drilling rigs (11 nos. in-house & 16 nos. chartered hired) for carrying out the planned drilling activities in its operational areas in Assam, Arunachal Pradesh, Tripura, Rajasthan, Odisha, Andaman & KG offshore and Kerala-Konkan offshore. With projections of increased drilling requirements in forthcoming years, your Company is planning to procure/hire additional rigs in the forthcoming years.

Introduction of Integrated Drilling Services (IDS) has significantly improved operational efficiency, especially in deeper wells. With enhanced bit performance and coordinated service delivery, wells are now drilled in substantially lesser time.

To cater to the rising drilling demand and improve operational efficiency, a strategic induction of a mix of 2000 HP and 3000 HP rigs has added greater flexibility for drilling deeper and more challenging wells. The procurement of new-generation rigs will further boost drilling performance, minimize non-productive time, and enable faster and more cost-effective well completion.

Your Company initiated AGG & GM data acquisition campaign in the North-Eastern Region to decipher regional geological setting & plays covering OALP acreages, PMLs and areas around Kaziranga & Mikir hills with a cumulative quantum achievement of 15837.72 Flight LKM till 31^st March 2026 (10,126.72 Flight LKM acquired in FY25-26) against the target quantum of 34,190 Flight LKM.

Considering Company's 2D, 3D and AGG & GM Survey, total equivalent Seismic survey completed for the FY 2025-26 stands at 6958 Sq. Km.

Under the Government of India's Mission Anveshan initiative aimed at comprehensive appraisal of Indian sedimentary basins, 2D seismic surveys have been planned across seven onland sedimentary basins. Out of the total allocated programme of 20,275 LKM of 2D seismic acquisition, the Company has been entrusted with execution of approximately 9,400 LKM in the relatively unexplored areas of the Rajasthan and Ganga- Punjab Basins, covering parts of Rajasthan, Punjab, Bihar and Uttar Pradesh. Seismic acquisition activities have already commenced in Rajasthan and in selected areas of Uttar Pradesh, including Azamgarh and Badaun, as well as Muzaffarpur in Bihar. As on 31^st March 2026, the Company has successfully acquired 8,561.68 LKM (5,958.76 LKM acquired in FY25-26) of 2D seismic data under the programme, marking significant progress towards regional subsurface evaluation and basin understanding.

Further to boost exploration activities to provide valuable inputs to ascertain hydrocarbon potential in the Continental Shelf areas of the country in Western and Eastern offshore beyond EEZ boundary, Govt. of India has initiated the Extended Continental Shelf (ECS) survey for 2D Seismic API. A total quantum of 30,000 LKM of 2D seismic API is proposed to be carried out in Eastern & Western Offshore (15,500 LKM in Western Sector by ONGC & 14,500 LKM in Eastern Sector by your Company). The 2D seismic data acquisition campaign commenced on 04.02.2025 and completed on 13.01.2026 of which 7,150.50 LKM acquired in FY 2526 with submission of the processed & interpreted data to DGH.

Considering the above 2D, 3D, AGG & GM survey, the total equivalent Seismic Survey completed for the FY 2025-26 stands at 10,193.02 Sq. Km.

Your Company has strong oil and gas reserves base in domestic assets including JVs. The Reserves accrued during the FY 2025-26 is 6.2320 MMToE (2P). The particulars of oil and gas reserves as on 1^st April, 2026 are furnished below:

*Based on projected volume of gas under various sales contracts, 1P, 2P and 3P Gas Reserves are 35.3000 BCM, 50.5770 BCM, 61.9620 BCM respectively.

As of 1^st April 2026, the oil & gas reserves position of 04 (four) overseas producing assets (Company's Proportionate Share), namely, Vankorneft (Russia), Taas Yuryakh (Russia), Petro Carabobo (Venezuela) and Golfinho-Atum (Mozambique) are furnished below:

The Company's human resource management is aligned with its strategic priorities of building a future-ready, diverse and high-performing workforce. The Company achieved stable workforce growth, low attrition and improved capability metrics since it is driven by targeted recruitment, strong internal talent development and digital transformation initiatives while maintaining full compliance with Government norms and statutory requirements.

Workforce Strength & Composition: As of 31^st March, 2026, the Company employed 6,593 personnel (1,898 executives and 4,695 non-executives). The workforce grew slightly from 6,412 in the previous year, reflecting net additions after retirements. 478 new employees (both executives and non-executives) were recruited bringing fresh skills to the organization and 247 employees were superannuated. The Company's voluntary attrition rate remained very low (<0.32%), demonstrating strong retention. The average age of employees decreased marginally to ~39.9 years (from ~40.7), indicating gradual rejuvenation of the talent pool through hiring and succession.

The Company's human capital profile is diverse and compliant with Government of India's policies. As on 31^st March, 2026, the workforce included 536 women employees constituting 8.11% of total headcount (up from 7.8% last year). The Company actively encourages greater female participation in technical and leadership roles. Representation of Scheduled Castes, Scheduled Tribes, Other Backward Classes, minorities, and persons with disabilities is in line with applicable reservation guidelines. The Company adheres to the applicable directives on recruitment and promotions for reserved categories, and reservation rosters are maintained without lapse.

Recruitment & Promotions: The Company undertook significant recruitment drivest of ill critical vacancies and prepare for the future. A substantial share of executives was sourced from premier engineering and management institutions, strengthening the organization's talent base. Additionally, hundreds of work person positions across operations were filled through duly conducted selection processes, in accordance with applicable procedures. All recruitments were conducted in a fair and transparent manner, leveraging online systems and adhering to the Government's Rozgar Mela initiative.

The Company continued to emphasize internal career growth. During the year, 304 executives and 1,228 workpersons were promoted to higher grades or levels. Notably, eight workpersons were elevated to the executive cadre (Grade A).

Employee Development & Training: The Company maintained its strong focus on training and upskilling to enhance employee competencies. In FY 2025-26, the Company organized 675 formal training programmes, achieving substantial coverage of the planned training calendar. These programs covered technical skills, HSE (Health, Safety & Environment), regulatory and soft skills for both executives and workpersons. In addition to classroom sessions, employees availed extensive e-learning programs: over 25,200 course completions were recorded on the in-house LEAP platform and the Government's iGOT digital learning portal. During the year, the Company achieved a significant milestone by becoming the first CPSE to implement full API integration with the iGOT Karmayogi platform, facilitating seamless data synchronization, ease of access, and strengthened dissemination of learning insights. All mandatory refresher trainings (such as safety and compliance modules) were completed on schedule. Furthermore, as per guidelines, the Company continued to support apprenticeships, engaging apprentices during the entire year, often exceeding the statutory requirement and contributing to national skill development.

Leadership Development and Succession Planning: Your Company continued to place strong emphasis on leadership developmentand succession planning tobuild a future-ready leadership pipeline aligned with its longterm strategic objectives. During the year, the Company advanced its structured leadership development journey through initiatives such as AAROHAN 1.0, under which a cohort of 50 senior and mid-level officials comprising 40 officials from OIL and 10 officials from NRL completed "AAROHAN 1.0" - Company's intensive leadership development journey in partnership with IIMs - as part of succession grooming. Following the successful completion of AAROHAN 1.0, the process for implementation of AAROHAN 2.0 has been initiated. The Company also nominated high-potential executives to national level leadership programs (e.g., "DAKSH" by the Capacity Building Commission).

Pradhan Mantri Internship Scheme (PMIS): Under PMIS the Ministry of Corporate Affairs (MCA) had set a target of 1,000 interns for the Company in Phase-I, launched in November 2024. In compliance with the MCA guidelines, the Company posted internship opportunities on the portal, against which 1022 candidates were selected of which only 271 candidates have joined. Subsequently, pursuant to the launch of Phase-II in March 2025 with revised guidelines, the Company suitably modified the uploaded opportunities and selected a further 706 candidates of which 345 interns joined. In total, 1728 candidates were selected and 616 candidates have joined the company.

Employee Welfare & Benefits: Employee well-being and welfare are accorded high priority. The Company provides a comprehensive range of benefits to its employees and their families, including medical facilities, housing in self-contained townships, educational facilities for children, insurance and superannuation benefits. During the year, the Company efficiently managed township amenities and corporate facilities to ensure a safe, hygienic and comfortable living environment. The Company's medical department continued to deliver quality healthcare services through the Company's Hospital at Duliajan and regular health camps. No major occupational health incidents were reported in the year.

