Hello. Ladies and gentlemen, distinguished guests, and all our esteemed investors and analysts present here, a very warm welcome and good afternoon to all. Firstly, I would request the team to play the security briefing.
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Thank you. Now, I would like to invite our Chairman and Managing Director, Oil India Limited, Members of the Board of Oil India Limited, along with the Managing Director and Members of the Board of Numaligarh Refinery Limited, to kindly come onto the dais and take their seats. I now request Mr. Vartharajan, Co-Head of Research, Antique Stock Broking Limited, to kindly come onto the dais and take his seat. Thank you, sir. Ladies and gentlemen, it is indeed a great pleasure to welcome you all to Oil India's Annual Investors and Analysts Meet 2026. I would like to extend our sincere gratitude to all our esteemed investors, analysts, shareholders, and stakeholders for their continued trust and support in our company.
I'm happy to mention that today we have with us from Oil India Limited, Dr. Ranjit Rath, Chairman and Managing Director, Shri Trailukya Borgohain, Director, Operations, Shri Saloma Yomdo, Director, Exploration and Development, Shri Abhijit Majumder, Director, Finance, and Dr. Ankur Baruah, Director, Human Resource. We are also honored to have with us from Numaligarh Refinery Limited, Shri Bhaskar Jyoti Phukan, Managing Director, and Shri Sachidananda Maharana, Director, Finance. I would like to convey our sincere regards to Antique Stock Broking Limited for coordinating today's event. Dear friends, being investors and analysts, you have always remained an integral part of Oil India's growth journey. Your continued support, valuable feedback, and confidence in our company has helped us strengthen our position as an integrated energy company, committed towards sustainable and long-term value creation.
Over the last year, together, we have navigated challenges, embraced opportunities, and continued to progress with resilience and determination. Your belief in our mission fuels our drive to push boundaries and create a lasting impact. During today's interaction, we'll take you through the company's operational and financial performance, key strategic initiatives, project updates, growth outlook, and sustainability initiatives across our business. This meet serves as an important platform for us to engage in meaningful dialogue, exchange ideas, and address any queries or concerns that you may be having. We greatly value your insights, your suggestions, and your perspectives, which continue to contribute towards our ongoing growth and long-term success. Once again, I thank you all for your presence and continued partnership. We look forward to a productive and engaging session ahead.
Without further ado, I now request Mr. Dhirendra Tiwari, co-head of research, Antique Stock Broking Limited, to address our esteemed audience. Over to you, sir.
Thank you, Vedika. Very good evening, ladies and gentlemen. It's my pleasure and privilege to welcome my co-analysts, investors, and top management of Oil India Limited and Numaligarh Refinery on behalf of Antique Stock Broking. I would like to take this opportunity to compliment Dr. Ranjit Rath and his team for setting the 4 million tons and 5 BCM target in terms of production goal and working tirelessly towards it. With the feeder pipeline about to be completed, I'm sure the goal will be achieved soon. My best wishes also to the team of Oil India as it embarks upon their biggest exploration campaign across KG, Mahanadi, and Andaman basins. All the best to you, sir. Once again, extending a very warm welcome to everyone. Thank you.
Thank you, Mr. Dhirendra, for setting the context so well. I now request our Chairman and Managing Director, Dr. Ranjit Rath, to deliver his opening remarks and share his perspective on Oil India's performance and strategic direction.
Good afternoon. It's always heartening to have this outreach. We make it a point that relentlessly while we would pursue our shareholders' value creation, it is very important for us to actually share what has happened last year or the year just concluded, how do we plan our future growth. Thank you very much for carving out time for us while we would have a small presentation to share our thoughts, what is our roadmap going forward in terms of Oil India and NRL as a group company's progress. We would actually welcome your feedbacks, your queries and give our best efforts to address those queries and provide you that assurance. With that backdrop, I thought I would share my thoughts on this auspicious occasion, which is a ritual.
For us, it means a lot of value, it means a lot of importance, and we would like to assure you that we value your cooperation and response very positively. Distinguished shareholders of Oil India Limited, members of analyst and investor community, and very valued stakeholders, thank you for joining us today for Annual Investors and Analyst Meet for FY 2025/2026. I would also like to place on record our thanks to Antique Stock Broking for partnering with us for today's interaction. Over the last year, as all of you would know, the global energy landscape has continued to evolve rapidly, shaped by geopolitical developments, supply realignments, energy security considerations, and of course the ongoing energy transition. One structural reality remains unchanged, that India's hunger for energy. The energy demand, whether it is fossil fuels in terms of coal or oil and gas, continues to grow strongly.
