OIL CMD Ranjit Rath outlines the company's growth priorities

Guwahati: Oil India Limited (OIL) Chairman & Managing Director Ranjit Rath outlined OIL's growth priorities centred on higher domestic oil and gas production, accelerated exploration including deep and ultra-deepwater opportunities, strengthening of its integrated energy value chain and selective expansion in clean energy.

He noted that the Government of India's recent Samudra Manthan – National Offshore Exploration Scheme and GOBARdhan – National Circular Bioenergy Scheme provide significant policy impetus to two areas in which OIL is building its future capabilities.

OIL held its 67th Annual General Meeting (AGM) under the chairmanship of Ranjit Rath, Chairman & Managing Director.


Rath said that during FY 2025-26, OIL produced 3.450 MMT of crude oil and 3.186 BCM of natural gas. Despite operating predominantly mature fields, the Company achieved a terminal crude oil production rate of 10,566 MTPD, the highest in 14 years, supported by intensified drilling, workover and reservoir-management initiatives. OIL completed 74 wells—22 exploratory and 52 development wells—during the year. OIL improved its Reserve Replacement Ratio (RRR) to 1.02 in FY 2025-26, strengthening its hydrocarbon reserve base. Looking ahead, OIL is targeting around 10 MMTOE of oil and gas production by the end of the decade, driven by higher exploration, drilling and production enhancement.

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The momentum continued in Q1 FY27, with crude oil production increasing 11% year-on-year to 0.950 MMT. The Company also achieved its highest-ever daily crude oil production of 10,921 MT (84,109 barrels).

OIL reported a consolidated PAT of Rs 7,551 crore for FY 2025-26, while consolidated net worth reached Rs 53,716 crore. The Company declared a total dividend of Rs 11.50 per equity share. The OIL Group invested over Rs 21,673 crore during the year across exploration and production, refining, pipelines and strategic growth projects.

With an exploration footprint exceeding one lakh square kilometres, OIL today has a presence across multiple onshore and offshore sedimentary basins. Its offshore portfolio now includes acreages in the Andaman, Krishna-Godavari, Mahanadi and Kerala-Konkan basins, including ultra-deepwater blocks.

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The Government's recently approved Samudra Manthan, with an outlay of Rs 84,084 crore up to FY2030-31, provides for large-scale offshore seismic acquisition, accelerated deep and ultra-deepwater drilling, common offshore infrastructure and development of domestic manufacturing and service capabilities.

OIL's expanding offshore programme is closely aligned with this national mission. In the Andaman basin, Sri Vijayapuram-2 established a natural gas occurrence, while Sri Vijayapuram-3 resulted in a gas discovery with continuous flaring, providing encouraging evidence of an active petroleum system in this frontier basin. The Company is strengthening its deep and ultra-deepwater capabilities through advanced seismic evaluation, technology partnerships and preparations for future offshore drilling campaigns.

Beyond upstream operations, OIL continued to strengthen its integrated presence across refining and pipeline infrastructure. The expansion of Numaligarh Refinery Limited from 3 MMTPA to 9 MMTPA progressed during the year, while the augmentation of the Numaligarh-Siliguri Product Pipeline from 1.72 MMTPA to 5.5 MMTPA was completed, strengthening energy infrastructure in the Northeast.

The Company's strong operating momentum continued into Q1 FY27, with OIL recording its highest-ever standalone quarterly PAT of Rs 2,870 crore.

In line with its Net Zero 2040 ambition, OIL is building its clean-energy portfolio through OIL Green Energy Limited (OGEL), with focus on Compressed Bio-Gas (CBG), integrated CBG and Waste-to-Energy projects, renewable energy and other low-carbon opportunities.

OIL has also reduced its Scope 1 & 2 emissions by about 18% against the FY24 baseline, alongside a 32% reduction in gas flaring, as it progresses towards Net Zero 2040.”

The recently approved GOBARdhan – National Circular Bioenergy Scheme, with an outlay of Rs 23,731 crore, provides an integrated framework for scaling CBG through assured offtake, stable pricing, capital assistance, pipeline connectivity, access to finance and technology support. Importantly, the Scheme covers municipal organic waste alongside agricultural residue, cattle dung, press mud and other biomass, directly supporting waste-to-wealth and circular-economy opportunities.

Through OGEL, OIL is progressing multiple CBG projects and pursuing opportunities for municipal solid waste-based integrated CBG and Waste-to-Energy projects, positioning bioenergy as an emerging growth area within the Company's clean-energy portfolio.

OIL is also strengthening its innovation ecosystem through the MC² platform, a collaborative PSU initiative aimed at supporting emerging energy technologies and building indigenous capabilities for the energy transition

Rath said OIL will remain focused on growing domestic oil and gas production, expanding India's hydrocarbon resource base, building capabilities for frontier offshore exploration and developing scalable new energy businesses, while maintaining capital discipline and a strong balance sheet.

OIL remains committed to strengthening India's energy security and self-reliance while creating sustainable long-term value for its shareholders and stakeholders in support of the national vision of Viksit Bharat 2047.