Digital HR & Administrative Reforms: In line with the Government's Digital India initiatives and industry best practices, the Company accelerated the adoption of digital tools across HR processes. By the end of FY 2025-26, key HR services such as employee leave management, travel claims, select reimbursements, and performance appraisals were delivered through a secure online portal, significantly reducing processing time and paper consumption.

The Company also developed in-house digital solutions (e.g., Kanooni Kosh for legal case tracking and the Shram Sanchay portal for monitoring contract labour cases) to enhance operational efficiency and transparency. These initiatives have improved data accuracy, enabled faster decision-making, and aligned with the Company's sustainability objectives through reduced paper usage across offices.

Compliance & Regulatory Updates: The Company ensured full compliance with all HR-related statutory requirements under the Companies Act, 2013 and guidelines from the Department of Public Enterprises (DPE) and Ministry of Petroleum & Natural Gas. Disclosures on the ratio of remuneration, particulars of employees, etc., as required, have been made separately in the Annual Report annexures. The Company is also prepared for the anticipated implementation of the new Labour Codes. During the year, an internal committee under the supervision Director (HR) oversaw alignment of HR policies and systems with the four new Labour Codes (on Wages; Industrial Relations; Occupational Safety, Health & Working Conditions; Social Security) to ensure seamless adoption.

The Company's human resource development efforts have resulted in a future-ready, engaged workforce, well-equipped to support Company's strategic objectives. The Company will continue to strengthen its people practices in the coming year, with particular focus on workforce diversity, skill development, productivity enhancement, and employee well-being, while upholding the highest standards of statutory compliance and corporate governance in Human Resource management.

Your Company believes that sports play a vital role in promoting holistic development, fostering team spirit, and enhancing employee engagement. The Company continues to actively support and promote sports activities under the aegis of the Petroleum Sports Promotion Board (PSPB) and other recognized bodies. During the year, the Company participated in various national and inter-PSU sporting events, registering commendable performances across multiple disciplines.

Your Company's performance and achievements in sports during the year are highlighted below:

• Successfully hosted the 44^th PSPB Inter-Unit Cricket Tournament from 22^nd to 26^th February 2026, with a record participation of 13 PSU teams.

• Cricket Team won the Assam Cricket Association Corporate Cricket Tournament 2026, marking a significant achievement in competitive cricket.

• Football Team emerged as Champion in the 45^th PSPB Inter-Unit Football Tournament, while the Company's players were also selected to represent Assam in the Senior National Football Championship (Santosh Trophy 2025-26).

• Basketball Team secured Runner-up position in the PSPB Inter-Unit Tournament.

• Volleyball Team secured the Second Runner-up position in the PSPB Inter-Unit Tournament.

• Squash Team delivered excellent performance with the Women's Team emerging as Champion and the Men's Team securing Runner-up position.

• Lawn Tennis Veteran Team secured the Runner-up position in the PSPB Inter-Unit Tournament.

• Chess Team secured Runner-up position in the Non Professional category along with individual board prizes.

• In PSPB Billiards & Snooker events, Company's players secured Runner-up positions in individual events.

• Bridge Team secured 3^rd position in the PSPB InterUnit Bridge Tournament.

• Athletics Team secured 3 Silver and 4 Bronze medals in the PSPB Inter-Unit Athletics Meet.

• Badminton Team delivered commendable performance, with the Women's Team emerging as Runner-up along with individual podium finishes.

• In AIPSSCB Table Tennis Tournament, Men's and Women's Teams emerged as Runner-up, with notable individual achievements.

• Participated in the 7^th ONGC Para Games 2026, securing 14 medals (5 Gold, 5 Silver and 4 Bronze) across various disciplines.

• The Company organised several in-house sporting initiatives, including the Annual Employees Sports Meet, Inter-Departmental Football and Cricket Tournaments, and celebration of National Sports Day, encouraging widespread employee participation.

The Company continues to strengthen its sports ecosystem through sustained investment in infrastructure, structured participation in national competitions, and active promotion of sporting excellence, thereby reinforcing employee well-being and organizational unity.

Your Company complies with the directives of the Government of India for priority sections of the society. The representation of various priority sections in executive and unionized employees categories in the Company as on 31^st March, 2026 is as under:

The Company is committed towards prevention of Sexual Harassment of Women at Workplace and takes prompt action in the event of reporting of any such incidents. The Company has in place mechanism for prevention of sexual harassment in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition and Redressal) Act, 2013. In this regard, Internal Complaints Committees (ICCs) have been constituted at various offices of the Company to deal with sexual harassment complaints, if any and to conduct enquiries. The disclosure regarding complaints under the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 during the financial year 2025-26, is as under:

During FY 2025-26, the Company declared and paid two Interim dividends:

• First Interim Dividend: Rs.3.50 per equity share (35% of the face value), amounting to Rs.569.31 crore.

• Second Interim Dividend: Rs.7.00 per equity share (70% of the face value), amounting to Rs.1,138.63 crore.

Further, the Board of Directors has recommended a Final Dividend of Rs.1.00 per equity share (10% of the face value) for FY 2025-26, subject to the approval of the shareholders.

The Company's financial prudence is reflected in the current credit ratings ascribed by the ratings agencies as given below:

The Authorised Share Capital of the Company stands at Rs.2,000 crore. As on 31^st March, 2026, the Paid-up Equity Share Capital was Rs.1,626.61 crore, comprising 162.66 crore equity shares of Rs.10 each.

The Government of India, the Promoter of the Company, held 56.66% of the Paid-up Equity Share Capital, while the remaining 43.34% was held by public shareholders and other investors, including bodies corporate, mutual funds, banks, foreign portfolio investors, resident individuals and other institutional investors.

To support the Company's future growth plans and provide greater financial flexibility, a proposal for enhancement of the Authorised Share Capital from Rs.2,000 crore to Rs.5,000 crore is being placed before the shareholders for approval at the ensuing Annual General Meeting (AGM).

Your Company considers that good corporate governance plays a vital role in establishing a constructive organizational culture and is fundamental for building and sustaining stakeholder trust.

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and DPE guidelines on Corporate Governance, a report on Corporate Governance along with Management Discussion & Analysis Report and Business Responsibility & Sustainability Report forms part of Board's Report and furnished as part of this Annual Report.

The details of the meetings & composition of the Board, Statutory Committees of the Board including terms of reference, establishment of whistleblower mechanism, information related to Annual General Meeting, Dividends, Investor Education & Protection Fund (IEPF) details and other matters, etc. are part of report on Corporate Governance.

In terms of Regulation 34(2)(f) of SEBI LODR Regulations, 2015, Business Responsibility & Sustainability Report (BRSR) describing the initiatives taken by the Company from an Environmental, Social and Governance perspective forms part of the Annual Report. Your Company has published the Business Responsibility and Sustainability Report [BRSR] alongwith the assurance of the specified parameters as per the Business Responsibility and Sustainability Report Core of the value chain, which are hosted on the website of the Company on the link : https://www.oil-india.com/ business-responsibilitv-sustainabilitv-report

To ensure sustained value creation over the long term, your Company is focused on addressing the challenges facing the fossil fuel industry, particularly in exploration and production. It aims to develop innovative solutions that mitigate exploration risks, overcome limitations of geophysical methods in challenging terrains, address declining production from mature fields and ensure flow assurance for waxy crude. Emphasizing technology and innovation, the Company is committed to fulfil its promises while prioritizing the well-being of employees, communities and the environment. This commitment is fostered by robust R&D initiatives and the adoption of state-of-art technologies. The Company currently operates two R&D facilities: the R&D Department at its Field Headquarters in Duliajan and the Centre of Excellence for Energy Studies (CoEES) in Guwahati, focusing on both immediate and future research needs. Notably, the Company has filed five patent applications during the FY 2025-26.

To enhance the impact and effectiveness of its R&D endeavours, the Company collaborates extensively with academia, research institutes, start-ups and other industry bodies. These partnerships aim to build a comprehensive knowledge base that will drive the nation towards energy self-reliance and independence in the years ahead. The Company at standalone basis invested Rs.173.22 crore in R&D activities during FY 2025-26 which is 3.20% of PBT.

OIL-NRL (consolidated) invested Rs.211.36 crore in R&D activities during FY 2025-26 which is 2.70 % of previous 3 years average PBT.

In line with its unwavering commitment to transparency, accountability, and sound governance, your Company has successfully implemented the provisions of the Right to Information Act, 2005 (RTI Act). Designated as a Public Authority under Section 2(h) of the Act, the Company continues to discharge its statutory obligations with utmost diligence.

