Oil India Limited (OIL) is preparing to invest approximately ₹150 billion (€1.4 billion) over the next three years as it expands its deepwater and ultra-deepwater exploration programme offshore India.
Chairman and managing director Ranjit Rath disclosed the planned expenditure following the company’s annual general meeting. OIL is currently identifying potential drilling prospects across approximately 48,000 km² of offshore acreage.
The company holds two blocks in each of the Krishna-Godavari and Mahanadi basins, where it has completed 2D and 3D seismic acquisition. Processing of the new data and reprocessing of legacy seismic volumes are underway to improve subsurface understanding and define potential drilling locations.
OIL’s wider exploration portfolio exceeds 100,000 km² and includes acreage in the Andaman, Krishna-Godavari, Mahanadi and Kerala-Konkan basins.
The company has also reported encouraging results from its Andaman programme. The Sri Vijayapuram-2 well established a natural gas occurrence, while Sri Vijayapuram-3 encountered gas and produced continuous flaring during testing. OIL said the results provide further evidence of an active petroleum system in this frontier basin.
The company’s annual report highlights its use of 3D seismic data to accelerate regional geological understanding in the operationally challenging Andaman Basin. OIL is also strengthening its deepwater capabilities through advanced seismic evaluation, technology partnerships and preparations for future drilling campaigns.
The programme is expected to benefit from India’s Samudra Manthan National Offshore Exploration Scheme. The ₹840.84 billion government initiative supports large-scale seismic surveys, accelerated deepwater drilling, shared offshore infrastructure and the development of domestic exploration and service capabilities.
Sources: Financial Express report | Oil India 2025–26 Integrated Annual Report
Image credit Oil India
