During IEW-25, Dr. Ranjit Rath, Chairman and Managing Director (CMD) of Oil India Limited (OIL), spoke to NewsIP at OIL’s pavilion. He shared that Oil India Limited recorded a 5% profit in the third quarter of FY 2024.
Dr. Rath further mentioned that OIL has become one of the first companies in India to shift its entire data to the cloud, which will help improve real-time monitoring and operational efficiency.
He also revealed that four new drilling projects are underway as part of the company’s expansion plans, which are expected to boost production capacity in the future.
It is noteworthy that global crude oil prices have been highly volatile recently. Brent crude oil remains around $85 per barrel, forcing companies like OIL to adjust their strategies. OPEC+ production cuts may also impact OIL’s operational plans.
Going forward, Oil India Limited will focus on digitization and production enhancement to strengthen its position further.