NEW DELHI: Oil India Restricted Chairman and Managing Director, Ranjit Rath, stated that the state-owned firm goes to begin drilling actions in Andaman and Nicobar offshore waters, as a part of its exploration efforts.
Requested in regards to the volatility in crude oil costs and the way Oil India appears to be like at it, the CMD stated they at all times are for stability as that helps plan exploration efforts.He additionally added that oil costs are one thing which is ruled by a wide range of components, together with geopolitics.
“Certainly one of them is after all demand and provide and you’ll recognize that the geopolitical state of affairs throughout the globe has a significant position to play. Due to this fact, whereas I’d not like to take a position any quantity,” the CMD stated.
“We want to see that there’s a stability when it comes to the oil costs as a result of that helps us to plan our exploration efforts and that additionally helps us having a line of sight when it comes to our efforts in the direction of offshore exploration as we’ve already taken a leap of religion and we’re going to begin our drilling actions in Andaman and Nicobar offshore waters,” he advised after the corporate held its Annual Basic Assembly on Sunday.
Oil India Restricted final yr was accorded the Maharatna standing. In 2023-24, the state-owned firm’s noticed 5.5 per cent to six per cent progress when it comes to oil and gasoline manufacturing, the CMD stated.
“And that truly occurred on the journey of 61 variety of drilling, that’s highest ever, 228 variety of workovers, that’s highest ever. And we additionally recorded highest ever EBITDA of about Rs 11,600 crore,” he added.
“And all this occurred with our concerted technique to reinforce our exploration efforts and improve our manufacturing efforts additionally. And going ahead, we’ve obtained our bold plan, and we’ve given ourselves a goal of about 4 million metric ton of crude oil manufacturing and 5 billion cubic metre (Bcm) of pure gasoline. So we see that there’s a lot of prospects,” stated the CMD.
Oil India Restricted (OIL) held its sixty fifth Annual Basic Assembly (AGM) on Saturday. The CMD addressed the shareholders of the corporate and acknowledged their steady belief and funding within the firm.
The CMD shared that OIL is pursuing a stagewise exploration marketing campaign whereby drilling actions are interspersed with supplementary seismic acquisition, processing and interpretation (API). The yr marked a major achievement with the highest-ever drilling a complete of 61 wells together with 17 exploratory and 44 improvement wells throughout 2023-24, the best since inception.
On the manufacturing entrance, CMD Rath knowledgeable that efforts are underway to reinforce the present restoration of the Hydrocarbon assets from deeper horizons by substitute and infill improvement wells.
Throughout the AGM, he reaffirmed OIL’s dedication to attaining Web Zero by 2040, with plans to broaden its non-fossil gasoline power portfolio specializing in photo voltaic, wind, geothermal, inexperienced hydrogen, and compressed biogas.
Requested in regards to the volatility in crude oil costs and the way Oil India appears to be like at it, the CMD stated they at all times are for stability as that helps plan exploration efforts.He additionally added that oil costs are one thing which is ruled by a wide range of components, together with geopolitics.
“Certainly one of them is after all demand and provide and you’ll recognize that the geopolitical state of affairs throughout the globe has a significant position to play. Due to this fact, whereas I’d not like to take a position any quantity,” the CMD stated.
“We want to see that there’s a stability when it comes to the oil costs as a result of that helps us to plan our exploration efforts and that additionally helps us having a line of sight when it comes to our efforts in the direction of offshore exploration as we’ve already taken a leap of religion and we’re going to begin our drilling actions in Andaman and Nicobar offshore waters,” he advised after the corporate held its Annual Basic Assembly on Sunday.
Oil India Restricted final yr was accorded the Maharatna standing. In 2023-24, the state-owned firm’s noticed 5.5 per cent to six per cent progress when it comes to oil and gasoline manufacturing, the CMD stated.
“And that truly occurred on the journey of 61 variety of drilling, that’s highest ever, 228 variety of workovers, that’s highest ever. And we additionally recorded highest ever EBITDA of about Rs 11,600 crore,” he added.
“And all this occurred with our concerted technique to reinforce our exploration efforts and improve our manufacturing efforts additionally. And going ahead, we’ve obtained our bold plan, and we’ve given ourselves a goal of about 4 million metric ton of crude oil manufacturing and 5 billion cubic metre (Bcm) of pure gasoline. So we see that there’s a lot of prospects,” stated the CMD.
Oil India Restricted (OIL) held its sixty fifth Annual Basic Assembly (AGM) on Saturday. The CMD addressed the shareholders of the corporate and acknowledged their steady belief and funding within the firm.
The CMD shared that OIL is pursuing a stagewise exploration marketing campaign whereby drilling actions are interspersed with supplementary seismic acquisition, processing and interpretation (API). The yr marked a major achievement with the highest-ever drilling a complete of 61 wells together with 17 exploratory and 44 improvement wells throughout 2023-24, the best since inception.
On the manufacturing entrance, CMD Rath knowledgeable that efforts are underway to reinforce the present restoration of the Hydrocarbon assets from deeper horizons by substitute and infill improvement wells.
Throughout the AGM, he reaffirmed OIL’s dedication to attaining Web Zero by 2040, with plans to broaden its non-fossil gasoline power portfolio specializing in photo voltaic, wind, geothermal, inexperienced hydrogen, and compressed biogas.