To ensure effective and smooth implementation, the Company has appointed Central Public Information Officers (CPIOs), Central Assistant Public Information Officers (CAPIOs), Appellate Authorities across all operational areas including and a nodal officer for your Company. The RTI Cell efficiently processes and disposes of applications through the Government of India's RTI Online portal. In compliance with the Government's proactive disclosure guidelines, the RTI section on the Company's official website is regularly updated with all relevant and disclosable information.

All RTI applications and appeals are responded to within the stipulated 30-day timeframe, reflecting the Company's strong emphasis on timely and responsible dissemination of information.

(*Includes Applications carried over from the previous FY)

Health, Safety and Environment (HSE) continue to be the cornerstone of Your Company's operational philosophy, guiding every aspect of its business activities.

Your Company prioritises Health, Safety and Environment across all operations, guided by a core value system targeting "Zero Harm". HSE governance is driven directly by Board oversight, executive reviews, dedicated committee structures and the integration of strict HSE Key Performance Indicators (KPIs) into corporate performance management.

Key institutional initiatives taken during FY 2025-26 to elevate HSE standards include:

• HSE Management System Upgrade: Finalised and approved by Executive Council of the Company a revised HSE Management System manual based on an HSE Perception Survey, with field- level implementation is underway via structured workshops and sample audits under phase-3 of the HSE implementation.

• Strategic Asset Reorganization: Restructured core mining assets to optimise production workflows, rationalise manpower deployment, and eliminate operational redundancies.

• Transition to Factory Regime: Shifted selected installations from a mining regulatory regime to a factory regime to strengthen institutional oversight and process safety frameworks.

Evaluated operational practices against premier industry benchmarks via an organizational audit by the Oil Industry Safety Directorate (OISD) and regular inspections by the Director General of Mines Safety (DGMS).

• Project KAVACH: Advanced 11 strategic HSE goals focusing on institutional benchmarking, ISO certifications, ESG integration and digitisation.

• Operational safety remains anchored by strict adherence to Standard Operating Procedures (SOPs), Permit to Work Systems (PTWS), Toolbox Talks, and Job Safety Analysis (JSA). ^•

• Senior Executives conducted rigorous Loss Control Management Tours to ensure field compliance, while multi-tiered mock exercises (Tiers 1 to 4) validated crisis response capabilities. Process Safety

Management was stringently maintained through HIRA, HAZOP, and QRA studies.

• During FY 2025-26, the Company's Lost Time Injury Frequency Rate (LTIFR) stood at 0.209, compared to 0.071 in the previous year. The increase is primarily attributable to the significant expansion of operational activities and the substantial onboarding of contractual manpower across project sites. Recognizing the importance of maintaining the highest safety standards, the Company has further strengthened its HSE framework through enhanced safety surveillance, intensive field-level safety coaching, regular Leadership Commitment and Management Tours (LCMTs), and reinforced contractor safety management. These focused interventions are aimed at fostering a stronger safety culture and achieving sustained improvements in safety performance.

OIL achieved 100% completion of mock drills in OIL's installations and 100% vocational training for newly recruited workers, in compliance with statutory requirements. The Company also regularly updates its HSE Management Plan and Disaster Management Plan through periodic reviews, ensuring alignment with evolving operational needs as it expands into frontier business areas. During the year, OIL also conducted one Apex Level Safety Meeting to review and reinforce safety governance.

Following the success of "DRIVE 1.0", your Company launched "DRIVE 2.0" to expand HSE digitisation:

Workforce capability was strengthened through specialised sessions on Near Miss Reporting, Stop Work Authority, and the Zero Tolerance Policy. Comprehensive health surveillance, exposure monitoring, and wellness talks were consistently conducted. Beyond plant gates, the Company integrated its safety culture into the community through family Safety Orientation programs, weekly safety campaigns and interactive street plays.

Your Company is committed to achieving net-zero emissions by 2040 by embedding ESG principles into core corporate strategy. This progress is anchored by Project 'Santulan', a structured framework for greenhouse gas (GHG) mitigation, biodiversity preservation, water stewardship and sustainable waste management.

The Company implemented 26 targeted initiatives classified under three core pillars:

• GHG Reduction: Focused on reducing flaring, establishing CBG plants nationwide, deploying energy efficiency measures, detecting fugitive emissions, expanding operational rooftop solar power, integrating dynamic gas blending in drilling rigs, and establishing grid connectivity for field installations.

• Non-GHG Environmental Stewardship: Utilised mobile Effluent Treatment Plants (ETPs), reused treated produced water for internal operations, installed catalytic converters on drilling rigs, eliminated single-use plastics, and executed afforestation projects under the Government of India's Green Credit Programme.

• Strategic Enablers: Embedded ESG metrics into corporate performance management and actively partnered with the Indian Business and Biodiversity Initiative (IBBI), United Nations Global Compact (UNGC), and Oil and Gas Decarbonization Charter (OGDC).

To navigate the roadmap toward the 2040 net-zero mandate, your Company has defined clear interim milestones:

• By2027: Zero routine flaring and no net deforestation

• By 2030: Elimination of methane emissions, attainment of a fresh-water-positive status, and complete eradication of single-use plastics

The transparency of these sustainability disclosures was validated through significant advancements in international and national ESG benchmarks during the fiscal year :

• S&P Global ESG Score: Elevated from 22 to 46.

• Carbon Disclosure Project (CDP): Secured a 'C' rating for both climate and water management.

Your Company puts continuous efforts for increased use of Official Language Hindi in official work in line with the Official Language Policy/Act/Rules/Orders of the Govt. of India. Hindi Workshops were conducted regularly so as to enable officers and employees to work in Hindi conveniently and efficiently. Meetings of Official Language Implementation Committee were held Quarterly. The responsibility of the Chairmanship of Duliajan for Town Official Language Implementation Committee (TOLIC) was also borne by the Company. Half-yearly meeting of TOLIC were organized as per schedule of Department of Official Language, Govt. of India. Executives/ Employees were encouraged to attend Hindi Training Classes and to write more and more words in Hindi through Incentive Scheme formulated by the Company. Total of 529 Nos. of officers and employees took training of Hindi through workshop in Official Language. 62 officers and employees have passed the Hindi Prabodh, Praveen, Pragya & Parangat exam and given incentives as per the Company rules. To Propagate Official Language Hindi amongst employees, TOLIC members and students, the various literary competitions were held during Hindi Month Celebration. New initiative of Hindi section i.e. Aaj Ka Shabd is being prepared and published on the Company's web daily.

Annual programme of Official Language Hindi for the year 2025-26, which was issued by Dept. of Official Language, Ministry of Home Affairs, Govt. of India, was circulated to all Spheres/ Depts. of the Company and regular monitoring and reviewing jobs are being done in Quarterly Meeting with Departmental representatives. In-House Hindi Journal "OIL KIRAN" was published regularly. In-House Journal "OIL NEWS" is being published in Trilingual form i.e. Assamese, Hindi and English.

The Company adheres to the Public Procurement Policy for MSEs. The Budgeted and actual procurement of goods and services from MSEs during the FY 2025-26 are as under:

Total procurement of goods and services during FY 2025-26 as per guidelines of Ministry of Petroleum & Natural Gas (MoP&NG) and recorded in 'Sambandh Portal' is Rs.3,866.31 crore and as detailed above, the total procurement through MSEs during FY 2025-26 is Rs.2,138.91 crore which is 55.32% of total procurement mentioned in 'Sambandh Portal'. Total procurement from SC/ST-MSEs and Women MSEs during FY 2025-26 is Rs.48.795 crore and Rs.182.309 crore, respectively.

Procurement of Goods and services through GeM portal during FY 2025-26 is Rs.4,195.94 crore which is 167.83% of GeM Procurement Plan of Rs.2,500.00 crore for goods and services during the year.

Total overall procurement of goods and services by the Company during FY 2025-26 is '10,282.91 crore (Standalone) including high technology items.

NRL: Total procurement of goods and services during FY 2025-26 as per guidelines of Ministry of Petroleum & Natural Gas (MoP&NG) and recorded in 'Sambandh Portal' is '2,128.51 crore and as detailed above, the total procurement through MSEs during FY 2025-26 is '886.83 crore. Total procurement from SC/ST-MSEs and Women MSEs during FY 2025-26 is '29.66 crore and '35.56 crore, respectively.

Your Company & subsidiary NRL have been onboarded into all the5operational TReDS platforms (INVOICEMART, RXIL, C2treds, DTX, M1xchange) which is an electronic platform introduced under the regulatory framework of the Reserve Bank of India (RBI) to facilitate the financing of trade receivables of Micro, Small and Medium Enterprises (MSMEs).

