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Informist, Monday, May 25, 2026

 

--Oil India targets 100 wells by FY27 from 74 wells in FY26 

--Oil India to invest around INR 200 bln in new energy by 2040 

--Oil India aims to add over 5 GW renewable energy capacity by 2040 

--Oil India to expand CNG stations to over 500 by FY35 

NEW DELHI – Oil India Ltd. plans to drill 100 wells in the financial year 2026-27, up sharply from the record 74 it had drilled in FY26. The company also seeks to step up its clean energy push, with a planned investment of around INR 200 billion in new energy projects by 2040, the oil explorer said in its investor presentation.

 

Oil India said its near-term strategy will be anchored on four core pillars--upstream growth, expansion of midstream infrastructure, strengthening downstream operations, and scaling up new energy businesses. As part of its integrated energy transition strategy, the state-run oil and gas explorer said it aims to build over 5 gigawatts of renewable energy capacity by 2040 and expand its compressed natural gas station network to more than 500 by FY35. The company said it plans to increase upstream production to 10-12 million tonnes of oil equivalent by FY30 from 8.7 million tonnes equivalent in FY26.

 

As part of its energy transition roadmap, Oil India also plans to develop 25 compressed biogas plants by 2030. For the March quarter, the company reported a net profit of INR 17.90 billion on revenues of INR 59.61 billion. At 1253 IST, its shares were at INR 486.95 on the National Stock Exchange, down over 2% from Friday.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Gunjan Rajput 

Edited by Rajeev Pai

 

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