Oil India Limited Ramps Up Deepwater Exploration Amid Cost Optimization

Oil India Limited is making notable advancements in its offshore exploration efforts, specifically targeting deepwater and ultra-deepwater basins. This initiative is coupled with a focus on cost-cutting strategies to protect margins amid global price volatility, according to Chairman and Managing Director Ranjit Rath.

The company's exploration acreage stands at 1,12,000 square kilometers, with 40,000 square kilometers dedicated to deep and ultra-deep waters in the Mahanadi and KG Basins. "We are initiating seismic data acquisition for both 2D and 3D models for these areas," Rath announced, further indicating ongoing discussions with international enterprises for technological collaborations.

Current activities include exploration in the shallow waters of the Andaman-Nicobar basin, where four wells are slated for drilling. The first well will reach 3,800 meters, and the second 4,200 meters. A new offshore campaign is also on the horizon for the Kerala-Konkan basin. Addressing the 66th Annual General Meeting, Rath projected a crude oil price outlook of USD 65, stressing the importance of internal efficiency to maintain profitability as the company aligns with India's energy independence target by 2047.

(With inputs from agencies.)