Oil India Sets Sights on 4 Million Metric Tonnes Crude Oil Production This Year
State-owned Oil India Limited (OIL) has set its sights on reaching an ambitious target of 4 million metric tonnes of crude oil production this year. As of now, the company is producing around 86,000 barrels per day. According to Chairman and Managing Director Ranjit Rath, OIL's growth roadmap focuses on increasing domestic oil and gas production, accelerating exploration, and strengthening its integrated energy value chain.
Rath mentioned that the company had reported an 11% year-on-year growth in crude oil production during the first quarter of FY27. During this period, OIL recorded its highest-ever daily crude oil production of 10,921 MT, equivalent to 84,109 barrels. The company's longer-term target is to increase its combined oil and gas production significantly by 2030, aiming for around 10 million metric tons of oil and equivalent.
OIL is also working on expanding its refining capacity at Numaligarh, with plans to triple the refinery's capacity from 3 MMT to 9 MMT. The company aims to complete this expansion project by March 31, 2027.