Oil India Targets 10 MMTOE Production by End of Decade

Oil India Limited (OIL) has outlined its growth strategy at its 67th Annual General Meeting, aiming to reach 10 MMTOE of oil and gas production by the end of the decade. The company plans to focus on expanding its domestic hydrocarbon resource base, developing deep and ultra-deepwater exploration capabilities, strengthening its integrated energy value chain, and selectively expanding its clean-energy portfolio.

OIL achieved a terminal crude oil production rate of 10,566 MTPD in FY2025-26, its highest in 14 years. It completed 74 wells during the year, including 22 exploratory and 52 development wells, and improved its Reserve Replacement Ratio to 1.02. The company is targeting around 10 MMTOE of oil and gas production by the end of the decade.

OIL's offshore exploration program covers the Andaman, Krishna-Godavari, Mahanadi, and Kerala-Konkan basins, including ultra-deepwater blocks. The government's Samudra Manthan, National Offshore Exploration Scheme provides for offshore seismic acquisition, deep and ultra-deepwater drilling, common offshore infrastructure, and development of domestic manufacturing and services capabilities.

OIL is also expanding its integrated energy operations through the Numaligarh Refinery expansion from 3 MMTPA to 9 MMTPA and the Numaligarh-Siliguri Product Pipeline augmentation from 1.72 MMTPA to 5.5 MMTPA. The company has reduced Scope 1 and 2 emissions by about 18% from the FY24 baseline and gas flaring by 32%.