MSME vendors can avail themselves of this facility by registering with any of the above mentioned RBI- authorized TReDS platform on which the Company is onboarded as a Buyer. This initiative underscores Company's commitment to supporting MSME growth, enhancing liquidity, and promoting timely access to finance within its supply chain.

During the Financial Year 2025-26, the Company along with its subsidiary NRL has strictly adhered to the timelines prescribed under the MSMED Act, 2006. All payments to Micro and Small Enterprises (MSEs), either directly or through the TReDS platform, were executed within the mandated 45 days from the date of actual delivery of goods or services. As such, there were no instances of delayed payments during the year, and there are no payments pending beyond 45 days as of the end of the reporting period.

The Vigilance Wing is headed by Chief Vigilance Officer (CVO), who functions as a link between the Central Vigilance Commission (CVC), the Central Bureau of Investigation (CBI) and the Management and acts as an advisor to Head of the organization on Vigilance matters. Vigilance basically functions under three facets: (i) Preventive, (ii) Punitive and (iii) Surveillance & Detection.

Preventive Vigilance: This calls for constant review of roles, procedures and practices for refining and improving the system, thereby reducing scope for corruption and leading to better operational results. To strengthen this facet of Vigilance framework, during the year 2025-26, several system improvement measures were recommended and implemented on the basis of scrutiny of various Contracts & Purchases files, inspections of installations both periodic and surprise, intensive examinations of high value projects/works were done internally. Additionally, policy matters were also taken up for improvement like standardization of Tender Documents, in Delegation of Powers, review of Procurement Manual, Tender Conditions etc. to name a few. Extensive use of technology through E-procurements, E-payments, Vendors Invoice Management System etc. has further emerged as effective tools of preventive vigilance. To create awareness and to sensitize employees about the Company's rules and regulations, in-house awareness programs were conducted in various spheres of the organization. The programs included "Keep in Touch" (KIT), "Catch Them Young" (CTY) and "Vigilance Sensitization". Further, Management has been advised to regularly conduct induction and mid-career training programs on preventive vigilance. In addition to this, an inhouse vigilance bulletin named "DRISHTI" covering case studies of various inspections and recommended best practices was also released during the year.

One major event towards Preventive Vigilance is observance of "Vigilance Awareness Week" (VAW). During the year, in line with the directives of CVC, as a prelude to VAW 2025, a 3-month campaign on Preventive Vigilance was conducted across the Company from 18^th August - 17^th November, 2025 on the theme "Vigilance: Our shared responsibility". The campaign focused on five areas viz. Disposal of pending complaints, Disposal of pending cases, Capacity Building programs, Asset Management and Digital Initiatives. One of the key accomplishments during the campaign period is the launch of comprehensive Vigilance Portal. As part of Capacity Building, more than 1400 employees were imparted training through iGOT Karmayogi platform on different topics and various Systemic Improvement Measures relating to policies, manuals, tenders & ERP were undertaken. Additionally, senior officials were imparted training under Master Trainer Program during the Campaign period.

The VAW 2025 was observed from 27^th October - 2^nd November, 2025 across the Company on the theme "Vigilance: Our shared responsibility". The week started with the Integrity Pledge, which was administered by the CMD and the CVO at the Corporate Office and by the respective heads of all spheres in other offices. A special issue of Vigilance in-house journal "InTouch" was also released on the occasion of VAW 2025. Several activities were conducted both within and outside the Company. Some of these activities include Talks by eminent personalities, Training, Seminar/ Webinars, Workshops, Quiz, Debate, etc. In addition, several competitions in nearby schools and colleges were also organized. Vendors' Grievance Redressal Camp/Awareness Programs and Gram Sabhas were also organized in different spheres of the Company, enabling the stakeholders to redress their problems. The activities undertaken during the campaign were widely publicized through various social media platforms.

In addition to above, continuous efforts are on to imbibe ethical behavior by encouraging everyone to take the online "Integrity Pledge". The e-pledge link has been hosted on the Company's website and is easily accessible to employees, their family members, vendors, contractors and other stakeholders. As a result, more than thousand employees and stakeholders of the Company have taken the e-pledge.

Punitive Vigilance: This function involves complaints handling, investigations, monitoring of disciplinary cases, etc. Based on complaints received by the organization from various sources including the CVC and the concerned Ministry, investigations are done and taken to their logical conclusion. For effective and timely disposal of disciplinary cases, management has been advised to conduct training on the role of Inquiry Officers & Presenting Officers among officers at different levels of the organization. Also, as and when required, assistance is also extended to the CBI in the investigation of cases entrusted to them. Number of Complaints received and disposed-off during the year are as under:

As far as vigilance cases are concerned, during the year, 1 vigilance case (disciplinary proceeding) involving 4 officials was handled.

Surveillance & Detection: This function includes conducting regular & surprise inspections, CTE Type intensive examination of projects/works, besides carrying out scrutiny of annual property returns, audit paras, etc. During the year 2025-26, several inspections/examination/scrutiny in all spheres of the Company were carried out and observations or findings were appropriately taken up with the management.

The Company remains committed to creating sustainable value for society through need-based and impactful Corporate Social Responsibility (CSR) interventions in and around its operational areas, while also extending support to communities across the country. Guided by its vision of being a responsible corporate citizen, the Company's CSR initiatives are implemented in alignment with Schedule VII of the Companies Act, 2013, national development priorities and the United Nations Sustainable Development Goals (SDGs), with a focus on fostering inclusive, equitable and sustainable growth.

During the year, the Company undertook a wide range of CSR initiatives across the areas of healthcare, education, nutrition and sanitation, sustainable livelihoods, skill development, women empowerment, inclusion of persons with disabilities, rural infrastructure, environmental sustainability, promotion of sports, preservation of art, culture and heritage, and development of Aspirational Districts. These interventions were designed to strengthen community resilience, improve quality of life and create long-term socio-economic impact. A detailed account of the major CSR initiatives undertaken during the year forms part of the Annual Report on CSR Activities.

In compliance with the provisions of Section 135 of the Companies Act, 2013, the Company incurred a CSR expenditure of '144.59 crore during FY 2025-26 against the statutory obligation of '137.51 crore, representing 2.10% of the average net profits of the preceding three financial years.

Risk Management continued to remain an integral part of the Company's governance framework during FY 2025-26, enabling monitoring of key business risks, proactive identification, assessment and mitigation.

To align Company's Risk Management best practices with leading national and international Oil & Gas companies and with ISO 31000:2018 (Risk Management - Guidelines), a comprehensive reassessment of the Company's Risk Management Policy, Risk Register and procedure was undertaken.

Based on the findings of the reassessment, Company's Board in its 572^nd Meeting held on 09.10.2025 approved the revised Risk Management Policy, 2025 and Updated Risk Register ensuring organizational resilience, informed decision-making, regulatory compliance, and sustainable performance.

As part of the review exercise, the Company's risk universe was rationalized and streamlined, resulting in a reduction in the number of identified risks.

As of March 2026, Enterprise-level risks were determined and monitored under the Company's Risk Management Framework. These risks were categorized into three broad segments to facilitate focused risk oversight and effective mitigation planning. The portfolio comprised Strategic Risks, which are associated with the achievement of long-term organizational objectives, business sustainability, growth opportunities and external market dynamics. Core Function Risks were identified across key operational and business processes that directly impact the Company's value chain, operational efficiency, production, and service delivery. The Support Function Risks pertain to enabling functions such as finance, human resources, information technology, legal, procurement, administration and other support services that are essential for sustaining business operations.

The Company strengthened its risk governance practices through the timely conduct of Risk Management Committee (RMC), Risk Management Steering Committee (RMSC) & Operational Risk Management Committee (ORMC) meetings across all operational spheres and corporate functions. These meetings served as key platforms for periodic review of identified risks, assessment of mitigation measures and evaluation of emerging risk scenarios impacting business operations.

The Company has adopted a structured Enterprise Risk Management (ERM) framework aligned with its strategic objectives and operational priorities. Regular risk assessments are carried out across all business functions to identify emerging risks and evaluate their potential impact on operations, financial performance, and long-term sustainability. Continuous monitoring mechanisms were strengthened through enhanced reporting systems and improved risk analytics. Special emphasis was placed on risks related to operational safety, project execution, digital transformation, regulatory compliance, cyber security, supply chain disruptions and environmental sustainability.