Therefore, availability of a reliable and affordable energy has become more important as it appears to be for yesterday, today, and tomorrow. Therefore, Oil India Limited today by virtue of being an integrated energy company, presents a significant opportunity to contribute meaningfully to India's evolving energy landscape. As you all know, we steadily transform from being an upstream company primarily focused in onshore assets and onshore exploration acreages. Today, we are an integrated Maharatna CPSE with an array of joint venture and major subsidiaries across the value chain and enhancing our footprint for exploration. Let me give you a perspective. While the presentation will talk about the financial numbers, the current year, we witnessed highest ever drilling, that is 74, which includes 22 exploratory wells and 52 development wells. The year gone by also witnessed highest ever workover operations, that's about 307 in number.
Today, as we speak, Oil India has got 1+ lakh exploration acreage with its portfolio and about 4,800 petroleum mining lease. Basis this year's consolidated performance, despite a softening of the crude oil from dollar terms from $78- $69 per barrel, we posted a consolidated income of about INR 38,981 crore, demonstrating a 3% year-on-year growth. The EBITDA and the PAT grew at a rate of 5% and 7% respectively. While the EBITDA was INR 13,498 crore. PAT was INR 7,551 crore. All of you know, our market capitalization witnessed a growth of about 32% since April 2025. I'm very happy to share, and all of you are aware, that this year we announced a dividend, which is precisely the same that we had announced last year. That is INR 11.5 per share.
This dividend, assured dividend of last year, repeating it this year, is coming on the weight on the riding the fact that there is a decline in the crude oil price realization, and there are certain writeups as an E&P company we have done. That, I can assure you, is wanting to display that we value our relationship with our shareholders. As part of our production effort, I will talk about exploration a bit later, because production give us revenue. Despite all the challenges, the production, we maintained a resilient production and the value stand, the number stands at 6.64 million tons of oil and oil equivalent. This is primarily 3.45 million metric ton of oil and 3.15 BCM of natural gas.
Two unfortunate incidents happened, which we will discuss in the presentation, that there was an economic blockade in our area of operation for certain reasons, about some reservation and all that, part of Government of India's employment opportunities issues. Because of that, the production took a hit. We lost an opportunity of crude oil of about 0.1 million metric ton of crude oil and about 0.3 million BCM of natural gas. Otherwise, we would have posted a much better number. I'm very happy to share with you that having done DRIVE 1.0 as part of our digital transformation, we have already earmarked, identified 10 initiatives under three buckets for our digital DRIVE 2.0 initiative. We will show that as part of our presentation. With respect to Numaligarh Refinery, the year also witnessed a superlative performance.
Numaligarh Refinery, as you all know, is currently operating at 3 million ton capacity. The refinery witnessed 103% crude oil throughput, plus 99.1% operational availability, + 87.25% yield, which is also the highest ever, plus highest ever MS production, that is motor spirit or petrol. That is 727 TMT. With this performance of Numaligarh and Oil India, we could offer you a consolidated performance as a group company. In terms of upstream, I have already shared with you what are the physical achievements that we have achieved, let me now talk about two different part of it. As part of production, while we have done superlatively well in terms of production efforts, the transportation has also taken shape. Earlier, we would have I remember last year we had a similar interaction.
Today, all of you would know that the Numaligarh-Siliguri pipeline capacity expansion, that's a product pipeline capacity expansion, that is already commissioned. It was inaugurated by Honorable Prime Minister. That is a project I would like to share. The estimated capital cost was about INR 860 crore. We completed the project. 1.72 million metric ton, MMTPA capacity, has gone to 5.5 MMTPA capacity for carrying evacuating products from the expanded refinery, which will be 9 million ton, to Siliguri. While executing the project, we saved about INR 100 crore on that project. As far as the exploration effort is concerned, we will have a detailed slide on that. As I can tell you, as we speak, three offshore drilling operations are currently underway. One, we are drilling a deepest well, 6,000 m in this part of the globe in Kerala Konkan.
It's a shallow water well, but it is a deeper well. We are drilling the third well in Andaman Nicobar. The third well, deeper well, the well drilling is complete. We are currently testing the sand formations. There is a third well we are drilling in our discovered small field block in KG Basin. This is also a shallow water block, which we had acquired under DSF Round three. As far as our overseas assets are concerned, I am very glad to share that effective November 2025, the force majeure, which was there earlier in Mozambique project has been removed. There are about 6,000 people on the ground, and we are now looking at the two trains, two LNG trains of 13 MMTPA, getting commissioned end 2028 or early 2029. The equity gas for Oil India's share will now flow to India from Mozambique.
