Deep Dive: Oil India's Rs 15,000 Crore Offshore Mission

Oil India Limited (OIL) has announced a Rs 15,000 crore capital expenditure plan over the next three years to aggressively scale up its deepwater and ultra-deepwater exploration programme. Led by Chairman and Managing Director Ranjit Rath, the company plans to target up to eight deepwater wells across key basins like the Andaman, Mahanadi, and Kerala-Konkan, with final numbers guided by ongoing seismic data evaluations.

This push will be significantly de-risked by the central government's Samudra Manthan scheme, which provides financial backing of up to 50% of drilling costs (capped at Rs 675 crore per well). In parallel downstream milestones, the 9 MTPA expansion of the Numaligarh Refinery is on track to conclude by the end of the current financial year. Diversifying its portfolio, OIL is also stepping into critical minerals, launching its maiden potash-halite drilling campaign at its Rajasthan block next week.

News by Rahul Yelligetti.