Oil India, Hindustan Copper sign MoU for exploration of critical minerals

Oil India Limited (OIL) on Friday said it has signed a memorandum of understanding (MoU) with Hindustan Copper to collaborate on the exploration and development of critical and strategic minerals, including copper and associated resources.

The agreement, signed on September19, is aimed at strengthening India’s resource security under the government’s National Critical Minerals Mission.

It also underscores OIL’s diversification beyond its traditional portfolio of oil and gas into the critical minerals space, which is increasingly vital for energy security and technological advancement.

HCL, a Miniratna PSU under the Ministry of Mines, is engaged in mining, production and marketing of copper. Its operations are currently focused on mining and beneficiation of copper ore and sale of copper concentrate.

OIL, a Maharatna PSU under the Ministry of Petroleum and Natural Gas, has long-standing expertise in exploration, development and transportation of crude oil and natural gas, and has recently expanded into the minerals sector.

The MoU was signed in the presence of Ranjit Rath, Chairman and Managing Director of OIL, and Sanjiv Kumar Singh, CMD of HCL, along with senior officials from both companies.

As of 2:42 pm, shares of Oil India were trading at ₹402.55 on the NSE, up 0.85%.

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The company is also looking ahead to a strong FY26, with CMD Ranjit Rath telling CNBC-TV18 that OIL aims to produce 7.5 million metric tonnes of oil and oil equivalent, backed by higher drilling and exploration activity.