As far as our dividend is concerned, from our Russian assets, we have already got more or less 100% dividend. That also we will capture in the presentation. The Numaligarh Refinery expansion from 3 million tons- 9 million tons is on track. On 31st December 2025, we undertook crude in for the CDU, and as we speak, the commissioning process is underway. By mid-June 30th or July, we will have the mother units. That means 6 MMTPA of CDU and VDU will be commissioned. A month later, we will have DHDT commission, and by December or early January, we will kickstart commissioning of the PFCC and the RPTU unit, which will actually give us a leverage by March 2027, the entire refinery, 9 million tons, will be commissioned. The polypropylene unit work is anyway underway. There are three important things which happened.
One, which last year also we had discussed, we didn't have the authorization. This year, we now have the Duliajan Feeder Line authorization, which will help us evacuate 3.5 million standard cubic meter per day natural gas, which can be produced from Oil India's Northeast fields to both Northeast consumers and to mainland India. Second, the new well gas, which all of you know, has got a 20% premium on top of the APM gas price, which is notified every month. It now has been allocated to Numaligarh Refinery. While Oil India will get a value for its effort to enhance production in natural gas, NRL will also get a value because NRL will not be required to import the expensive West Coast natural gas or RLNG. The third thing that has happened is NRL has now been notified as a reseller from the Duliajan-Numaligarh pipeline.
That way, the Oil India's enhanced production. Today, we are doing 8 million standard cubic meter per day of natural gas. We can ramp it up to 13 million standard cubic meter per day. By virtue of this, the Northeastern region will get saturated, and the CGD entities will now also get fed through NRL being a reseller by the newly commissioned, maybe in a week's time it will get commissioned, the Duliajan-Numaligarh pipeline. So we have a presentation where the pipeline route is sworn and we can have a detailed comprehension on that. As you all know, there has been two more developments in recent week, the royalty and then the post-wellhead cost realization. We understand that end of the day, all these initiatives of Government of India is primarily targeted to have more cash in the hands of the upstream oil companies.
As you all also know that currently, Government of India is conceptualized on mission called Samudra Manthan Mission. The idea is that through a mechanism, while the data collection in terms of 2D and 3D seismic data will be sponsored by government would also sponsor the deep water and ultra-deep water wells, which we intend to drill in our exploration acreage. One more interesting thing which has happened in recent times. While we all know that because of the Middle East crisis, there has been a turmoil in terms of supply side. There is a thrust which Government of India is now doing to migrate possible shifting from LPG connection to PNG, that's piped natural gas. As we speak, Oil India has got its interest in two geographical areas in Kolhapur and Ambala Cantt as part of mainland India.
In Northeast, Oil India has got through its subsidiaries and JVs the entire Arunachal Pradesh, Nagaland, six districts of Tripura, entire north bank of Assam, and six districts in the south bank, including Guwahati City. This augurs well as far as our production potential of natural gas and also having consumption in the vicinity. I must share with you, till now, we have got about 80+ CNG stations and about 73,300 PNG stations. Our plan is to take the CNG stations number to 500 and PNG to 1.4 million by 2030, 2035. Another positive. We have already got a wholly owned subsidiary called Oil India Green Energy Limited. As you all know, as part of the gas-based ecosystem, which honorable Prime Minister's Clarion call is to have a gas-based economy. To supplement that, we have got compressed biogas projects.
Oil India has been mandated to do about 25 compressed biogas projects. Two projects, as we speak, are under construction. One at Bhubaneswar, one at Tinsukia. Two projects, as we speak, are getting awarded, one in Jorhat and one in Agartala. The other projects are under various stages of DPR or in tendering. The idea is that all our alternative energy portfolio, which is renewable, both solar and wind, and compressed biogas plants, will be housed under Oil India Green Energy Limited. Of course, all of you know that September 14, 2025, honorable PM inaugurated one of our flagship initiative, which is 2G ethanol, bamboo feedstock-based 2G ethanol. This is aligned to the alternative energy portfolio. This is aligned to import substitution, because one could blend this ethanol in MS.
In addition to that, this is green ethanol, we are also getting green furfural, we are also getting green acetic acid, and biochar. All these are actually creating an opportunity for us even to export these products. Government has already provided exemption for export of these products. We are in the process of securing a REACH certificate, which is required to export to Europe as green products. What is the road ahead? Considering the fact that while during COVID time we witnessed demand constraints, or during U.S.-Ukraine war we witnessed supply constraint, and as we speak, the Middle East crisis involving supply constraint, the focus of Government of India is not only ensure energy security, there is a serious thrust on exploration.
