Oil India plans to spend ₹15,000 crore for deepwater exploration over three years: CMD

Oil India Ltd (OIL) has outlined ₹15,000 crore capital expenditure towards its exploration activities in deepwater and ultradeep-water areas over the next three years, Ranjit Rath, Chairman and Managing Director (CMD) told reporters at a press interaction Wednesday.

“In terms of preparedness, we have already created a capex of ₹15,000 crore [for deepwater and ultradeep water exploration],” stated Mr. Rath.

The OIL chief further informed that it expects the 9 million tonnes per annum (MTPA) expansion of Numaligarh refinery to be completed by the end of the ongoing fiscal with stabilisation likely to take another 9-12 months.

About overseas activities, Mr. Rath said OIL would focus on both exploration and producing assets though primary interest tilting towards the latter.

The capital expenditure will further strengthen the Maharatna explorer-producer’s offshore exploration footprint across the Andaman, Kerala-Konkan, Krishna-Godavari and Mahanadi basins.