What happened
Oil India CMD announced ₹15,000 crore deepwater exploration spend over 3 years across 48,000 sq km (2 KG + 2 Mahanadi blocks)
Oil India Limited will invest ₹15,000 crore over the next three years to expand deepwater exploration, CMD Ranjit Rath announced, positioning the state-owned explorer to ramp up offshore output amid tightening domestic supply.
The capex covers 48,000 sq km of acreage across two KG Basin and two Mahanadi blocks, with an eight-well drilling plan contingent on seismic interpretation results.
Oil India's FY25-26 output hit an all-time high of 3.450 MMT crude and 3.186 BCM gas, while the Numaligarh refinery expansion to 9 MMTPA nears end-of-FY completion.
Timeline
- Sep 2026 — CMD Ranjit Rath announces ₹15,000 crore deepwater capex
- FY25-26 — Production hits all-time high at 3.450 MMT crude / 3.186 BCM gas
- End of FY — Numaligarh refinery expansion to 9 MMTPA completion
Why it matters for me
Eight-well drilling plan and Numaligarh refinery expansion will shape India's offshore output and import dependence trajectory
Money
Business Executives · Energy Sector Watchers
₹15,000 crore capex signals sustained offshore investment cycle for Oil India and its contractors
Work
Energy Sector Watchers
Eight-well drilling plan and Numaligarh refinery stabilisation will shape hiring and skill demand in upstream and downstream
Daily Life
General Public
India's domestic oil production push via deepwater exploration may ease import dependence over the medium term
What to remember
Oil India's ₹15,000 crore deepwater bet signals sustained offshore investment under Samudra Manthan support
Oil India to spend ₹15,000 crore on deepwater exploration over 3 years — CMD Ranjit Rath's roadmap covers 48,000 sq km across KG and Mahanadi blocks
Verified sources (5)
Oil India plans to spend ₹15,000 crore for deepwater exploration over three years: CMD
↗Oil India deepwater exploration capex under Samudra Manthan
↗Oil India CMD outlines deepwater roadmap, Numaligarh expansion
↗Oil India FY25-26 output at record high, 8-well deepwater plan
↗Oil India exits Bangladesh, Gabon to focus on producing assets
↗Claims and linked sources
8 claimsOil India plans to spend ₹15,000 crore on deepwater exploration over three years
CMD Ranjit Rath personally announced the deepwater capex plan
The programme covers 48,000 sq km across two KG Basin and two Mahanadi blocks
Samudra Manthan scheme allocates ₹84,084 crore till FY31 with up to ₹675 crore per-well support
Eight wells are planned, subject to seismic interpretation results
Numaligarh refinery expansion to 9 MMTPA nears end-of-FY completion with 9-12 months stabilisation
Oil India is relinquishing Bangladesh and Gabon assets to refocus overseas on producing holdings
FY25-26 production reached 3.450 MMT crude and 3.186 BCM gas, both all-time highs