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
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
2 December 2025
The interplay between OPEC+, China and the US will define oil markets throughout 2026
