From E&P to sustainability, OIL surges as India’s premier CPSE
Speaking to ADIPEC News, Oil India Limited’s Chairman and Managing Director, Dr. Ranjit Rath discussed the company’s performance in business, exploration, sustainability, investment and CSR, highlighting its notable achievements and expansive vision.
The Andaman gas discovery has been referred to as “an ocean of energy opportunities”, marking a major milestone in natural gas for India. Tell us more.
Yes, it has been one of the most promising developments in our country’s exploration efforts, owing largely to its potential for future production and national energy security. Preliminary studies have indicated encouraging reserves and favorable reservoir characteristics, making this discovery a historic milestone for India. The Andaman discovery reinforces the company’s technical expertise and its ability to deliver complex exploration projects in challenging deepwater environments. We expect it to contribute notably to India’s natural gas supply in the coming years, reducing import dependence and supporting the government’s vision of increasing the share of gas in India’s energy mix.
How would you comment on Oil India Limited’s performance in exploration and production over the past year?
Oil India Limited (OIL) and its joint ventures continue to play a strong role in advancing India’s energy security. North East Gas Distribution Company Limited (NEGDCL), the joint venture between OIL and Assam Gas Company Limited, leads the expansion of City Gas Distribution (CGD) networks across the north bank of the state of Assam, and both the northern and southern geographical areas (GAs) of Tripura. Through these efforts, OIL has strengthened its integrated energy presence in the Northeast, a region central to India’s hydrocarbons roadmap.
What powers OIL’s overarching strategy?
The company’s long-term strategy, aligned with Vision 2040, rests on six strategic pillars:
(i) Strengthening domestic onshore Exploration & Production to maximise recovery and sustain growth
(ii) expanding offshore capabilities through deepwater exploration and global partnerships
(iii) accelerating the clean energy transition with investments in renewables, green hydrogen, biofuels and CBG
(iv) venturing into critical minerals
(v) leveraging digital technologies to enhance efficiency
(vi) embedding HSE excellence with strong community engagement.
How has OIL performed financially over the past year? What are the major financial decisions/results that you would highlight?
I am delighted to share that in the financial year of 2024-25, the graph continued to move upwards for OIL with a total income of $2.7 billion (standalone) and $4.21 billion (consolidated). The company’s net profit stood at US$689 million (standalone) and US$793 million (consolidated), with healthy margins of 27.64% and 19.47% respectively.
Safety is a huge performance area and indicator in any leading energy company in the world, more so in the oil and gas industry. Can you talk to us about OIL’s focus on safety?
OIL’s commitment to operational excellence is also reflected in its exemplary safety record. The company achieved its best-ever Lost Time Injury Frequency Rate (LTIFR) of 0.071 at the end of the past financial year 2024–25, a testament to the safety culture it operates with. With the successful completion of Phase I of its HSE Transformation Plan, the company is now advancing into Phase II, which focuses on the implementation of a fully integrated HSE Management System.
How do you see the path forward for OIL in achieving its long-term vision?
I extend my sincere thanks to our investors and shareholders for their enduring confidence in OIL’s vision, and with the trust and dedication of the employees combined with strong support of the Government, OIL is poised to lead India’s energy roadmap from oil and gas to clean, sustainable and technologically-advanced energy solutions.