Going forward, what we intend to do is to drill about 100 wells, in terms of 60 wells and 40 wells towards exploration, and 60 wells towards production. To enhance our exploration effort in our deep water and ultra-deep water acreages that we have about 40,000 sq km. To apprise, I must share with you something more interesting that's part of our exploration effort. To apprise the gas find, which we had announced in September 2025 in our Andaman exploration acreage. Today, we have got TotalEnergies, which is a international oil company, as our technology service agreement partner to support Oil India Limited in its exploration effort in offshore.
Going forward, while we are looking at this gas-based evacuation infrastructure to meet our target of 5 BCM of gas, we are also looking at currently, if we are drilling 100 wells this year, 4 million metric ton is an achievable target for Oil India Limited. As far as exploration is concerned, we have already done the 2D, 3D seismic in our deep water acreage, and we will converge our drilling program, wherein we will get support through Samudra Manthan Mission of Government of India to carry out our CapEx-driven deep water exploration. With this broad contours, I would again thank each one of you, both the investors, analysts, and my distinguished fellow colleagues and shareholders of Oil India Limited to have reposed faith. Please continue doing so. We are here to allay any question, any response that you have after the presentation. Thank you very much.
Thank you, Chairman Sir, for your inspiring words and valuable guidance. May I now request Mr. Abhijit Das, CIRO, to take us through the presentation covering Oil India's performance highlights and strategic overview for the year.
Very good afternoon to our esteemed friends from the investors and analysts community present in the hall. Our distinguished dignitaries on and off the dais. We are truly heartened to see the full house here today. Your presence gives the entire Oil India team a much-needed flip to continue working harder and take this esteemed organization to the newer heights. The theme of the presentation is Conquering New Horizon, that captures the spirit of what we have been doing and what lies ahead for positioning Oil, a future-ready energy company with global presence. We have structured our presentation in four sections, to begin with, the company's overview that shows the scale of our asset base and key developments. We will then move to the financial highlights, covering both the standalone and consolidated performance of the company, which has always been resilient as the past.
Thereafter, the company's strategy and operational performance, where we will cover each of our four business verticals. Finally, the corporate social responsibility, showing our commitments to the nation's building. Now, let us begin with the company's overview. Oil's performance and a long-term vision are guided by the distinguished leadership team and deep industry knowledge. Our board of directors is led by Dr. Ranjit Rath, the Chairman and Managing Director of Oil India Limited and Chairman of Numaligarh Refinery Limited. Along with us, we have Mr. Saloma Yomdo, our Director, Exploration and Development. We have Sri Abhijit Majumder, Director, Finance, Sri Trailukya Borgohain, Director, Operations, Dr. Ankur Baruah, Director, Human Resource. We have our government nominees in the board, Mr. Vikram Singh and Mr. Bhupinder Kumar, who has been the nominee director from Ministry of Petroleum and Natural Gas. We have one independent director, Mr. Moti Lal Meena.
As our chairman has already briefed in his speech that over the years, the company has transformed into the fully integrated energy company with material presence across the entire value chain. We have been operating in 63 blocks, covering 93,000 square km of acreages, and 54% are situated in Category 1 basin. Internationally, we are present in five countries, having investment in six assets with a committed investment of $3.4 billion. I would like to bring to the notice of the house that we have already recovered dividend of near $1 billion from our Russian investment, Taas and Vankor. We own and we operate three crude oil, natural gas, and product pipeline in the Northeast. In downstream front, we have three MMTPA refinery through our material subsidiary, NRL. Lastly, on the energy front, we have presence in renewable, green hydrogen, bioethanol and critical minerals.
Our diversified joint ventures, associates, and subsidiary portfolio reflects Oil's strategy and creating a balance and integrated energy model. The portfolio not only strengthen our domestic value chain presence, but also provide international upstream exposure across the strategic geographies. Our strategic win under OALP and DSF block cover every major Indian basin and ensures a rich inventory in drilling opportunities. The FY 2026 has been a year of substantial progress and every year across the segment of entire value chain. Now, we walk through the major highlights which we have achieved our highest daily crude oil production in the last decade of around 81,354 barrels per day. We have drilled 74 wells, the highest ever drilling performance in a single year, and we have completed 307 well workover, which is again a record for us.
Additionally, our reserve replacement ratio has grown above one, a material improvement from 0.94 in the previous financial year. We have two significant developments in our international asset. Firstly, the force majeure of Mozambique project has been withdrawn in November 2025, and secondly, we have made a major commercial discovery in our Libya asset, Area 95/96. Our two pipeline augmentation project has achieved mechanical commission. NSPL product pipeline from 1.72- 5.5 MMTPA, which is completed in the month of October 2025. DNPL gas pipeline expansion from 1.2 million square cubic meters per day to 2.5 million square cubic meters is completed in the month of November 2025. NRL, our material subsidiary, has delivered its best ever operational year, the highest ever crude oil processing, highest ever crude oil sales, and the highest distillate yield. We now have five CBG plants in the various stages.
