MD Ranjit Rath speaking to the press in September
Oil India sets ambitious drilling target
The state-owned firm will drill 60 wells in the current financial year as India strives to reduce its import dependence
India’s E&P companies are facing enormous pressure from all quarters to leave no stone unturned in their efforts to increase the country’s domestic crude output and reduce its ever-widening oil import bill. State-owned Oil India Limited (OIL) has announced it will drill 60 wells in the current financial year (April 2023–March 2024), a 33.33% increase compared with the previous financial year. India is highly dependent on the imports of crude oil to meet its domestic demand. The country imported 86.4% of its crude in the 2022–23 financial year. “Fulfilling the vision of Urja Atmanirbharta [energy self-reliance] for a new India, OIL’s strategy is to consolidate its position as the leading
Also in this section
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
