The Oil Industry Development Board was established in 1975 to provide financial assistance to develop India's oil industries. It aims to administer an oil industry development fund, provide financial and other assistance, fund research and development, and promote indigenization. The board determines terms and conditions for loans, evaluates projects for loan eligibility, provides grants for R&D projects, and invests surplus funds. It assists oil companies and recently established funds for strategic crude oil storage and hydrogen development.

1. OIL INDUSTRY DEVELOPMENT BOARD
VIJAY SINGH (2014MT0238)
RAMASWAMY GAUTAM (2014MT0240)
MADHUSMITA BASHUMATARY(2014MT0278)
OIL INDUSTRY DEVELOPMENT
BOARD
VIJAY SINGH (2014MT0238)
RAMASWAMY GAUTAM (2014MT0240)
MADHUSMITA
BASHUMATARY(2014MT0278)

2. INTRODUCTION
The Oil Industry Development Board was established on 13th January,
1975 under the Oil Industry (Development) Act, 1974 to provide financial
assistance for development of Oil Industries.
The board was enacted following successive and steep increase in the
international prices of crude oil and petroleum products since early
1973,when the need of progressive self-reliance in petroleum and
petroleum based industrial raw materials assumed more importance.
The Oil Industry Development Board is functioning under the
administrative control of Ministry of Petroleum & Natural Gas

3. AIM & OBJECTIVE
To administer oil industry development fund
To render financial and other assistance
conducive for development of oil industry
Funding of research and development program
for sustainable development of oil industry
To promote indigenization of oil field equipment
and services in the country
Funding the activities related to the energy
security of India

4. AIM & OBJECTIVE
To make grants and advance
loans for activities such as
Prospecting
for and
exploration
of crude oil &
natural gas
Refining and
marketing of
petroleum
and
petroleum
products
Conservation
for greater
economy of
hydrocarbon

5. FUNCTIONS

6. FUNCTIONS
Term and Conditions of OIDB Loan
The OID Board
determines the
terms and
conditions
governing the
loans from time to
time on the basis
of national
importance of the
project(s) being
undertaken by the
Oil PSUs
Determine
the rates of
interest on
OIDB loans
An
independent
Project
Appraisal
Cell has
been formed
to determine
the eligibility
of OIDB loan
assistance

7. FUNCTION
Procedure for Grant - in - aid for Research and
Development Projects and their follow up
Section 6 of Oil Industry (Development)
Act, 1974, inter-alia, provides that the
Board may render assistance for
scientific, technological, economic
research, which could be directly or
indirectly useful to oil industry

8. FUNCTION
Deployment of Surplus Funds
The OIDB has accorded highest priority to the programs
connected with exploration, production, refining, research
and development etc. OIDB has so far provided financial
assistance of approximately Rs.32037 crore in the form of
loan assistance to oil companies and grant-in-aid of
Rs.1448 crore to various institutions/companies. In
addition, the OIDB has invested its funds Rs.17.58 crore in
the equity capital of M/s Biecco Lawrie Ltd (BLL). A major
portion of the loan assistance has been given to oil
companies for meeting capital outlay of plan projects

9. FUNCTION
Assistance to Oil Industry
The Board renders assistance by the way
of grant of loans for Projects,
disbursements of grants for Research &
Development programmes, refinancing of
loans and funding expenditure of scientific
advisory committees, study groups, task
forces, etc

10. FUNCTION
Other Activities
OIDB Drought Relief Trust (OIDB
DRT)
Payment of Royalty
Implementation of Government’s
Official Language Policy

11. New initiative
Construction of
strategic crude
oil storages
Hydrogen
corpus fund
(HCF)

12. CONSTRUCTION OF STRATEGIC CRUDE OIL
STORAGES

13. HYDROGEN CORPUS FUND (HCF)
In the wake of interest across the world on the use
of hydrogen as an auto fuel, the Government of
India decided that the Indian Oil Industry should
also work synergistically to make headway in this
frontier area.
With the above objective in view, a Hydrogen
Corpus Fund of Rs.100 crore has been set up with
contributions from Oil Sector PSU's & OIDB.