Ranjit Rath, Chairman and Managing Director of Oil India Limited (OIL), announced the initiation of drilling operations in the offshore waters of the Andaman and Nicobar Islands as part of the company’s ongoing exploration initiatives.
Addressing concerns about the fluctuations in crude oil prices, Rath emphasized that OIL favours price stability as it facilitates better planning for exploration activities. He noted that oil prices are influenced by a range of factors, with geopolitics playing a significant role.
OIL, which attained Maharatna status last year, reported a 5.5% to 6% growth in oil and gas production during the 2023-24 fiscal year. Rath also highlighted OIL’s phased exploration strategy, which integrates drilling with supplementary seismic acquisition, processing, and interpretation (API).
In a notable achievement, the company drilled a record-breaking 61 wells – 17 exploratory and 44 development wells – during the year, the highest since its inception.
As reported by ETEnergyworld.com, regarding production efforts, Rath mentioned that OIL is focusing on improving hydrocarbon recovery from deeper reserves by employing replacement and infill development wells to maximize output.
