Oil India eyes IOC partnerships

Chairman talks up IOC and NOC tie-ups to help substantially boost oil and gas production over the next two years

Oil India Ltd (OIL) is courting IOCs and NOCs to help boost its gas output by 56% and oil production by 18% in the next two years as it wins more blocks and drills deeper to satisfy the surging needs of the world’s third-largest energy consumer, Chairman Ranjit Rath said in an exclusive interview with Petroleum Economist. OIL, the second-largest hydrocarbons producer in the country, plans to hit a production capacity of 5bcm/yr of gas and 4mt/yr of oil in 2027, but it is boosting spending as it dives deeper into onshore fields and starts drilling in deepwater offshore within its ever-expanding domestic acreage, Rath said. “The global oil and gas players are looking at India seriously n