(A) Basis of preparation
 
 The financial statements have been prepared to comply in all material
 respects with the mandatory Accounting Standards notified under the
 Companies (Accounting Standard) Rules, 2006 (as amended) under the
 historical cost convention and on an accrual basis. The accounting
 policies, in all material respects, have been consistently applied by
 the Company and are consistent with those used in the previous year.
 
 (B) Oil and gas assets
 
 The Company follows a successful efforts method for accounting for oil
 and gas assets as set out by the Guidance Note issued by the Institute
 of Chartered Accountants of India (ICAI) on Accounting for Oil and Gas
 Producing Activities.
 
 Expenditure incurred on the acquisition of a license interest is
 initially capitalised on a license by license basis. Costs are held,
 undepleted, within exploratory & development wells in progress until
 the exploration phase relating to the license area is complete or
 commercial oil and gas reserves have been discovered.
 
 Exploration expenditure incurred in the process of determining
 exploration targets which cannot be directly related to individual
 exploration wells, is expensed in the period in which it is incurred.
 
 Exploration/appraisal drilling costs are initially capitalised within
 exploratory and development work in progress on a well by well basis
 until the success or otherwise of the well has been established. The
 success or failure of each exploration/appraisal effort is judged on a
 well by well basis.  Drilling costs are written off on completion of a
 well unless the results indicate that oil and gas reserves exist and
 there is a reasonable prospect that these reserves are commercial.
 
 Where results of exploration drilling indicate the presence of oil and
 gas reserves which are ultimately not considered commercially viable,
 all related costs are written off to the profit and loss account.
 Following appraisal of successful exploration wells, when a well is
 ready for commencement of commercial production, the related
 exploratory and development work-in-progress are transferred into a
 single field cost centre within producing properties, after testing
 for impairment.
 
 Where costs are incurred after technical feasibility and commercial
 viability of producing oil and gas is demonstrated and it has been
 determined that the wells are ready for commencement of commercial
 production, they are capitalised within producing properties for each
 cost centre. Subsequent expenditure is capitalised when it enhances the
 economic benefits of the producing properties or replaces part of the
 existing producing properties. Any costs remaining associated with such
 part replaced are expensed in the financial statements.
 
 Net proceeds from any disposal of an exploration asset within
 exploratory and development work in progress is initially credited
 against the previously capitalised costs and any surplus proceeds are
 credited to the profit and loss account. Net proceeds from any
 disposal of producing properties are credited against the previously
 capitalised cost and any gain or loss on disposal of producing
 properties is recognised in the profit and loss account, to the extent
 that the net proceeds exceed or are less than the appropriate portion
 of the net capitalised costs of the asset.
 
 (C) Depletion
 
 The expenditure on producing properties is depleted within each cost
 centre.
 
 Depletion is charged on a unit of production basis, based on proved
 reserves for acquisition costs and proved and developed reserves for
 other costs.
 
 (D) Site restoration costs
 
 At the end of the producing life of a field, costs are incurred in
 restoring the site of production facilities. The Company recognizes the
 full cost of site restoration as a liability when the obligation to
 rectify environmental damage arises. The site restoration expenses form
 part of the exploration & development work in progress or cost of
 producing properties, as the case may be, of the related asset. The
 amortization of the asset, calculated on a unit of production basis
 based on proved and developed reserves, is included in the depletion
 cost in the profit and loss account.
 
 (E) Impairment
 
 i The carrying amounts of assets are reviewed at each balance sheet
 date if there is any indication of impairment based on
 internal/external factors. An impairment loss is recognized where the
 carrying amount of an asset exceeds its recoverable amount. The
 recoverable amount is the greater of the asset''s net selling price and
 value in use. In assessing value in use, the estimated future cash fl
 ows are discounted to their present value using a pre tax discount rate
 that reflects current market assessment of the time value of money and
 risks specific to the asset.
 
 ii After impairment, depreciation/depletion is provided in subsequent
 periods on the revised carrying amount of the asset over its remaining
 useful life.
 
 (F) Tangible fi xed assets, depreciation and amortization
 
 Tangible assets are stated at cost less accumulated depreciation and
 impairment losses, if any. Cost comprises the purchase price and any
 attributable cost of bringing the asset to its working condition for
 its intended use. Borrowing costs relating to acquisition of fi xed
 assets which take a substantial period of time to get ready for its
 intended use are also included to the extent they relate to the period
 till such assets are ready to be put to use.
 
