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State-owned Oil India Limited (OIL) is targeting crude oil production of around 4 million metric tonnes this year, with production currently running at about 86,000 barrels per day, Chairman and Managing Director Ranjit Rath said on Thursday.
Speaking to the media, Rath said the company is working to increase crude oil production, supported by its exploration, drilling and production enhancement efforts. We are looking forward to 4 million metric tons of crude oil production this year. As we speak, we are doing about 86,000 barrels per day, Rath said. The company had reported an 11 per cent year-on-year growth in crude oil production in the first quarter of FY27, he said. According to OIL's official statement, the company produced 3.450 million metric tonnes (MMT) of crude oil and 3.186 billion cubic metres (BCM) of natural gas during FY 2025-26. During the first quarter of FY27, OIL's crude oil production increased 11 per cent year-on-year to 0.950 MMT. The company also recorded its highest-ever daily crude oil production of 10,921 MT, equivalent to 84,109 barrels, during the quarter. Rath said the company's longer-term target is to increase its combined oil and gas production significantly. By 2030 we are targeting oil and natural gas together about 10 million metric tons of oil and equivalent, he said. The company said its growth roadmap is focused on increasing domestic oil and gas production, accelerating exploration and strengthening its integrated energy value chain. OIL is also looking to increase natural gas production as additional evacuation capacity becomes available. Rath said the Duliajan feeder line, for which authorisation was received in February 2026, is expected to be completed in around 18 months. The company currently produces around 8 million standard cubic metres per day of gas and is looking to enhance this by another 5 million standard cubic metres per day, Rath said. So our target is in 18 months time, the gas production will reach about 5 BCM, he said. OIL is also expanding its refining capacity at Numaligarh. Rath said the company is looking to triple the refinery's capacity from 3 MMT to 9 MMT. The 1,635-kilometre cross-country pipeline from Paradip to Numaligarh, which will carry imported crude, is nearing completion and is targeted to be commissioned by the end of this year, he said. The expanded refinery is targeted to be commissioned by March 31, 2027. In its statement, OIL said it completed 74 wells during FY 2025-26, including 22 exploratory and 52 development wells. Its Reserve Replacement Ratio improved to 1.02 during the year. The company also reported consolidated profit after tax of Rs 7,551 crore for FY 2025-26, while its consolidated net worth stood at Rs 53,716 crore. The OIL Group invested more than Rs 21,673 crore during the year across exploration and production, refining, pipelines and other strategic growth projects. (ANI)
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