Oil India to undertake exploration activity in Kerala-Konkan basin
Having acquired an acreage of 1 lakh square kms for further exploration, the Exploration & Production (E&P) PSU has already completed drilling of 57 wells across Assam, Rajasthan, Mahanadi, and the Andaman offshore region.
With 10,000 square kms of area under exploration in the Andaman region, the first well is temporarily capped for testing, the second well is under drilling, and the company is planning for two more of them.
Well depth has crossed 4,200 metres in the Andaman region, and 5,900 metres in Assam; as the company intends to drill 80+ new wells, achieve four MMT oil production, and five BCM gas production in FY 26.
The company has estimated double the cumulative capex for FY 26 compared to the previous fiscal, from ₹8,500 crores to ₹17,000 crores.
The company is aiming at an annual revenue of ₹1 lakh crores and a cumulative capex of ₹1.3 lakh crores by 2030. The company’s cumulative production of oil and gas in FY25 touched a record 6.710 MMTOE (million metric tonne oil equivalent), and the natural gas production touched a record 3,252 MMSCM.
Crude oil production by the company has grown by around 15% over the past three years, from 3.01 MMT in FY 2021-22 to 3.458 MMT in FY 2024-25.
Stating that the current import value of crude oil of $140 billion will reduce due to use of Ethanol, the company’s CMD Ranjit Rath indicated that an MoU will be signed with Rajasthan for 1,000 MW solar power and 200 MW wind power capacity.
The company aims to commence commissioning of units in the Numaligarh refinery by December, is collaborating with BPCL for import of crude oil requirements and has clarified that all its drilling operations are economically viable. The company is also slated to submit a request to the government to fix a price point for 2G ethanol.
Source: www.cnbctv18.com