OIL Targets 10 MMTOE Output by End of Decade Amidst Expansion Plans

OIL India Limited has set its sights on reaching 10 million tonnes of oil equivalent (MMTOE) output by the end of the decade, as part of a growth roadmap outlined by Chairman and Managing Director Ranjit Rath at the company's 67th Annual General Meeting. The roadmap also focuses on accelerating exploration, expanding the integrated energy value chain, and selectively scaling up clean-energy businesses.

The company is targeting higher production through intensified drilling, workover, and reservoir-management efforts, which have already shown promising results. In FY2025-26, OIL produced 3.450 MMT of crude oil and 3.186 BCM of natural gas, with a terminal crude oil production rate of 10,566 MTPD, its highest in 14 years.

OIL's offshore ambitions are expanding rapidly, as the company looks to capitalise on the government's Rs. 84,084-crore Samudra Manthan scheme, approved through FY2030-31. The scheme envisages large-scale offshore seismic acquisition, faster deep and ultra-deepwater drilling, common offshore infrastructure, and the development of domestic manufacturing and services capabilities.