Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri has commended Oil India Limited (OIL) for its outstanding performance over the past two years. OIL, a Maharatna Central Public Sector Enterprise (CPSE), has achieved unprecedented growth and set a new record for crude oil and natural gas production during the fiscal year 2023-24.
The minister emphasized the crucial role of India's energy sector entities in advancing towards energy self-sufficiency under the leadership of Prime Minister Narendra Modi. Puri posted on X, “Reviewed the performance and future strategy of @OilIndiaLimited with senior management of the Maharatna CPSE which has registered a CAGR of @ 27 per cent in the last 2 years and achieved highest ever crude oil and natural gas production of 6.53 MMTOE during FY 2023-24. India's energy sector entities are driving our journey towards energy self-sufficiency under the dynamic leadership of PM @narendramodiJi. The officials of OIL also assured me that the company will intensify exploration to enhance import substitution through increased domestic Oil and Gas Production, and plan for portfolio diversification to grow as an integrated energy company.”
Minister Puri highlighted OIL's impressive Compound Annual Growth Rate (CAGR) of 27 per cent over the past two years, which has propelled the company to achieve its highest-ever production levels of 6.53 Million Metric Tonnes of Oil Equivalent (MMTOE) in FY 2023-24. This remarkable feat underscores the company's pivotal role in enhancing India's energy security and reducing dependence on energy imports.
In the meeting with OIL's senior management, the company officials assured Minister Puri of their commitment to intensifying exploration activities. This strategic focus aims to boost domestic oil and gas production, which is crucial for substituting imports and achieving greater energy self-reliance. The company plans to ramp up its exploration efforts, particularly in untapped and challenging areas, to discover new reserves and increase production capacity. (ANI)
