Oil India to invest ₹15,000 crore in deepwater exploration drive

Oil India Limited is gearing up for a significant capital push into deepwater exploration, earmarking ₹15,000 crore for the initiative over a three-year period. The investment underscores the company's strategic pivot toward tapping offshore hydrocarbon reserves in deeper waters, which remain largely unexplored in Indian territory.

Chairman and Managing Director Ranjit Rath indicated that Oil India does not anticipate major hurdles in executing deepwater and ultradeepwater exploration programmes. The CMD's assertion suggests the company believes its existing technical expertise and infrastructure are adequate to handle the complexities and challenges associated with deep-sea operations.

The deepwater push comes as India seeks to boost domestic oil and gas production and reduce import dependence. Deepwater reserves, though more costly and technically demanding to develop, could yield substantial hydrocarbon volumes and contribute meaningfully to the nation's energy security objectives.

Oil India, a Maharatna-status public sector undertaking, operates several onshore and shallow-water assets. The planned deepwater venture represents a significant expansion of the company's operational scope and reflects broader industry trends toward exploring more challenging offshore frontiers as conventional reserves face depletion.