State-run Oil India Ltd (OIL) plans to invest approximately ₹15,000 crore over the next three years to explore offshore deep and ultra-deepwater blocks in India. The announcement was made by Ranjit Rath, chairman and managing director of the company, highlighting the firm’s commitment to bolstering the country’s energy security through expanded offshore exploration activities, according to livemint.com.
OIL currently operates across multiple onshore and offshore sedimentary basins. The company aims to leverage its existing presence and expertise to intensify exploration in offshore deepwater areas, which are considered critical for meeting future energy demands. Ranjit Rath emphasized the strategic importance of these investments in securing India’s long-term energy needs, as reported by livemint.com.
This investment aligns with India’s broader energy strategy to diversify sources and increase domestic production amid rising energy consumption. Offshore deepwater exploration is capital-intensive but essential for tapping into untapped hydrocarbon reserves. Comparable initiatives by other state-run firms have seen significant capital allocations, underscoring the sector’s focus on offshore resources to reduce import dependence, as detailed by livemint.com.
Oil India’s ₹15,000 crore investment plan covers a three-year period dedicated to offshore deep and ultra-deepwater exploration. The company’s next quarterly report, expected later this year, will provide updates on progress and any new discoveries related to these offshore blocks, according to livemint.com.