Oil India Targets 10 Million Tonnes Oil Equivalent Production by 2029
Oil India Limited (OIL) aims to increase its oil and gas production to 10 million tonnes of oil equivalent by 2029. The company has been expanding its exploration efforts in both onshore and offshore assets, including deep and ultra-deep water blocks.
OIL chairman and managing director Ranjit Rath stated that the growth plan will focus on increasing domestic oil and gas production, ramping up exploration efforts, enhancing integrated energy offerings, and venturing into clean energy areas selectively.
In the fiscal year 2025-26, OIL produced 3.450 million tonnes of crude oil and 3.186 billion cubic meters of natural gas. The company has achieved a terminal crude oil production rate of 10,566 tons per day, its highest in 14 years, due to increased efforts in drilling, workovers, and reservoir management.
OIL's Reserve Replacement Ratio has increased to 1.02, and the company continues to grow production in the current financial year. In the first quarter of FY27, crude oil production was up by 11 per cent from last year at 0.950 MMT, with a daily crude production of 10,921 tonnes, an all-time high.