Oil India planning to allocate around ₹15,000 crore over the next three years for deepwater exploration wells, according to Chairman and Managing Director Ranjit Rath. The proposed investment will focus on deepwater and ultra-deepwater blocks across four offshore basins: the Andaman, Krishna-Godavari, Mahanadi and Kerala-Konkan basins.
Oil India Builds Deepwater Exploration Portfolio
Rath described the ₹15,000-crore allocation as a preparedness budget rather than a fixed drilling schedule. The company has acquired approximately 48,000 sq km of deepwater and ultra-deepwater acreage, including two blocks each in the Krishna-Godavari and Mahanadi basins. Oil India has already completed 2D and 3D seismic surveys across these blocks and is currently processing the resulting data. In addition, the company is reprocessing older seismic data using updated technologies to improve its understanding of potential hydrocarbon resources. Overall, Oil India’s exploration footprint now covers more than 1 lakh sq km.
Government Scheme Supports Deepwater Exploration
The company’s deepwater exploration strategy also benefits from the government’s Samudra Manthan scheme, which provides partial financial support for eligible deepwater and ultra-deepwater exploration activities. Such support can help reduce the financial exposure associated with exploratory drilling, where companies face significant geological and commercial risks before confirming viable hydrocarbon discoveries.
Oil India Expands Clean Energy Portfolio
Alongside its hydrocarbon exploration activities, Oil India is also expanding its presence in clean energy, including solar power and compressed biogas. Rath highlighted the government’s GOBARdhan scheme, under which ₹23,731 crore of financial support was approved to promote India’s compressed biogas sector. The initiative focuses on converting agricultural waste and municipal waste into fuel and organic manure. Consequently, Oil India is pursuing opportunities across both conventional energy and emerging low-carbon fuel segments.
Numaligarh Refinery Expansion Nears Completion
Oil India’s subsidiary Numaligarh Refinery Limited (NRL) is progressing with its major refinery expansion. The project will increase the refinery’s annual capacity from 3 million tonnes to 9 million tonnes. According to Rath, the expansion is expected to be commissioned by 31 March 2027. Following commissioning, the expanded refinery is expected to require another nine to twelve months for stabilisation before reaching steady operations. As reported by findoc.com, the deepwater exploration programme, clean energy investments and refinery expansion together form key components of Oil India’s broader strategy to strengthen its energy portfolio and expand its long-term production and refining capabilities.
