5 days ago
Oil India Plans ₹15,000 Crore Offshore Exploration Investment
Oil India is a government-owned company that searches for oil and natural gas.
It plans to spend about ₹15,000 crore searching under deep parts of the sea.
The work will happen in several offshore areas around India.
The company has already collected information using seismic surveys, which help scientists study underground rock layers.
It also reported finding natural gas in the Andaman basin.
The investment supports a larger government programme called Samudra Manthan.
Oil India says the project can help India improve its energy security.
The company is also investing in cleaner energy and aims to reach net-zero carbon emissions by 2040.
Oil India plans to invest around ₹15,000 crore over the next three years in offshore deepwater and ultra-deepwater exploration.
The company has acquired 48,000 square kilometres across the Andaman, Krishna-Godavari, Mahanadi and Kerala-Konkan basins.
Oil India has completed 2D and 3D seismic surveys for four blocks in the Krishna-Godavari and Mahanadi basins.
The investment aligns with the government’s Samudra Manthan offshore exploration scheme, approved with an outlay of ₹84,084 crore through FY31.
Oil India reported FY26 production of 3.450 million tonnes of crude oil and 3.186 billion cubic metres of natural gas, while targeting net-zero emissions by 2040.
- Who
- Oil India Ltd, led by chairman and managing director Ranjit Rath.
- What
- The company plans to invest around ₹15,000 crore in offshore deepwater and ultra-deepwater exploration over three years.
- Where
- The exploration will cover offshore blocks in the Andaman, Krishna-Godavari, Mahanadi and Kerala-Konkan basins.
- When
- The investment is planned over the next three years; the announcement was made after the company’s annual general meeting on Thursday.
- Why
- To support India’s energy security and expand domestic oil and natural-gas production.
Key facts
- Planned investment
- Around ₹15,000 crore over the next three years
- Offshore area acquired
- 48,000 square kilometres
- Exploration blocks
- Two blocks in the Krishna-Godavari Basin and two in the Mahanadi Basin
- Government scheme
- Samudra Manthan, approved with an outlay of ₹84,084 crore through FY31
- FY26 crude production
- 3.450 million tonnes
- FY26 natural-gas production
- 3.186 billion cubic metres
- Net-zero target
- 2040
Quotes
Oil India Ltd
State-run oil and gas company
“By virtue of undertaking drilling, we are already in the process of identifying (potential blocks). As a matter of preparedness, we have already created a capex of about ₹15,000 crore.”
livemint.com
“OIL has also reduced its scope 1 & 2 emissions by about 18% against the FY24 baseline, alongside a 32% reduction in gas flaring, as it progresses towards net-zero 2040.”
livemint.com
Sources
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