Risk ownership was clearly defined across business units to ensure accountability and timely response. Capacity building initiatives and awareness programs are undertaken to further strengthen the risk management culture across the organization. As part of these efforts, reputed consultants were engaged to conduct Risk Management workshops aimed at enhancing awareness, knowledge, and capabilities among risk stakeholders. Through these measures, the Company remains committed to safeguarding stakeholder value and ensuring sustainable growth in an evolving business environment.

Startup India is a flagship initiative launched by the Government of India on 16^th January, 2016 aimed at fostering a vibrant startup ecosystem by promoting innovation and entrepreneurship. The programme seeks to drive sustainable economic growth while creating significant employment opportunities across the country. In line with this national vision, the Company has introduced the Start-up Nurturing, Enabling, and Handholding (SNEH) programme to support and accelerate innovative entrepreneurial ventures.

Under SNEH, the Company has entered into Memorandums of Understanding (MoUs) with five leading institutions—IIT Guwahati, Guwahati Biotech Park, IIT Bhubaneswar, IIM Lucknow, and IIT Delhi—for incubation support. The Company has completed 11 rounds of startup screening and evaluation, disbursing grants of 17.92 crore to startups and 6.19 crore to incubation centres. So far, the Company has supported 25 startups through the grant mechanism. Additionally, 15 startups are in the final stage of selection for investment through Company's upcoming Alternate Investment Fund (AIF).

The Company is in the process of setting up 'OIL SNEH Venture Scheme' as a Category I Alternate Investment Fund (AIF). The Fund has been conceptualized in the context of India's ongoing structural economic transformation, driven by rapid industrialization, the energy transition, expansion of the manufacturing sector, digital innovation, and strong policy support for technology-led growth. It aims to establish itself as a strategically differentiated Category I Alternative Investment Fund (AIF) by leveraging the Sponsor, Company's deep sectoral expertise and institutional credibility, while drawing on the Investment Manager's capabilities in innovation, incubation, and venture building to support high-potential startups and emerging enterprises. The Fund represents not merely a financial investment vehicle, but also a platform intended to facilitate technology adoption, innovation engagement, and ecosystem development aligned with the Startup India Mission.

More recently, the Company has joined hands with other Oil & Gas Public Sector Undertakings (PSUs) to consolidate and strengthen the startup incubation and investment ecosystem across India's energy sector. As part of this collaborative initiative, the 'MC2 Foundation' has been established as a dedicated institutional platform to promote innovation and sustainable entrepreneurship. The Foundation aims to foster, incubate, mentor, accelerate, and support startups aligned with India's energy transition and national development priorities. It is currently spearheading the establishment of the 'MC2 Alternative Investment Fund (AIF)' to catalyse investments in high-potential startups and emerging technologies across the energy value chain.

The Company supported Startups under its initiative SNEH have made significant strides in driving innovation and technological advancement in various sectors. These startups have contributed to areas such as clean energy solutions, Green Hydrogen, Clean Mobility, Oilfield Solutions, Carbon Capturing, Environmental Sustainability, Healthcare, Artificial Intelligence, Robotics etc. Several of them have successfully developed indigenous technologies that reduce operational costs and environmental impact. By fostering innovation through funding, mentorship and strategic collaboration, Company's startup initiatives contributing immensely to the startup ecosystem of our country.

One of the Company's startups "Ohm Clean Tech Private Limited" had developed a 9 meter Hydrogen Fuel Cell bus which was flagged off by Honorable Prime Minister Shri Narendra Modi on 6^th February, 2023 at India Energy Week (IEW), Bengaluru.

Startup Beta Tank Private Limited is developing a Robotic Tank cleaning system for cleaning Crude Oil Tank and retail tanks (like Diesel, Petrol etc). The have already patented the technology and Crude oil tanks cleaning robot got lECEx certificate for Zone zero operation.

The Company supported innovative startups 'Caliche Private Limited' which has developed a biochemical technology for controlling sand influx in oil wells. As a result of Company's support, the startup has secured a development order for deployment of its technology in three wells. Caliche is currently focused on the commercialization of its two flagship product lines: SandPax, a biochemical sand influx control technology, and CarbonOne, a microbial carbon capture technology. The Company is driving market adoption through direct customer engagements as well as strategic partnerships.

Hopun Innovations Private Limited is a startup incubated at IIT Bhubaneswar and supported by the Company under its Startup Initiative. The startup develops indigenous electric utility vehicles for industrial and commercial applications. Under Company's support, it successfully designed, developed, and delivered prototype electric vehicles few of which shall be very soon deployed for trial run (in-campus) in FHQ, Duliajan. The project demonstrated the startup's technical capability and the potential of its electric mobility solutions to support Company's sustainability and decarbonization initiatives.

Another startup supported by the Company 'Minimines', operates in the field of lithium-ion battery recycling and resource recovery. The startup is developing sustainable recycling and extraction technologies to enable a circular economy for the electric vehicle ecosystem. Its carbon-neutral solutions focus on recovering valuable materials from end-of-life lithium-ion batteries, including cobalt, copper, nickel, aluminium, lithium, and graphite. Through these innovative technologies, Minimines aims to enhance resource efficiency, reduce environmental impact, and support the transition towards sustainable mobility.

There are several other success stories under Company's Startup Initiative. Through its startup programme, the Company has adopted a forward-looking approach to fostering innovation, nurturing entrepreneurship, and promoting sustainable technologies across diverse sectors. By supporting emerging innovators and indigenous solutions, the Company is contributing to the growth of the startup ecosystem while addressing industry challenges. Oil India Limited is proud to be associated with the country's vibrant and prestigious startup ecosystem.

The Company is committed to achieve the 2040 Net Zero target and has demonstrated its commitment to transitioning into a clean and integrated energy Company aligning with the nation's climate goals. As part of this Net Zero pursuit, the Company is implementing a structured, science-based roadmap to achieve net zero emissions by 2040, with interim targets of ~25% reduction by 2026, ~85% by 2030 and ~95% by 2035. Through Project SANTULAN, the Company operationalized 26 high-impact initiatives focused on GHG reduction, environmental sustainability and strategic enablers. The Company has committed an investment of approximately Rs.20,000 crore towards key decarbonization levers, which include reduction of flaring, renewable energy, compressed biogas (CBG), green hydrogen, electrifying traditional gas fired equipment, CCS/CCUS, Geothermal, energy efficiency upgrades, energy storage solutions and Dynamic Gas Blending in Drilling Rigs. Through some of these implemented efforts, the Company has already achieved a further 17.93% reduction in emissions in FY 2025-26 over the base year FY 2023-24. The current Scope 1 and 2 emission figure is 1.190 MMT CO2e as against 1.268 MMT CO2e in the previous year.

Achieving lower emissions through gas flaring reduction is an important lever to reduce emission for the oil and gas sector to meet the climate goals. The Company initiated zero routine flaring projects with a goal to reduce carbon emissions and monetise the flared gas by upgrading and construction of installations, adding pipelines to evacuate gas and installing compression facilities for gas field monetisation. It is noteworthy that during FY 2025-26, the total gas flaring by the Company has been reduced to 56 MMSCM, as compared to 82 MMSCM in FY 2024-25, reflecting a reduction of approximately 32% in Assam and Arunachal Pradesh.

With Installed Renewable Energy Capacity of 188.1 MW, the Company is committed to deploying 5 - 5.5 gigawatts of renewable energy capacity by 2040, emphasizing wind, solar and other sustainable energy sources. The Company already has in place Collaboration with Assam Government for installation of 645 MW Solar Projects across Assam with 25 MW solar plant under construction in Namrup, Assam. Your Company is also actively pursuing installation of roof top solar plant and has installed 339 KWp roof top solar plants in FY 2025-26 and also plans to further install 570 Kwp of roof top solar across assets pan India. The total installed capacity of captive solar plants in the Company for internal consumption has increased to 2261 Kwp in FY 2025-26. The total captive solar power generation in the reporting year has also increased by 45.78% compared to the previous year.

In line with the Government of India's vision of advancing affordable and sustainable energy, the Company is progressing the establishment of 25 Compressed Biogas (CBG) plants, each with an output capacity of 2-5 Tonnes Per Day (TPD), across strategically selected locations in Assam, Arunachal Pradesh, Tripura, West Bengal, Odisha, Jharkhand, Rajasthan, Himachal Pradesh and Haryana. This landmark green initiative underscores Company's commitment to fostering a circular economy by transforming organic waste into clean, renewable energy, while contributing to effective waste management and creating lasting environmental and socio-economic benefits for communities across the country.