Two are under construction, as already been shared with you by our Chairman, and two are under the tendering process. The 49 KTPA bamboo-based 2G bioethanol plant was inaugurated by our Honorable Prime Minister on fourteenth of September 2025. OIL has delivered a resilient performance at its consolidated level, both at the top line as well as in the bottom line. Company has paid a dividend of 115% during FY 2026. The performance of NRL was also excellent, and the GRM has been 1.6x as compared to the previous year. The stock of our company has given a return of almost 32% as compared to the 7% of Bombay Stock Exchange Oil & Gas index. This showcases the confidence that market has placed on the company.
As we stand on 20th of May, our market capitalization was INR 82,000 crores, we have been very consistent in paying dividend across the past also. OIL continues to maintain a strong financial profile reflected in the highest domestic credit rating and stable international ratings from the leading credit rating agencies. It is further enforced by strong Government of India ownership and their confidence of reputed institutional investors. We want to share with you the recent media coverage on our strong operational momentum and growth plans. The media attention continues on our performance. Let me go through with you the financial highlights of the company in the previous year. The top line of the company was INR 38,981, the EBITDA was INR 13,498, which shows that around 36% of operational efficiency as compared to the total income. We registered a PAT of INR 7,551 in the group level.
We have a PAT of INR 4,555 on the standalone level. Our EPS on the previous year was INR 27.39 per share. If you look at the slide of the top row, you will see that the crude oil price realization during the last five years has been lowest. We had a price realization of $69 per barrel in FY 2026. This was the lowest of the last five years. In spite of having lower price realization, we have been able to maintain our top line of INR 24,039, and the net worth has been showing a growing trend on year-to-year basis because of accumulated profit. We have maintained our debt-equity ratio of 0.27:1 steadily during last five years. From consolidated point of view, our performance was very steady as compared to the previous year.
We have an increase in total revenue by 3% and the total PAT by around 7% as compared to the previous year. This slide shows how the value has been created by the company during last five years. In last five years, we have distributed INR 9,028 crore of dividend to our shareholders. Contribution to the exchequer, both to the central government as well as the state government, were around INR 50,000+ crore . We have also distributed dividend in the past. Recently, we have done in the year 2024, 2025, is one is to two bonus share per equity share. Now let us move to the next section of our presentation, the strategy and the operational performance. One near-term strategy has been built on our four pillars.
The upstream, we have planned to scale our production from 10 million metric ton- 12 million metric ton of oil equivalent by 2030. We further target to drill around 100 wells in FY 2027. On midstream, we have expanding capacity across the three pipeline segment. The crude pipeline, we are doubling the capacity from 9.65 MMTPA- 18 MMTPA. For the gas pipeline, we are increasing our capacity by 4x and our product by 2x. In downstream, NRL refinery expansion from 3 MMTPA-9 MMTPA is all well and underway. Lastly, we set an ambition of 5+ GW of renewable capacity by 2040 and 25 CBG plant by 2030. Now, as we have covered our ambition, let us share with you the plan on how we intended to achieve this.
We have very clear growth plan with multiple initiative across the four pillars of the entire value chain and clear path to net zero by 2040. I will cover the key initiative that we plan to undertake the upstream, downstream, midstream, and the new energy. Let us focus on the upstream business. We have witnessed a strong 2P reserve base during FY 2026 with 1+ reserve replacement ratio, with the reserve base of 231 million metric ton of oil and having a reserve span life of 31 years. Our healthy reserve base has driven by the combination of three pillars. We have expanded our acreage base by 60% over last four years. We have continued to actively pursue the seismic acquisition across our newly acquired acreages. We have tripled our number of wells from 7- 22 during last five years.
One significant development I would like to highlight is that we have pioneered concurrently the 2D and the 3D seismic survey in FY 2026 across selected frontier offshore basin. This has resulted a meaningful reduction in time to the potential discovery. In this slide, we like to so draw your attention that from 1889- 2026, we have been drilling deeper and we started with 200 m of drilling. Now, in the current financial year, it is 6,500 m, which is a commit, a drilling deeper access to hard-to-reach reserves. In last three years, we have eight discoveries. In the year 2025, our reserve replacement ratio was 0.94. In the current financial year, it was 1.20. Next, I want to spend few times to share you about our exploration efforts in shallow, deep, and ultra-deep water.
