Oil India Aims for 10 MMTOE Production by 2029 Through Expanded Exploration

Oil India Limited (OIL) has set its sights on reaching ten million tons of oil equivalent (MMTOE) in production by 2029. The company is expanding its exploration activities across new onshore and offshore frontiers, aiming to increase domestic oil and gas production while strengthening its integrated energy portfolio.

OIL Chairman and Managing Director Ranjit Rath emphasized the importance of growth strategy, which will focus on increasing domestic hydrocarbon production, accelerating exploration, and selectively developing clean energy opportunities. The company currently operates in mature fields but has increased drilling, workover activities, and reservoir management to support production growth.

During FY2025-26, OIL produced 3.450 million tonnes of crude oil and 3.186 billion cubic metres of natural gas. In the current financial year, production growth has continued, with a 11% year-on-year increase in crude oil production during the first quarter of FY2026-27.

OIL is expanding its offshore exploration portfolio across several promising basins, including ultra-deepwater assets. The company's deeper offshore focus is expected to play an important role in its long-term production strategy as it explores new sources of domestic oil and gas.