Oil India on track for 4 MMT crude oil production this fiscal, officials state

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Oil India is confident of achieving its crude oil production target of 4 million metric tonnes (MMT) in the current fiscal, with output expected to rise further in the succeeding years, company officials said during an analyst call on Friday.

“The point is that we are on a path to four and are very confident that we will achieve [the same] this year. Our internal targets are a little bit more, but we are targeting four and are on that path,” officials said.

The state-owned oil and gas explorer is also expecting a modest increase in natural gas production this fiscal. However, a more significant boost is anticipated following the commissioning of the Duliajan feeder line in about 18-20 months.

Meanwhile, Numaligarh Refinery, a material subsidiary of Oil India, is targeting capital expenditure of ₹6,000 crore in the next fiscal as it moves towards completing its ongoing projects.

For the current fiscal, the refinery is on track to achieve its capex target of ₹7,500 crore.

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