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
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
