Oil India aims to increase crude output by over 30% in FY24: Chairman

In a Q&A, Sushil Chandra Mishra says the company hopes to pay off long-term debt raised for NRL stake buy if crude oil rally sustains

Oil India (OIL) has set its eyes on becoming a 4 million tonnes per annum (MTPA) oil producer by 2023-24. In an interview to Twesh Mishra, chairman and managing director Sushil Chandra Mishra said OIL would be increasing its annual capital expenditure to around Rs 4,500 crore to achieve this goal. The company also aims to pay off all the long-term debt it had raised for acquiring controlling stake in Numaligarh Refinery (NRL) if the current crude oil price rally sustains.

What are the near-term oil and gas production goals for OIL?

OIL has plans to increase total crude oil