Both across shallow water, deep, and to ultra-deep, we have acquired an acreages over 51,000 sq km across eight blocks. In shallow water, we have drilled three wells, and two wells are underway. In deep and ultra-deep water, well plan will follow the ongoing analysis of 2D and 3D seismic data. The company has constituted a multidisciplinary team to accelerate offshore exploration and resource development in line with the nation's objective for accomplishing the mission of Samudra Manthan. A key development I would like to highlight is that we have entered into the partnership with TotalEnergies in November 25. This partnership enable us to jointly work towards offshore seismic program design data, interpreting, and evaluating the opportunities across prospective areas. This brings to us the world-class technical capabilities, and we see this as a critical enabler for our offshore ambition. I would like to take you through the production performance.
The company has delivered 3% CAGR over last five years from 5.06 MMT, million metric ton of oil, to 6.64 million metric ton of oil equivalent in FY 2026. We were in fact on track of higher production growth in FY 2026. Due to an economic blockade of 10 days- 15 days in our producing areas, which has resulted a potential loss of crude oil of 0.1 million metric ton of oil equivalent. Our total CapEx for the financial year 2025/2026 was INR 13,025 crore. Approximately 60% of the CapEx were directed towards the exploratory and development drilling activity and effort to increase the near-term production and reserve acquisition. 25% of the CapEx was deployed towards capital project and production facilities, remaining 13% was represented in strategic investment in subsidiaries, associates, and joint ventures.
I want to emphasize that the increase in FY 2026 CapEx is majorly driven by the growth investment in business and not by the cost and time overrun. I would like to focus on our midstream business now. We are expanding our pipeline network to enable our upstream and downstream growth ambition. On natural gas, we have upcoming feeder line connecting our northeast fields to Indradhanush G as Grid, for which PNGRB regulatory authority has been obtained in February 2026. Mechanical completion is expected in FY 2028. Post-completion, the gas offtake upliftment will increase by 40%. Second, the dedicated Duliajan-Numaligarh pipeline was under expansion from 1.2 MMSCMD- 2.5 MMSCMD to meet the incremental gas requirement of NRL refining capacity. This pipeline has now been mechanically completed and will be commissioned during the year.
I'm happy to share with you the incremental 1.5 MMSCM per day of gas flowing through this pipeline is eligible for 20% of new well gas premium, leading to a meaningful realization upliftment. On our product pipeline side, Numaligarh-Siliguri pipeline has been expanded from 1.72 MMTPA-5.5 MMTPA to support the increased product offtake from NRL enhanced 9 MMTPA capacity. Mechanical completion was achieved on 12th of October 2025. This pipeline was inaugurated by Honorable Prime Minister on 13th of March 2026. Notably, we delivered this expansion at a project cost of INR 750 crore against approved outlay of INR 860 crore. This is the map of the pipeline where the Northeast Gas Grid is 390 km, the Duliajan Feeder Line is 175 km, DNPL is 192 km, North Bank Extension approximately 150 km. I would like to focus on the downstream business.
We are happy to share our material subsidiary, NRL, has conferred Navratna status in December 2025. NRL has continued to demonstrate strong operational efficiency in FY 2026 with highest ever capacity utilization of 103%, highest ever distillate yield of 87%, and significant improvement in GRM of 1.6x as compared to the previous financial year. One of the key requirement of the expansion of the refinery capacity is need to import of crude oil for feedstock. For this, a dedicated 9 million metric ton per annum crude oil from Paradip to Numaligarh is under construction. As of April 30, 2026, we have achieved 92% physical completion and 99% of ROU acquired. Finally, let me touch upon the new energy business of our company, which is housed under Oil Green Energy Limited, which is 100% subsidiary of Oil India Limited.
Our green energy perspective, we continue to expand our footprint through our wholly owned subsidiary, Oil Green Energy Limited. On renewable energy, we have approximately two gigawatt of renewable capacity under pipeline through JVs across Assam, Himachal Pradesh, and Rajasthan. We have initiated construction of two plants under CBG and three plants are under tendering process in Odisha, Assam, and Tripura. Moving to the last section of our presentation is the corporate social responsibility. I would like to focus on the sustainability, which continues to be a key priority of our company. I would like to highlight the couple of metrics. We are on the track to achieve our net zero target of 2040. We have minimized the gas flaring to 1%-2% from an ambition to reach the net zero routine gas flaring by 2027.
On health and safety, we continue to maintain the low loss time injury frequency of 0.209 with zero occupational illness caused during the year. Oil India remains deeply committed in the national building with the expanded CSR activity. During last five years, we have empowered over 2 lakhs individual. We continue to run a range of initiative across six pillars of CSR, which is healthcare, education, skill development, community development, and environmental sustainability. Lastly, we have got a dedicated investors team with myself as a CIRO and Mr. A.K. Sahu, the Company Secretary and Executive Director of Oil India Limited. For any investment related queries, you are always welcome and kindly contact us in the email given in the slide. With that, I would like to thank all of you for your time and attention. Ladies and gentlemen, the floor is now open for the Q&A session.
