Oil India Ltd. (OIL) plans to invest ₹15,000 crore over the next three years in deepwater and ultradeep-water exploration, marking a significant expansion of its offshore exploration programme. Chairman and Managing Director Ranjit Rath stated that the company has already allocated the necessary capital expenditure for these activities.
Rath added that OIL does not anticipate major technological or infrastructural challenges in conducting exploration in deeper waters, highlighting the company’s readiness to undertake such projects.
This investment aims to leverage advanced exploration technologies to identify offshore oil and gas resources and broaden OIL’s exploration reach. The focus on deepwater exploration aligns with India's broader strategy to boost domestic hydrocarbon exploration and production, thereby enhancing energy security. Through this substantial capital commitment, OIL seeks to access new offshore prospects and potentially expand the domestic resource base.