 (G) Intangible fi xed assets and amortization
 
 Intangible assets, other than oil and gas assets, have finite useful
 lives and are measured at cost and amortized over their expected useful
 economic lives as follows:
 
 Computer software 2 to 4 years
 
 (H) Leases
 
 As lessee
 
 Finance leases, which effectively transfer substantially all the risks
 and benefits incidental to ownership of the leased item, are
 capitalised at the lower of the fair value and present value of the
 minimum lease payments at the inception of the lease term and disclosed
 as leased assets. Lease payments are apportioned between the finance
 charges and reduction of the lease liability based on the implicit rate
 of return. Finance charges are charged directly against income. Lease
 management fees, legal charges and other initial direct costs are
 capitalised.
 
 If there is no reasonable certainty that the Company will obtain the
 ownership by the end of the lease term, capitalised leased assets are
 depre- ciated over the shorter of the estimated useful life of the
 asset or the lease term.
 
 Leases where the lessor effectively retains substantially all the risks
 and benefits of ownership of the leased item, are classified as
 operating leases. Operating lease payments are recognised as an expense
 in the profit and loss account on a straight-line basis over the lease
 term.
 
 (I) Investments
 
 Investments that are readily realisable and intended to be held for not
 more than a year are classified as current investments. All other
 investments are classified as long-term investments. Current
 investments are measured at cost or market value, whichever is lower,
 determined on an individual investment basis. Long term investments are
 measured at cost. However, provision for diminution in value is made to
 recognise a decline other than temporary in the value of the
 investments.
 
 (J) Joint ventures
 
 The Company participates in several joint ventures involving joint
 control of assets for carrying out oil and gas exploration, development
 and producing activities. The Company accounts for its share of the
 assets and liabilities of joint ventures along with attributable income
 and expenses in such joint ventures, in which it holds a participating
 interest. Joint venture cash and cash equivalent balances are
 considered by the Company to be the amounts contributed in excess of
 the Company''s obligations to the joint ventures and are, therefore,
 disclosed within loans and advances.
 
 (K) Revenue recognition
 
 Revenue is recognized to the extent that it is probable that the
 economic benefits will flow to the Company and the revenue can be
 reliably measured.
 
 Revenue from operating activities As operator from joint venture
 
 The Company recognizes parent company overhead as revenue from joint
 ventures (in which its foreign subsidiaries are participants) based on
 the provisions of respective PSCs.
 
 Interest income
 
 Interest income is recognised on a time proportion basis.
 
 (L) Borrowing costs
 
 Borrowing costs include interest and commitment charges on borrowings,
 amortisation of costs incurred in connection with the arrangement of
 borrowings, exchange differences to the extent they are considered a
 substitute to the interest cost and finance charges under leases.
 Costs incurred on borrowings directly attributable to development
 projects, which take a substantial period of time to complete, are
 capitalised within the development/producing asset for each cost
 centre.
 
 All other borrowing costs are recognised in the profit and loss
 account in the period in which they are incurred.
 
 (M) Foreign currency transactions and translations
 
 The Company translates foreign currency transactions into Indian Rupees
 at the rate of exchange prevailing at the transaction date. Monetary
 assets and liabilities denominated in foreign currency are translated
 into Indian Rupees at the rate of exchange prevailing at the balance
 sheet date. Non- monetary items which are carried in terms of
 historical cost denominated in a foreign currency are reported using
 the exchange rate at the date of the transaction.
 
 Exchange differences arising on the settlement of monetary items or on
 reporting the Company''s monetary items at rates different from those at
 which they were initially recorded during the period, or reported in
 previous financial statements, are recognised as income or as expenses
 in the period in which they arise.
 
 (N) Income taxes
 
 Tax expense comprises of current tax. Current income tax is measured at
 the amount expected to be paid to the tax authorities in accordance
 with the Indian Income Tax Act.
 
 Deferred tax assets and liabilities are measured, based on tax rates
 and laws enacted or substantively enacted at the balance sheet date.
 Deferred tax assets are recognised only to the extent that there is
 reasonable certainty that sufficient future taxable income will be
 available against which such deferred tax assets can be realised. If
 the Company has carry forward of unabsorbed depreciation and tax
 losses, deferred tax assets are recognised only if there is virtual
 certainty, supported by convincing evidence, that such deferred tax
 assets can be realised against future taxable profits. Unrecognised
 deferred tax assets of earlier periods are re-assessed and recognised
 to the extent that it has become reasonably certain or virtually
 certain as the case may be, that future taxable income will be
 available against which such deferred tax assets can be realised.
 