We shall be happy to answer your questions. I request the House to please mention your name and the name of your organization while raising query. Thank you and have a good day.
Hi, sir. Good evening. This is Nitin from PhillipCapital. Sir, my question is with respect to your offshore exploration program. It would be great if you can elaborate on that program a little bit. What is the kind of capital expenditure we are looking at in our deepwater offshore exploration specifically? We have predominantly been an onshore company, so how do we look to address the capability gap that we require for offshore exploration and capital requirement gaps, if any? That would be our first one, sir.
First of all, thank you very much. You couldn't have asked a better question than this. Look, as far as our offshore exploration is concerned, we have about 50% of our acreage is currently offshore exploration acreage. Just to give you a perspective, we have about 10,000 sq km shallow water in Andaman Nicobar, on either side of Andaman Nicobar island. We have about 3,000 sq km in Kerala Konkan west coast, and we have got a small DSF block, discovered small field block, in the shallow waters of KG Basin. As we speak, we are drilling the deepest well in this part of the globe in offshore waters. The shallow water depth, but well is deepest, 6,000 m. Currently, we are at around 3,400 m.
we are currently completed drilling of the third well, Andaman Nicobar. While drilling second well, we had reported occurrence of natural gas. third well drilling is complete. We intend to do testing, go back to the first well, which we had capped currently. do testing as well. Also drill the fourth well, which is identified as far as our exploration effort in Andaman is concerned. The DSF block, we realized that there is a potential in the DSF block before we plan for the field development. What we did, we decided to drill an appraisal well in DSF, that is Kerala Konkan. that is likely to give us an upside basis, which we will design the platform and create evacuation infrastructure to bring it to the shore.
As far as the reported gas occurrence is concerned, in the second well of Andaman Nicobar, we are currently carrying out appraisal of that particular reported gas occurrence. Three things happened. By virtue of that reported gas occurrence, we have been able to prove that Andaman Nicobar Basin is a petroliferous basin. B, we, by virtue of that particular effort, is having a traction with international oil companies to support us, That's how we have got a collaboration with TotalEnergies under a technology service agreement framework, because Total is not a service company, it's an operator. Basis their intervention, we have reprocessed the 2D seismic data basis which we had done the drilling. Currently, as we speak, the last couple of lines are being completed for a 600 sq km of area for 3D seismic.
Once we do the processing and interpretation, we intend to drill an well, which will be appraisal well for our gas find in Andaman Nicobar. To give you an assurance, before I come to your CapEx numbers, we have mastered the art of handling mature oil fields in onshore. As far as offshore is concerned, we have recrystallized our well location release of locations. We have an internal team which first would do the studies through engagement of international consultants, and then we would have release of locations. We have an apex body, which is chaired by Director Exploration Oil India Limited, and Director Operations is an invitee in that committee or the board which decides on release of locations. After that, we engage international consultants to reaffirm those locations before even spotting the well.
Therefore, a thorough due diligence is carried out before we commit our exploration CapEx. That's how on the second well in Andaman Nicobar, we could report occurrence of natural gas. As far as CapEx is concerned, per well, shallow water would cost us about INR 800 crore. Going forward, we have already drilled two wells, third well is on, probably we'll drill another well. The Kerala Konkan second well will be contingent on the first well. That's the CapEx in terms of shallow water. As far as deep water is concerned, I'll give you a construct. We have got about 40,000 sq km of deep water and ultra-deep water acreage across two blocks in Mahanadi Basin and two blocks in KG. We have already completed 4,200 line km of 2D seismic and 5,300 line km of 3D seismic. As we speak, the processing is undergoing.
The idea is that Government of India's Samudra Manthan Mission is going to sponsor the deep water and ultra-deep water exploration wells. The exact contours are still work in progress. It's under approval. We would really come to know once it is notified, how many number of wells government is going to sponsor 100%, how many wells government is going to sponsor 50%, or precisely how the mechanism would be. Our approach is that by virtue of the international collaboration and then the data acquisition process, we will identify and release the location for exploration. Our target is to have spot a deep water well in mid-2027, that's about June 2027, by about exactly 12 months-13 months down the line, which will align to the fund available through Samudra Manthan Mission.
