Oil India targets ₹1.3 trillion capex by 2030, says CMD Ranjit Rath

Oil India chief expects that the construction of Mozambique LNG project will resume by the end of this year

State-run Oil India Ltd (OIL) is targeting a capital expenditure of ₹1.3 trillion by 2030 amid a major plan to take up deep-water exploration projects, Chairman and Managing Director Ranjit Rath said after the company’s annual general meeting (AGM).

 

The company also plans to scale up investments in green energy areas, including green hydrogen, biofuels and compressed biogas (CBG). It is planning an investment of ₹17,000 crore in the current financial year.

 

Rath told media persons that the expansion of OIL’s subsidiary Numaligarh Refinery Limited (NRL) in Assam is expected to be completed by December this year. The refinery is increasing its capacity to 9 million metric tonne per annum (mtpa) from the current 3 mtpa to meet the country’s rising fuel demand.

 

NRL is in talks with domestic players, such as state-run Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL) for offtake of refined products. Besides meeting domestic demand, NRL would also boost exports of petroleum products to Bangladesh and target new markets including Nepal, Bhutan and Myanmar, said Rath.

 

Commenting on overseas operations, Rath said Oil India has realised 91 per cent of its original investment in Russian projects, amounting to $942 million, in 2024-25. The company expects full recovery in the coming year. He said dividends of around $330 million are stuck in bank accounts from its stake in Russian projects.

 

Oil India, ONGC Videsh and Bharat Petro Resources Limited acquired 23.9 per cent stake in JSC Vankorneft and 29.9 per cent stake in LLC Taas-Yuryakh from Rosneft Oil Company, the national oil company in Russia. Rosneft operates Vankor and Tass-Yuryakh fields and are its wholly owned subsidiaries.

 

For the Mozambique LNG project, the Oil India chief expects the construction of the facility to resume by the end of 2025.