Oil India plans to invest 15,000 crore in deepwater and ultradeep-water exploration over the next three years.
Reader brief
Through the Reader lens: Oil India Ltd has announced a capital expenditure plan of 15,000 crore to boost exploration efforts in deepwater and ultradeep-water basins including Andaman, Kerala-Konkan, Krishna-Godavari, and Mahanadi. The state-owned energy company is shifting its international strategy by exiting assets in Bangladesh and Gabon to focus on domestic exploration and acquiring producing assets abroad. Additionally, the company expects its Numaligarh refinery expansion to conclude by the end of the current fiscal year.
What to watch next
- Completion of the 9 MTPA Numaligarh refinery expansion.
- Identification of specific drilling locations following seismic studies.
- Potential acquisition of producing overseas assets.
What was said2
Attributed, verbatim. Every quote is checked against the article it came from. One that does not match is not shown.
Ranjit Rath
2 quotes“In terms of preparedness, we have already created a capex of ₹15,000 crore [for deepwater and ultradeep water exploration]”
In the article
…expenditure towards its exploration activities in deepwater and ultradeep-water areas over the next three years, Ranjit Rath, Chairman and Managing Director (CMD) told reporters at a press interaction Wednesday. “ In terms of preparedness, we have already created a capex of ₹15,000 crore [for deepwater and ultradeep water exploration] ,” stated Mr. Rath. The OIL chief further informed that it expects the 9 million tonnes per annum (MTPA) expansion of Numaligarh refinery to be completed by the end of the ongoing fiscal with stabilisation likely to…
“As part of our overseas assets, we would continue to look at more prospective areas – both producing and exploration assets, but primary interest would be producing assets which will give us an early or an immediate monetisation opportunity.”
In the article
…front Mr. Rath informed that the state-owned explorer-producer has relinquished their assets in Bangladesh and Gabon as part of the broader consolidation strategy. Speaking to The Hindu separately, he explained, “ As part of our overseas assets, we would continue to look at more prospective areas – both producing and exploration assets, but primary interest would be producing assets which will give us an early or an immediate monetisation opportunity. ” He added exploration would continue to be the mainstay on the domestic front. Published - September 17, 2026 10:01 pm IST…