OIL Targets 10 MMTOE Output by Decade-End as Profits, Investments and Refinery Expansion Surge

A CORRESPONDENT

DIBRUGARH: Oil India Limited (OIL) outlined its growth roadmap at its 67th Annual General Meeting (AGM), focusing on higher domestic oil and gas production, accelerated exploration, and expansion into clean energy.

The AGM was chaired by OIL Chairman and Managing Director Dr Ranjit Rath, who said that the company’s future growth would be driven by intensified exploration, including deep and ultra-deepwater opportunities, strengthening of its integrated energy value chain, and selective expansion in clean-energy businesses.

Dr Rath highlighted the recently approved ‘Samudra Manthan – National Offshore Exploration Scheme’ and ‘GOBARdhan – National Circular Bioenergy Scheme’ as important policy initiatives that would support OIL’s expansion into offshore exploration and bioenergy.

During FY 2025-26, OIL produced 3.450 million tonnes (MMT) of crude oil and 3.186 billion cubic metres (BCM) of natural gas. Despite operating largely mature fields, the company achieved a terminal crude oil production rate of 10,566 tonnes per day (MTPD), its highest in 14 years.

The company completed 74 wells during the year, comprising 22 exploratory and 52 development wells, while its Reserve Replacement Ratio (RRR) improved to 1.02. OIL is targeting around 10 million tonnes of oil equivalent (MMTOE) of oil and gas production by the end of the decade.

The company also maintained strong momentum in the first quarter of FY 2026-27, with crude oil production rising 11 per cent year-on-year to 0.950 MMT. It achieved its highest-ever daily crude oil production of 10,921 tonnes, equivalent to 84,109 barrels.

OIL reported a consolidated Profit After Tax (PAT) of Rs 7,551 crore for FY 2025-26, while its consolidated net worth stood at Rs 53,716 crore. The company declared a total dividend of Rs 11.50 per equity share. The OIL Group invested more than Rs 21,673 crore during the year across exploration and production, refining, pipelines, and strategic growth projects.

OIL also continued to expand its integrated energy value chain. The expansion of Numaligarh Refinery Limited from 3 MMTPA to 9 MMTPA progressed during the year.

The augmentation of the Numaligarh-Siliguri Product Pipeline from 1.72 MMTPA to 5.5 MMTPA was also completed, strengthening petroleum-product transportation infrastructure in the Northeast.

The company recorded its highest-ever standalone quarterly PAT of Rs 2,870 crore in Q1 FY 2026-27.

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