Oil India Targets Higher Crude Oil Production Amid Rising Output

Oil India, a Maharatna firm, is aiming for quarterly crude oil production of at least 1 million tonnes, up from its current 950,000 tonnes. The company expects to reach 3.9-4 million tonnes in the 2026-27 financial year and 4.2 million tonnes by FY29.

The highest-ever daily crude oil output of 11,017 tonnes was recorded on August 3. Crude oil price realisation stood at $98.73 per barrel in the June quarter, up from $72.53 a year ago. Oil India reported a net profit of ₹28.70 billion for the June quarter, compared to ₹8.13 billion last year.

The company is also targeting an increase in natural gas production from 2.93 billion cubic metres currently to more than 5 billion cubic metres by 2029. It plans to drill 100 wells in FY27, and seeks to increase the number further.