Oil India targets 3.8 mn tonnes of oil production in FY24: CMD Ranjit Rath

The public sector energy producer Oil India (OIL) is expecting a series of new wells and gas fields to go into production in Assam and Rajasthan soon. This development will enable the company to achieve a crude oil production of 3.8 million tonnes (mt) in the current year, said Chairman and Managing Director (CMD) Ranjit Rath. This new target represents a 20 per cent increase over the 3.18 mt of oil produced in 2022-23 (FY23).

Rath said at a media briefing that the company expects three gas fields under production enhancement contracts to go live. These fields include Lakwagaon-1, where higher production is expected from the Sesabil area (discovered in January),