Your Company has forged prominent collaboration with leading national international platforms to accelerate its sustainability and decarbonization journey. As a signatory to the Oil and Gas Decarbonization Charter (OGDC), the Company has committed to industry wide collective action towards reducing greenhouse gas emissions and achieving net zero target. In pursuit to reduce GHG emissions, your Company has conducted a fugitive emission detection and quantification campaign through an agreement with Total Energies in its production installations. The detection & quantification of Methane and Carbon dioxide was done through a drone-based survey using TotalEnergies proprietary AUSEA (Airborne Ultra-light Spectrometer for Environmental Applications) technology.

Further, your Company through its material subsidiary- NRL has embarked on a journey to Green Hydrogen, which signifies our commitment to harnessing the potential of hydrogen as a clean and sustainable energy source. As part of this initiative a 2.4 KTPA of green hydrogen plant is currently being built and is expected to be commissioned by 2026. The potential for reduction of CO2 emission will be 0.024 MMTPA. In strengthening its green portfolio, the Company, through NRL, has commissioned a 2G Ethanol plant based on bamboo feedstock, under the joint venture Assam Bio-Refinery Private Limited.

Your Company in its pursuit towards the Net Zero has taken initiative to electrify operations through Green Energy. Your Company has already connected 05 (five) installations in FHQ with green power to reduce scope 1 and 2 emissions. Initiatives have also been taken to connect the Pump Stations: PS4, PS5, PS6 and PS7 pipeline stations with grid power. Your Company will be connecting more installations to the grid to enable supply of renewable power to run the installations in future.

The concept of Carbon Capture and Storage (CCS) to enable large scale underground sequestration is gaining traction in view of drastic climate change. Identification of suitable storage complex for permanent storage of CO2 plays a major role in path towards decarbonization and net zero from the perspective of upstream Oil and Gas Sector. In this regard, your Company has conducted a feasibility study for identification of suitable reservoirs/aquifers along with design considerations for capture, transportation and sequestration of CO2 in suitable reservoirs/aquifers within Jaisalmer Basin in Rajasthan. Successful completion of the study will serve as a demonstration project and pave the way for CCUS deployment in India.

The Company has taken the strategic initiative to venture into geothermal energy exploration in India, marking a significant step towards diversifying its energy portfolio. This move aligns with the Government India's vision to promote the development of geothermal resources as a sustainable and reliable component of the country's future energy mix. Recognizing the longterm potential of geothermal energy, the Company has identified it as a key focus area under its new energy initiatives and is actively undertaking measures to assess its viability and implement pilot scale projects. In this regard a collaborative Study with Centre for Earth Sciences & Himalayan Studies (CES & HS) and National Centre for Seismology (NCS), Ministry of Earth Sciences (MoES), for Geothermal Potential in Arunachal Pradesh has been undertaken. Also, the Company has initiated a feasibility study on extracting geothermal energy by repurposing of abandoned/to be abandoned oil and gas wells.

Your Company has taken various energy efficiency measures to reduce emissions. Notable among these are replacement of conventional appliances in FHQ with energy efficient appliances across the Company resulting in savings of 2745.43 tCO2e in emissions.

Electrical energy storage is one of the frontline solutions towards reducing emissions and your Company has taken an important step in this regard. Battery Energy Storage System (BESS) is being explored to enhance energy reliability, grid stability and support renewable integration.

Further, your Company is operating Dynamic Gas Blending (DGB) system in one Drilling Rig. The DGB system, allows diesel engines to operate on diesel and natural gas simultaneously, reducing environmental impact and operational cost, without compromising the engine performance. This has resulted in direct reduction of emissions due to lower diesel consumption and the same will be extended to two more drilling rigs.

The Company has registered 431 hectares of land across Assam and Odisha, under the Government of India's Green Credit Program (GCP). Of this, plantation activities have already been undertaken in 431 hectares, putting the Company on track to earn green credits in 2029. These credits will help offset residual emissions and support India's national afforestation goals.

Through these multi-dimensional initiatives, the Company is not only reducing its environmental footprint but also creating a scalable and resilient clean energy model. The Company's proactive approach underscores its leadership in India's energy transition and reflects its commitment to delivering long-term value for stakeholders while contributing meaningfully to national and global climate goals.

Building on the success of its digital transformation journey, your Company has launched the next phase- Digital Readiness for Innovation and Value in E&P (DRIVE) 2.0-to accelerate enterprise-wide digital adoption and enhance value creation across the organisation. The programme comprises a comprehensive portfolio of digital initiatives aligned with key strategic dimensions, namely Digital Strategy, People & Organisation, Business Processes, Stakeholder Experience and Technology & Security.

DRIVE 2.0 encompasses ten focused initiatives designed to enable integrated monitoring, optimisation and decision-making across the entire E&P value chain:

Enables real-time monitoring and optimisation of production through IoT-enabled data acquisition and advanced analytics, supporting predictive maintenance and enhanced hydrocarbon recovery.

Leveraging machine learning, predictive analytics and optimisation techniques for improved rig allocation, drilling simulations, logistics planning and drill bit performance management.

AI-driven computer vision solution for real-time monitoring of PPE compliance and identification of unsafe practices, strengthening safety and operational discipline.

Integrated platform for end-to-end management of physical assets, covering planning, procurement, deployment, maintenance, performance optimisation and decommissioning.

Transformation of procurement processes through automation of the complete PR-to-PO cycle, enabling efficiency, transparency and data-driven decisionmaking.

Data-driven HR solution to enhance workforce planning, automate routine processes, and foster collaboration, transparency and employee well-being.

Application of advanced analytics, machine learning, and GenAI for subsurface data interpretation, production forecasting and improved resource management.

Development of real-time digital replicas of surface infrastructure to enable performance monitoring, scenario simulation and proactive maintenance.

Use of AI and machine learning to track project health, predict delays, optimise resource utilisation and improve execution efficiency.

A state-of-the-art integrated platform providing enterprise-wide visibility across Exploration, Production, Transportation, Refining, Finance, HR, HSE, ESG, and CSR functions. The CCC will enable real-time monitoring, faster decision-making, and coordinated response to operational events, thereby maximising business value.

Overall, DRIVE 2.0 is a strategic enabler for transforming the Company into a digitally empowered, data-driven enterprise, enhancing operational efficiency, improving safety and sustainability, and strengthening long-term organisational resilience.

Alongside its ongoing digital transformation journey, the Company has successfully completed and initiated several significant IT-enabled projects during the last fiscal year. A dedicated Vendor Enlistment Portal has been launched to digitize and streamline the vendor onboarding process, enabling seamless documentation submission and participation in enlistment opportunities. A real-time E-NAMS Dashboard has been deployed for efficient news tracking and risk analysis by the Public Affairs Department. The Corporate Communication Proposal Portal has been introduced to manage the end-to- end lifecycle of CC proposals, significantly reducing manual intervention and enhancing transparency.

On the human resources front, Shram Sanchay has been launched to digitize labour-related legal and conciliation proceedings, while the SEWA Portal now serves as a dedicated platform for the Specially Abled Employees' Welfare Association. In a significant step towards sustainability, the EcoTrail App has been jointly developed by the ESG and IT Departments to encourage employees to adopt eco-friendly commuting habits and track their carbon footprint in real time. The organization has also successfully completed the digitization of old physical files, further advancing its vision of a paperless office. On the cybersecurity front, a comprehensive Cybersecurity Program has been developed, defining a target state architecture for IT and Operational Technology (OT) security, and a state-of-the-art Cyber Security Operations Centre

(CSOC) has been established and is being managed in collaboration with CDAC. The CSOC is equipped with advanced tools, including SIEM, SOAR, UEBA and a Threat Intelligence Platform, to ensure round-the- clock monitoring, automated response, and enhanced security readiness.

FY 2025-26 marked a defining milestone in the Company's digital transformation journey with the successful migration from SAP ECC 6.0 to SAP S/4HANA on RISE with SAP. The transformation encompassed the implementation of a cloud-enabled digital core integrated with SAP Business Technology Platform (BTP), SAP Work Zone, SAP Fiori, SAP Cloud Platform Integration (CPI) and SAP BW/4HANA with BPC, creating a unified and future-ready enterprise platform.

Following the successful deployment of SAP SRM, SAP S/4HANA and BW/4HANA, the Company achieved enterprise-wideGo-Live on4August2025. This landmark achievement represents one of the most significant technology modernization initiatives undertaken by the Company, aimed at enhancing operational excellence, strengthening governance, and enabling data-driven decision-making across the enterprise.

