Oil India Limited , a Maharatna Central Public Sector Enterprise, has unveiled ambitious plans for significant exploration expansion and refinery growth, alongside positive developments in its international projects and investments.

Exploration and Production Plans

Oil India is set to undertake exploration activities in the Kerala-Konkan basin and acquire seismic data covering 40,000 square kilometers in the Mahanadi and KG Basin. The company has already acquired 1 lakh square kilometers for exploration and completed drilling 57 wells across Assam, Rajasthan, Mahanadi, and Andaman offshore regions. Looking ahead, Oil India plans to drill over 80 new wells and targets 4 MMT oil production and 5 BCM gas production in FY26.

Capex and Financial Targets

In a significant move, Oil India has doubled its capex estimate for FY26 to ₹17,000.00 crores from ₹8,500.00 crores in the previous fiscal. The company aims to achieve an annual revenue of ₹1 lakh crores and a cumulative capex of ₹1.3 lakh crores by 2030.

Production Achievements

Oil India achieved record production of 6.71 MMTOE, with natural gas production reaching 3,252 MMSCM. Crude oil production grew impressively by 15% over three years, from 3.01 MMT to 3.46 MMT.

Refinery Expansion

The company plans to triple the capacity of its Numaligarh Refinery from the current 60,000 barrels per day (BPD) to 180,000 BPD by December 2025. This expansion aligns with India's goal of achieving energy independence and supports the national priorities of 'Atmanirbhar Bharat' and 'Viksit Bharat'.

International Projects

Oil India expects the $20-billion TotalEnergies-operated Mozambique LNG project to restart development by the end of this year, with operations anticipated to resume in the second half of 2025. The company also reported receiving $942.00 million in dividends from its Russian assets Vankorneft and Taas-Yuryakh, representing 91% of its original investment.

Renewable Energy Initiatives

An MoU will be signed with Rajasthan for 1,000 MW solar and 200 MW wind power capacity. Oil India is also scaling up investments in green hydrogen, biofuels, and compressed biogas (CBG). The company recently inaugurated the world's first bamboo-based bio-ethanol plant at Numaligarh, Assam.

Additional Developments

1. A new 360 KTPA polypropylene plant is planned at Numaligarh, with an estimated project cost exceeding ₹7,000.00 crore.
2. Plans are underway for India's first large-scale Sustainable Aviation Fuel (SAF) facility.

Environmental Commitments

Aligning with India's Net Zero 2070 goal, Oil India has made significant progress towards its own Net Zero 2040 target, including a 59% reduction in flaring over the previous year.

Oil India's ambitious exploration expansion, doubled capex, and refinery growth plans, coupled with its diverse energy initiatives and international investments, position the company as a key player in India's journey towards energy independence and sustainability.

Oil India Limited (OIL), a Maharatna CPSE under the Government of India, recently held its 66th Annual General Meeting (AGM), showcasing a year of unprecedented achievements and robust financial performance. Dr. Ranjit Rath, Chairman & Managing Director of OIL, addressed shareholders, highlighting the company's significant strides in production, financial growth, and sustainable initiatives.

Record-Breaking Production

OIL achieved its highest-ever oil and oil-equivalent gas (O+OEG) production of 6.710 MMTOE since inception. The company also reported its highest-ever natural gas production of 3,252 MMSCM, marking a significant milestone in its operational history.

Strong Financial Performance

The financial results for the year were equally impressive:

Despite global market volatility, OIL maintained a robust capital investment program exceeding ₹18,000 crore on a consolidated basis while ensuring healthy dividend payouts to shareholders.

Innovative Projects and Sustainability Initiatives

Dr. Rath announced several groundbreaking projects aligned with India's energy transition goals:

1. World's First Bamboo-based 2-G Bio Ethanol Plant: Inaugurated by the Prime Minister in Numaligarh, Assam.
2. 360 KTPA Polypropylene Plant: Foundation stone laid for this ₹7,000+ crore project at Numaligarh.
3. Net Zero 2040 Target: OIL reported a 59% reduction in flaring compared to the previous year.
4. Renewable Energy Investments: The company is scaling up investments in renewables, green hydrogen, biofuels, and Compressed Biogas (CBG).

Technological Advancements

OIL has deployed cutting-edge technologies to enhance its operations:

• Propellant stimulation
• Fishbone drilling
• AI-based reservoir modeling

These innovations aim to unlock reserves, optimize costs, and improve recovery rates.

Corporate Social Responsibility

The company reaffirmed its commitment to social development, investing in healthcare, education, skill development, sports, and sustainable livelihoods across its operational areas.

Future Outlook

Dr. Rath expressed confidence in OIL's position to lead India's energy transition, stating, "OIL is well positioned to lead India's energy journey — from oil and gas to clean, sustainable and technologically advanced solutions — powering the nation's growth while creating enduring value for generations to come."

As Oil India Limited continues to align with national priorities such as Atmanirbhar Bharat and Viksit Bharat, it remains focused on contributing to India's goal of energy independence by 2047, as envisioned by the Prime Minister.

The 66th AGM, conducted through video conferencing, concluded with a vote of thanks by Shri Rupjyoti Phukan, Resident Chief Executive, marking another successful year for this energy giant in its journey towards a sustainable and energy-secure future for India.