Oil India Limited Chairman and Managing Director Ranjit Rath announced plans to commence drilling in Andaman and Nicobar offshore waters as part of the company’s exploration efforts. Rath emphasized the importance of stable oil prices for planning exploration and noted that geopolitical factors significantly impact price volatility.

During the company’s 65th Annual General Meeting, Rath reported a 5.5% to 6% growth in oil and gas production for 2023-24, achieved through a record 61 drilling wells and 228 workovers. Oil India also achieved its highest-ever EBITDA of Rs 11,600 crore.

Looking ahead, the company aims to produce 4 million metric tons of crude oil and 5 billion cubic meters of natural gas. Rath also reaffirmed Oil India’s commitment to achieving Net Zero by 2040, with plans to expand its renewable energy portfolio.