Oil India Limited (OIL), a Maharatna CPSE and integrated energy company, outlined its growth strategy at its 67th Annual General Meeting, with higher domestic oil and gas production, accelerated exploration and expansion into offshore and clean-energy businesses forming key priorities. Chairman and Managing Director Dr Ranjit Rath said the company will 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 produced 3.450 million tonnes of crude oil and 3.186 billion cubic metres of natural gas during FY2025-26. Despite operating largely mature fields, the company achieved a terminal crude oil production rate of 10,566 MTPD, 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. In Q1 FY27, crude oil production rose 11% year-on-year to 0.950 MMT, while the company achieved its highest-ever daily crude oil production of 10,921 MT, equivalent to 84,109 barrels.
OIL reported consolidated PAT of ₹7,551 crore for FY2025-26 and consolidated net worth of ₹53,716 crore. It declared a total dividend of ₹11.50 per equity share. The OIL Group invested more than ₹21,673 crore during the year in exploration and production, refining, pipelines and strategic growth projects.
Offshore exploration is a key part of the company’s expansion strategy. OIL has an exploration footprint of more than one lakh square kilometres across onshore and offshore sedimentary basins. Its offshore portfolio covers the Andaman, Krishna-Godavari, Mahanadi and Kerala-Konkan basins, including ultra-deepwater blocks.
The government’s Samudra Manthan – National Offshore Exploration Scheme, with an outlay of ₹84,084 crore up to FY2030-31, provides for offshore seismic acquisition, deep and ultra-deepwater drilling, common offshore infrastructure and development of domestic manufacturing and services capabilities. OIL’s offshore programme is being expanded in line with these opportunities.
In the Andaman basin, Sri Vijayapuram-2 established a natural gas occurrence, while Sri Vijayapuram-3 resulted in a gas discovery with continuous flaring. OIL is strengthening its offshore capabilities through seismic evaluation, technology partnerships and preparations for future drilling campaigns.
The company is also expanding its integrated energy operations. The Numaligarh Refinery expansion from 3 MMTPA to 9 MMTPA progressed during FY26, while the Numaligarh-Siliguri Product Pipeline was augmented from 1.72 MMTPA to 5.5 MMTPA.
In Q1 FY27, OIL recorded its highest-ever standalone quarterly PAT of ₹2,870 crore. Through OIL Green Energy Limited, it is developing CBG, Waste-to-Energy, renewable energy and other low-carbon projects. The company has reduced Scope 1 and 2 emissions by about 18% from the FY24 baseline and gas flaring by 32%.
Headquartered in Duliajan, Assam, Oil India has diversified its portfolio beyond conventional oil and gas into renewable energy, city gas distribution, hydrogen, geothermal energy, and other emerging clean-energy sectors. With a strong focus on technological innovation, operational excellence, sustainability, and responsible resource development, the company continues to contribute significantly to India’s growing energy needs while supporting the nation’s transition towards a more secure, sustainable, and low-carbon energy future.
