Noida: 14, Sept.2024: Dr Ranjit Rath, Chairman & Managing Director (CMD) of Oil India Limited (OIL), a Maharatna CPSE, addressed the shareholders at the company’s 65th Annual General Meeting (AGM) on September 14, 2024, highlighting OIL’s remarkable achievements and future plans. He thanked the shareholders for their continuous trust and investment in the company, which has been a cornerstone of OIL’s success.
OIL is aggressively pursuing a stagewise exploration campaign, leveraging cutting-edge technology to unlock new hydrocarbon resources. The company has made significant strides in domestic exploration, with a total acreage of 58,564.2 Sq. KM across category I, II, and III sedimentary basins. Dr. Rath highlighted the company’s remarkable achievement of drilling a record 61 wells, including 17 exploratory and 44 development wells, during FY 2023-24.
In line with the government’s push for a gas-based economy, OIL is ramping up its gas production and expanding its presence in City Gas Distribution (CGD) networks. The company is also diversifying its energy portfolio by investing in renewable energy sources like solar, wind, geothermal, and green hydrogen.
Dr. Rath reaffirmed OIL’s dedication to Research & Development, Start-up initiatives, and Corporate Social Responsibility (CSR), with a focus on local community engagement and sustainable development. He expressed gratitude to the Central and State Governments, investors, and OIL’s energy workforce for their unwavering support.
As OIL continues to drive innovation and sustainability, it is poised to play a pivotal role in shaping India’s energy landscape. With its sights set on achieving Net Zero by 2040, the company is embarking on an ambitious journey towards a cleaner, greener future.
