Oil India Limited to Start Drilling in Andaman and Nicobar: CMD Ranjit Rath
Oil India Limited’s Chairman and Managing Director, Ranjit Rath, announced that the state-owned company will begin drilling activities in the Andaman and Nicobar offshore waters as part of its exploration efforts. Rath highlighted the importance of stable oil prices for planning these efforts, noting that prices are influenced by various factors, including geopolitics.
During the company’s 65th Annual General Meeting, Rath shared that Oil India Limited achieved a 5.5% to 6% growth in oil and gas production in 2023-24. This growth was driven by the highest-ever drilling of 61 wells and 228 workovers. The company also recorded its highest-ever EBITDA of about Rs 11,600 crore.
Looking ahead, Oil India Limited aims to produce 4 million metric tons of crude oil and 5 billion cubic meters of natural gas. The company is also committed to achieving Net Zero by 2040 and plans to expand its non-fossil fuel energy portfolio, focusing on solar, wind, geothermal, green hydrogen, and compressed biogas.
Rath acknowledged the continuous trust and investment of the shareholders and reaffirmed the company’s commitment to enhancing exploration and production efforts.
Doubts Revealed
Oil India Limited -: Oil India Limited (OIL) is a company in India that finds and produces oil and natural gas. It is one of the largest oil companies in the country.
Andaman and Nicobar -: Andaman and Nicobar are a group of islands in the Indian Ocean. They are part of India and are known for their beautiful beaches and rich marine life.
CMD -: CMD stands for Chairman and Managing Director. This is the person who leads and manages a company. In this case, Ranjit Rath is the CMD of Oil India Limited.
Ranjit Rath -: Ranjit Rath is the Chairman and Managing Director of Oil India Limited. He is responsible for making important decisions for the company.
offshore waters -: Offshore waters are areas of the sea that are away from the coast. Drilling in offshore waters means extracting oil or gas from beneath the sea.
crude oil -: Crude oil is a natural, unrefined petroleum product. It is used to make fuels like petrol and diesel, and other products like plastics.
cubic meters -: Cubic meters is a way to measure volume. It tells us how much space something takes up. In this case, it measures the amount of natural gas produced.
Net Zero -: Net Zero means balancing the amount of greenhouse gases emitted with the amount removed from the atmosphere. OIL aims to achieve this by 2040 to help fight climate change.
non-fossil fuel energy -: Non-fossil fuel energy comes from sources that do not burn fossil fuels like coal, oil, or gas. Examples include solar, wind, and hydroelectric power.