 The carrying amount of deferred tax assets are reviewed at each balance
 sheet date. The Company writes-down the carrying amount of a deferred
 tax asset to the extent that it is no longer reasonably certain or
 virtually certain, as the case may be, that sufficient future taxable
 income will be available against which deferred tax asset can be
 realised. Any such write-down is reversed to the extent that it becomes
 reasonably certain or virtually certain, as the case may be, that suffi
 cient future taxable income will be available.
 
 (O) Earnings per share
 
 Basic earnings per share are calculated by dividing the net profit or
 loss for the period attributable to equity shareholders by the weighted
 average number of equity shares outstanding during the period. The
 weighted average number of equity shares outstanding during the period
 is adjusted for events of bonus issue, bonus element in a rights issue
 to existing shareholders, share split and reverse share split
 (consolidation of shares).
 
 For the purpose of calculating diluted earnings per share, the net
 profit or loss for the period attributable to equity shareholders and
 the weighted average number of shares outstanding during the period are
 adjusted for the effects of all dilutive potential equity shares, if
 any.
 
 (P) Provisions
 
 A provision is recognised when the Company has a present obligation as
 a result of past event and it is probable that an outflow of resources
 will be required to settle the obligation, in respect of which a
 reliable estimate can be made. Provisions are not discounted to its
 present value and are determined based on best estimate required to
 settle the obligation at the balance sheet date. These are reviewed at
 each balance sheet date and adjusted to reflect the current best
 estimates.
 
 (Q) Cash and cash equivalents
 
 Cash and cash equivalents in the cash flow statement comprise cash at
 bank and in hand and short-term investments, with an original maturity
 of 90 days or less.
 
 (R) Employee benefits Retirement and gratuity benefits Retirement
 benefits in the form of provident fund and superannuation scheme are
 defined contribution schemes and the contributions are charged to the
 profit and loss account of the period when the contributions to the
 respective funds are due. There are no obligations other than the
 contribution payable to the respective funds.
 
 Gratuity liability is a defined benefit obligation and is provided
 for on the basis of an actuarial valuation on projected unit credit
 method made at the end of each financial year.
 
 Short term compensated absences are provided for based on estimates.
 Long term compensated absences are provided for based on actu- arial
 valuation made at the end of each financial year. The actuarial
 valuation is done as per projected unit credit method.
 
 Actuarial gains / losses are immediately taken to profit and loss
 account and are not deferred.
 
 Employee stock compensation cost
 
 Measurement and disclosure of the employee share-based payment plans is
 done in accordance with SEBI (Employee Stock Option Scheme and Employee
 Stock Purchase Scheme) Guidelines, 1999 and the Guidance Note on
 Accounting for Employee Share-based Payments, issued by ICAI.
 
 The Company measures compensation cost relating to employee stock
 options using the intrinsic value method. Compensation expense is
 amortized over the vesting period of the option on a straight line
 basis.
 
 (S) Use of estimates
 
 The preparation of financial statements in conformity with generally
 accepted accounting principles requires management to make estimates
 and assumptions that affect the reported amounts of assets and
 liabilities and disclosure of contingent liabilities at the date of the
 financial statements and the results of operations during the
 reporting period end. Although these estimates are based upon
 management''s best knowledge of current events and actions, actual
 results could differ from these estimates.
 
 (T) Segment reporting policies Identification of segments
 
 The Company''s operating businesses are organized and managed separately
 according to the nature of products and services provided, with each
 segment representing a strategic business unit that offers different
 products and serves different markets. The analysis of geographical
 segments is based on the areas in which major operating divisions of
 the Company operate.
 
 (U) Inventory
 
 Inventories of stores and spares related to exploration, development
 and production activities are valued at cost or net realizable value
 whichever is lower. Cost is determined on first in first out (FIFO)
 basis. Net realisable value is estimated selling price in the ordinary
 course of business, less estimated costs necessary to make the sale.
 
 (V) Deferred revenue expenditure
 
 Costs incurred in raising debts are amortised using the effective
 interest rate method over the period for which the funds have been
 acquired.