Built on SAP's in-memory HANA technology and hosted on the RISE with SAP Private Cloud, the new ERP landscape has significantly enhanced business performance through faster transaction processing, streamlined workflows and real-time enterprise reporting. The transformation has established a single source of truth for Finance, Procurement, Human Resources, IS-OIL, Materials Management, Project Systems and other core business functions, enabling greater transparency, agility and control.

The adoption of SAP Fiori, Work Zone and mobile- enabled ERP services has substantially enhanced employee experience by providing intuitive, role-based and anytime-anywhere access to business processes. Digital self-service capabilities for employees and managers have accelerated Company's journey toward a paperless and more efficient workplace.

The transformation has delivered significant improvements in payroll processing, financial closing, invoice management and overall system responsiveness, while reducing process cycle times across the enterprise. Real-time analytics and embedded reporting capabilities now empower leadership with timely insights for faster and more informed decision-making.

Beyond immediate operational benefits, the new digital platform establishes a strong foundation for the adoption of emerging technologies including Artificial Intelligence, SAP Joule, intelligent automation, advanced analytics and future digital innovations. The cloud-based architecture enhances cybersecurity, business continuity, scalability and disaster recovery readiness while eliminating the complexities of managing on-premise infrastructure.

More than a technology upgrade, SAP S/4HANA represents Company's transition to an intelligent, integrated and digitally connected enterprise. By modernizing its core business systems and embracing a cloud-first digital strategy, Company has strengthened its capability to drive sustainable growth, operational resilience and innovation in an increasingly dynamic energy landscape.

"The successful implementation of SAP S/4HANA is a strategic step towards building a future-ready OIL. It not only enhances operational efficiency and governance but also provides a robust digital foundation for innovation, agility and long-term value creation."

Considering the persistent and evolving nature of cybersecurity threats for the Company, effective management and mitigation of such threats require sustained, organization-wide efforts and seamless coordination.

To strengthen its cybersecurity posture, the organization has overhauled its Information Security Governance Structure to ensure cybersecurity considerations are strategically aligned with business objectives.

As part of a comprehensive cybersecurity enhancement program, the organization has undertaken multiple initiatives. Specialized programs have been conducted for building the capabilities of core cybersecurity groups, regular cyber incident response drills are being conducted to test preparedness and refine response mechanisms under simulated attack scenarios.

Despite its relatively recent foray into cybersecurity, the Company has taken ambitious initiatives in FY 2025-26, including strategic policy interventions, formalisation of all policies and procedures, comprehensive audit, establishment of a 24x7 ICT Security Operations Centre. Company has also started working on opportunities of improvements in the area of cybersecurity as identified during comprehensive Gap Assessment. The leadership's unwavering commitment to safeguarding critical cyber infrastructure, particularly in the context of a volatile geopolitical environment, is demonstrated through proactive self-defence measures and stringent adherence to regulatory guidelines issued by CERT- In and NCIIPC. Your Company remains steadfast in its mission to protect its critical information infrastructure by conducting audits of key installations, which are vital not only to the organization but also to the nation's energy security. The Company regards cybersecurity as a high-impact, high-materiality governance priority integral to its sustainability agenda. Cyber risk is meticulously monitored by the leadership, ensuring robust governance and oversight. These concerted efforts position your Company at par with its peers in India's oil and gas sector, setting a strong foundation for an ambitious digital transformation underpinned by rigorous cybersecurity controls.

NRL is a Schedule 'A' Navratna CPSE having a 3 MMTPA Refinery (currently under capacity enhancement to 9 MMTPA) at Numaligarh in Golaghat District of Assam. As on 31^st March 2026 the Company holds 69.63% stake in NRL and has the management control. Govt. of Assam and Engineers India Limited hold 26% and 4.37% stake in NRL respectively.

OGEL is a wholly owned dedicated green energy subsidiary to build a significant portfolio for the Company across multiple businesses in the green and alternate energy space. It operates in the domain of low carbon, new, clean and green energy including renewable energy, green hydrogen and its derivatives, biofuels, Carbon capture, usage & sequestration, Geothermal energy and other opportunities directly and indirectly supporting de-carbonization and energy transition.

OIIPL, a Singapore based wholly owned subsidiary of the Company, holds 33.5% stake each in Vankor India Pte. Ltd (VIPL), Singapore and Taas India Pte. Ltd. (TIPL), Singapore which in turn hold 23.9% and 29.9% in Russian entities namely, JSC Vankorneft and LLC TYNGD, respectively.

Oil India Sweden AB is a wholly owned subsidiary of the Company. Itholds 50% shareholding in Ind Oil Netherlands BV, Netherlands which holds 7.0% Participating Interest (PI) in the Venezuelan Asset namely Petro Carababo S.A.

OIIBV, Netherlands is a wholly owned subsidiary of the Company. OIIBV holds 50% stake in WorldAce Investments Limited, Cyprus which hold 100% stake in Stimul T, a Russian legal entity.

BCPL owns a Petrochemical Complex at Lepetkata, Dibrugarh, Assam for production, distribution and marketing of petrochemical products viz. polyethylene (LLDPE & HDPE) and Polypropylene. Your Company holds 10% equity share capital in BCPL. GAIL (India) Limited, Government of Assam and Numaligarh Refinery Limited also hold 70%, 10% and 10% equity share capital respectively.

DNPL was incorporated with the primary objective of acquisition, transportation and distribution of natural gas. Your Company holds 23% equity share capital in DNPL. Assam Gas Company Limited and Numaligarh Refinery Limited hold 51% and 26% equity share capital respectively.

Your Company is holding 48.80%, Government of Assam along with its owned entities is holding 51.11% and others are holding 0.09% equity shares of APL. The 200 TPD Formaldehyde Plant is operational now, which was successfully commissioned during FY 2025-26.

IGGL, a joint venture of OIL, ONGC, IOCL, GAIL and NRL (with 20% equity each), is implementing the 1,670 km North-East Gas Grid (NEGG) to connect all eight North Eastern states of India with the National Gas Grid and regional sources.

To support the evacuation and commercialization of additional natural gas from the Company's operational areas in Assam and Arunachal Pradesh, IGGL is executing the Duliajan Feeder Line (DFL), a key pipeline project that will significantly enhance gas transportation capacity and enable efficient market connectivity.

HPOIL, a joint venture between OIL and HPCL with equal equity participation, was incorporated for the development of CGD networks in Ambala-Kurukshetra and Kolhapur Geographical Areas (GAs). During the FY 2025-26, HPOIL achieved 100% of its Minimum Work Programme (MWP) targets in both the GAs. As at the end of March, 2026 HPOIL is operating 32 CNG Stations and provided 21,127 PNG connections at Ambala- Kurukshetra and 33 CNG Stations and provided 39,481 PNG connections at Kolhapur. HPOIL also secured CGD authorization for the Nagaland State GA in the 12^th CGD bid round and commenced construction activities for CGS and a CNG station.

PBGPL is a joint venture with equity participation of 26% each from OIL and GAIL Gas Ltd and 48% from Assam Gas Company Ltd. PBGPL has been formed for development of CGD networks in Kamrup and Kamrup Metropolitan Districts (Kamrup GA) and Cachar, Hailakandi and Karimganj Districts (Cachar GA) of Assam. In the Cachar GA, the Company has commissioned 2 CNG stations, with 2 additional stations ready for commissioning and 1 station mechanically completed. It has also provided 6,069 domestic PNG connections. In the Kamrup GA, the Company has commissioned 5 CNG stations, with 3 stations ready for commissioning and 5 mechanically completed, while extending 6,392 domestic PNG connections.

NEGDCL, a joint venture between OIL (49%) and Assam Gas Company Ltd (51%), to implement CGD projects in the north bank of Assam and northern & southern Tripura Geographical Areas. The Company commissioned one CNG station in north bank of Assam, three CNG stations in North Tripura and two stations in South Tripura. The supply of DPNG has commenced in North Bank of Assam.

AGPL [incorporated on 15^th November 2025] is a 50:50 joint venture between OIL and BPCL. The consortium was awarded the Arunachal Pradesh Geographical Area (GA) by the PNGRB under the 12^th CGD Bidding Round. It is responsible for laying, building, operating, and expanding the City Gas Distribution (CGD) network and associated infrastructure to supply natural gas to domestic, commercial, industrial, and automotive consumers across the authorized GA in Arunachal Pradesh.

AOGPL [incorporated on 21^st February, 2025] is a joint venture between OIL (49%) and Assam Power Generation Corporation Limited (51%) to execute projects in the field of green energy. It has identified solar power projects of total 645 MW capacity in the state of Assam.

