Oil India Limited (OIL) has set for itself an ambitious target of transforming itself to a ‘Net-Zero’ emission company by 2040 through a range of initiatives, including adopting cleaner energy sources, investing in renewable energy projects and implementing advanced technologies to minimize greenhouse gas emissions for which about Rs. 25,000 crore is envisaged to be invested by 2040, Dr Ranjit Rath, Chairman & Managing Director, OIL said during 64th Annual General Meeting held last week.

Dr Rath mentioned that marching towards fulfilling the vision of UrjaAtmnirbharta for a New India, OIL’s strategy is to consolidate its position as the leading operator in the country with the long-term vision to supplement the existing domestic reserves portfolio in line with the Government of India’s vision to intensify exploration in Indian Sedimentary Basins and increase domestic oil and gas production.

Dr Rath address highlighted the achievements of the OIL on various fronts including the production of Crude Oil and natural gas which recorded a growth of 5.5% (3.18 MMT) and 4.4% (3.18 BCM) respectively. The company registered the highest-ever standalone profit after tax (PAT) in FY 2022-23 at Rs. 6,810 crore, a growth of 75.20% YoY while the consolidated PAT was also the highest ever at ₹9,854 crore, a growth of 46.66% YoY.

The company has increased its total operating acreage to 62,911 Sq Km. Aggressive exploration of the company led to a new hydrocarbon discovery during the year in the Sesabil area in the Assam Shelf Basin. OIL has 2P reserve base of 191 MMTOE and 51 MMTOE of Oil & Oil Equivalent of Gas respectively in domestic assets and overseas assets.

He reiterated OIL’s commitment to national priorities towards the energy security of the country through enhanced exploration and expedited production under Mission 4+ by increasing crude oil production to 4MMT and natural gas production to 5 BCM.