Oil India to Invest Rs 60bn in E&P of Oil and Gas

Oil India aims to spend Rs 60 billion in the exploration and production of oil and gas in the financial year 2024-25, said Harish Madhav, the company’s director of finance.

“For the next financial year, the investment target is close to Rs 60 billion. Depending on the requirement, we can invest more,” Madhav said on the sidelines of the India Energy Week.

The company also sees its annual production of oil growing to 4 million tonne in FY25. Oil India’s annual production growth rate has been increasing by 4.5-5% annually in the last few years.

“We are working on Mahanadi, Kerala-Konkan, Kakinada, we are expecting some crude oil and gas in some of the areas. So once we get it, our oil production will go further,” the company’s director of operations, Pankaj Kumar Goswami, said.

The company had recently won one more block in the eighth bidding round under the Open Acreage Licensing Programme.