AVFCCL was incorporated on 25^th July 2025 as joint venture with Government of Assam (40%), Oil India Limited (18%), National Fertilizers Limited (18%), Hindustan Urvarak & Rasayan Limited (13%) and Brahmaputra Valley Fertilizer Corporation Limited (11%), for setting up of new Ammonia-Urea Complex Namrup IV Fertilizer Plant at Namrup, Assam.

Your Company holds 25% stake in Suntera Nigeria 205 Ltd., Nigeria (with the objective to engage in the petroleum business including exploration, production and development of crude oil and natural gas in Nigeria) pursuant to a Share Purchase Agreement (SPA) signed with Suntera Resources Ltd., Cyprus and Indian Oil Corporation Limited (IOCL).

The Company holds 40% share in BREML. BREML holds 10% Participating Interest in the Rovuma Area 1 Offshore Block in Mozambique. The Area-1 consortium had taken

Final Investment Decision (FID) in June 2019 for the initial development of Golfinho-Atum field through the construction of a two-train LNG plant with a total capacity of 13.12 MMTPA. The project is progressing with overall completion reaching 42%.

Your Directors have made necessary disclosures as required under various provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015. Information on the Conservation of Energy, Technology Absorption, Foreign Exchange Earnings & Outgo etc. as required under Section 134 of the Companies Act, 2013 and the Rules made thereunder is given in the Annexure-I to this Report.

The details of the employees who drew remuneration exceeding the limits laid down in the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are not required to be annexed to the Annual Report in view of exemptions to the Govt Companies.

Further, during the FY 2025-26, there was no order or direction of any court or tribunal or regulatory authority either affecting Company's status as a going concern or which significantly affected Company's business operations.

Neither any application was made during the FY 2025-26 nor any proceedings are pending against the Company under the Insolvency and Bankruptcy Code 2016.

The Company complies with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI).

M/s Gopal Sharma & Co., Chartered Accountants and M/s RKP & Associates, Chartered Accountants were appointed as Joint Statutory Auditors for the FY 2025-26 by the Comptroller & Auditor General of India (C&AG). The Statutory Auditors have audited the Accounts of the Company for FY 2025-26 and submitted their Unqualified Report to the Company. They have not reported any instance of fraud committed by the officers/employees of the Company. The C&AG has given "NIL" comments on Financial Statements 2025-26 of the Company.

The Cost Audit Report for the FY 2024-25 given by M/s Shome & Banerjee, Cost Accountants was filed within the statutory time limit. For the FY 2025-26, M/s Shome & Banerjee, Cost Accountants are the Cost Auditor of the Company. The report will be filed within the stipulated time frame.

M/s VAP & Associates, Company Secretaries were appointed as the Secretarial Auditor of the Company for FY 2025-26 to 2029-30. The Secretarial Audit Report confirming compliance to the applicable provisions of the Companies Act, 2013, SEBI (LODR) Regulations, 2015, SEBI Guidelines and all other relevant rules and regulations except the Board Composition is annexed as Annexure-II to this Report.

Reply of the Management on the observation on Board Composition in the Secretarial Audit Report is as under :

(a) Post completion of tenure of 3 (Three) Independent Directors on 27^th March 2026, there were 5 (Five) Functional Directors including Chairman

6 Managing Director, 2 (Two) Govt. Nominee Directors & 1 (One) Independent Director as on 31.03.2026. Accordingly, the Committees viz. Audit & Ethics Committee (A&EC) and Nomination & Remuneration Committee (N&RC) were reconstituted from the existing Board Composition. However, no meeting of A&EC and N&RC was held between 28.03.2026 to 31.03.2026.

(b) The Company is compliant with the provisions of Companies Act, 2013 and SEBI (LODR) Regulations, 2015 on Corporate Governance including (ii) Board Committees (Audit Committee etc.) (iii) Holding Board Meetings (iv) Related Party Transaction (v) Disclosures and Transparency, except

(i) Composition of Board of Directors.

Since the Company is a Govt. of India Enterprise, the Directors on the Board of Company are appointed by the President of India through Administrative Ministry - Ministry of Petroleum & Natural Gas (MoP&NG). The Company has been requesting the MoP&NG for appointment of requisite number of Independent Directors on the Board of Company for compliance of the extant regulations.

As a step towards good corporate governance, the Secretarial Audit Report of our Material Subsidiary is also annexed hereto as Annexure-III.

In accordance with Section 134 of the Companies Act, 2013 and the applicable Accounting Standards, Audited Consolidated Financial Statements for the year ended 31^st March, 2026 of the Company and its subsidiaries forms part of this Annual Report.

A report on the performance and financial position of the subsidiaries, associates and joint venture companies of the Company as per the prescribed form (Form AOC-1) of the Companies Act, 2013 also forms part of this Annual Report.

The Complete Annual Reports of subsidiaries of the Company are available on the Company's website.

The particulars of investment made, loans extended, guarantees and securities provided along with the purpose for which the loan or guarantee or security is proposed to be utilized by the recipient are provided in the standalone financial statements. (Ref. Note 6, 8, 42 and 45 to the standalone financial statements).

All contracts/arrangements/transactions entered by the Company during the year with related parties were in ordinary course of business and at arm's length basis. The policy on materiality of related party transactions and dealing with related party transactions can be accessed on the Company's website at www.oil-india. com. Attention is also invited to Note 45 to the financial statements and Form AOC-2 attached herewith.

As required under the provisions of the Companies Act, 2013, the Annual Return for the FY ended 31^st March, 2026 in the prescribed form MGT-7 has been prepared and hosted on the website of the Company at the following weblink:https://www.oil-india.com/annual-financial- results/36

During the FY 2025-26, following recognitions and awards/accolades were conferred upon your Company:

Your Company promotes ethical behaviour in all its business activities and has put in place mechanism for reporting illegal or unethical behaviour. The Company has a Vigil Mechanism and a whistle-blower policy in accordance with provisions of the Act and Listing Regulations. The policy on Vigil Mechanism/Whistle- Blower can be accessed on the Company's website at https://www.oil-india.com/files/investor_services_ documents/Whistle_Blower_Policy.pdf

No significant and material orders were passed by the regulators or courts or tribunals, during the year that impact the going concern status of the Company and its operations in the future.

The Company being a Government Company, the provisions of Section 134 (3)(e) and Section 134(3)(p) of the Companies Act, 2013 regarding policy on Directors' appointment and remuneration, annual evaluation of the performance of the Board, Committees and individual directors are not applicable in view of the Gazette notification dated 05^th June, 2015 issued by the Government of India, Ministry of Corporate Affairs granting exemptions to Government Companies as the performance evaluation of the Directors is carried out by the administrative ministry, i.e., MoP&NG as per laid- down evaluation methodology.

Further, the said notification also exempted Government Companies from the provisions of Section 178 (2) which requires performance evaluation of every director by the Nomination & Remuneration Committee.

a. In terms of Letter No. CA-31022/1/2021-CA-PNG (37493) dated 09^th March, 2026 issued by Ministry of Petroleum & Natural Gas (MoP&NG) :

(i) Shri Rohit Mathur, Joint Secretary, MoP&NG [08216731] ceased to be Govt. Nominee Director on the Board of Company w.e.f. 09^th March, 2026.

(ii) Shri Bhupinder Kumar, Director, MoP&NG [DIN-11596173] was appointed as Govt. Nominee Director on the Board of Company w.e.f. 10^th March 2026.

b. Shri Balram Nandwani [DIN: 00356119], Ms. Pooja Suri [DIN-03077515] & Shri Raju Revanakar [DIN- 09398201], Independent Directors, ceased to be Directors on the Board of Company w.e.f. 28^th March, 2026 after completion of their tenure.

Pursuant to the requirement under Section 134 (5) of the Companies Act, 2013 with respect to Directors' Responsibility Statement, it is hereby confirmed that:

i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii. the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the FY 2025-26 and of the profit and loss of the Company for that period;

iii. the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. the directors have prepared the annual accounts on a going concern basis;

v. the directors have laid down internal financial controls in the Company which are adequate and are operating effectively; and

vi. the directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

I, on behalf of the entire Board, extend our thanks to the Investors, Vendors, Customers, Auditors & Bankers for their continued immense support during the year. Your Directors place on record the contribution made by the employees at all levels and the consistent growth of the Company was made possible by their hard work, cooperation and support. Your Directors also acknowledge the support of the MoP&NG, all other Ministries and Agencies in Central and State Governments and extend sincere thanks for their guidance & help.