New Delhi, June 3: The Central Government is seriously thinking of complete take-over of the joint sector Oil India Limited (OIL) in which the Government and Burmah Oil Company hold 50 per cent equity each.The future of OIL has assumed importance in the context of current negotiations over the taking over of the Indian assets of the two remaining foreign oil companies operating in India — Caltex and Assam Oil Company. The Ministry of Petroleum proposes to set up an inter-ministerial committee to expedite the take-over of these two companies.The thinking in the Ministry is that the same committee should also go into the future equity setup of OIL, mainly with a view to developing the organisation as the second public sector oil exploration and production agency in the country.The Ministry also thinks that OIL should be developed with added responsibilities in on-shore and off-shore oil exploration and production. But this would be possible only if the concern becomes a 100 per cent government enterprise.According to the thinking in the Ministry, all constraints on the restructuring and expansion of the oil industry will disappear once the remaining foreign assets in the industry are taken over. At present the Oil and Natural Gas Commission and OIL are self-reliant in on-shore exploration. They could be further expanded to take over more of off-shore exploratory work. Where expertise is needed, it could be commercially bought. Published - June 04, 2026 12:20 am IST