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