As far as our CapEx is concerned, since this will be underwritten or will be sponsored or will be reimbursed by Government of India Samudra Manthan Mission, we are sure and confident that we will be able to pursue our deep water and ultra-deep water exploration initiatives. Only after these confirmations are available, I'll be able to tell precise numbers. The data that we have seen through the petroleum system modeling studies for the Mahanadi deep water blocks and KG deep water blocks, we foresee that we could possibly drill four plus four wells, and that's the language. That four wells you will drill, the next four wells will be contingent upon the success of those previous four wells. Each well would cost about INR 1,200 crore. That is about INR 4,800-5,000 crore as far as Oil India is concerned.
Should there be any concern in terms of Samudra Manthan Mission or we identify more locations to drill, we will be able to fund these deep water wells. I hope I have able to answer your question.
Thank you so much, sir, for a very elaborate answer that's really detailed. Sir, my second question was with respect to NRL. What was the excise duty benefit that we had in NRL in FY 2026, and how is it going to look in FY 2027 given the excise cut that has been taken?
Okay. I missed out one more thing, and since all of us are here. There are two things which I will share. Government of India, as part of deep water exploration effort, has also identified INR 3,200 crore for undertaking four stratigraphic wells. Four stratigraphic well, one well in Andaman Nicobar, one well in Mahanadi deep water, one well in Bengal-Purnea Basin offshore, one well in Saurashtra offshore. It has mandated Oil India and ONGC to jointly carry out these drilling activities, which will be reimbursed from this corpus of INR 3,200 crore. With respect to capability gap, I would like to give an assurance here. Yes, Oil India Limited had done offshore exploration before also. From a legacy point of view, we had done exploration in Mahanadi shallow water offshore. We had also drilled one well in Cauvery Basin, which depth was about 415 m.
We are not successful, that's okay being an Oil E&P company. Three wells in Andaman before. That's of course, in late 1980s. What we have done, we have enhanced our capability through active learning process. We have sent our team, both geologists, drilling engineers, geophysicists, all of them are on a continuous training program. Our drilling force, as we speak, has been trained using ONGC's facility and with other service providers' facility. That's a continuous process which is going on as part of capability building is concerned. Should there be a discovery, of course, we would require additional capability in terms of deep water field development, but as far as exploration technique is concerned, Oil India is fully capable. With respect to excise duty of NRL. For this current year, the amount that is accrued is about INR 3,000 crore.
The one thing which I would like to share, that the Numaligarh Refinery, which is currently operating at 3 million metric ton, going forward will operate at 9 million metric ton, does not have any sunset clause for excise duty benefit. NRL will continue to get 50% Northeast excise duty benefit irrespective of the capacity expansion.
No, sir. My question was, with respect to the overall cut in the duty of INR 10, which was taken recently. Is that going to impact-
Only thing that I wanted to add is that though last year we earned around INR 3,000 crore in terms of excise duty benefit, if you see the current margin is equivalent to as if we are getting excise duty benefit. One point that I am trying to drive in is that so long we have this margin, actually we don't need this excise benefit. Things does not remain the way it is. Excise, to my opinion, is going to get calibrated based on the overall FOB of HSD, which is the driving force for that refinery transfer price which happens between NRL and the OMCs. Therefore, there will be a calibration of excise duty if the prices were to come down.
It has happened in the past, and based on that statistics only, I am very sure that it will also happen in future.
Sure, sir. Thank you so much for answering my questions.
Hi. Good evening, sir. This is Probal here from ICICI Securities. A couple of questions. Firstly, with respect to, again, NRL, is the export option now still sort of a material one in terms of the viability of the 9 million ton capacity? Number one. Number two, in terms of the technical arrangement or the joint venture that we have with Total, can you please share some granularity in terms of how the commercials will work? The third small question was with respect to the sponsorship of the deep water wells. Is it then natural to assume that the fiscal terms, therefore, of the field, if and when it gets to production, the fiscal sharing with the government will obviously be very different considering that the government will directly be sponsoring the wells. Thank you, sir.
Okay. First is export option of NRL continues to stay unabated, and despite the turmoil that we witnessed in our neighboring country, we continue to export. That's HSD. That India-Bangladesh Friendship Pipeline continues to be one of our options to export. I can give you an assurance that the 9 million metric ton capacity expansion is not pivoted only because of India-Bangladesh Friendship Pipeline. India, as we know, is currently growing, and the consumption of the products, refined products, is growing at 7%-8%. The 9 million ton production from NRL will find its market both in northeast and also in mainland India, for which the Numaligarh-Siliguri pipeline has been upgraded to 5.5 million metric ton per annum.
As part of our spread in northeast is concerned, at Numaligarh, we have created additional infrastructure or supply depots at Panchgram, that is near Silchar, at Singimari, that is near Guwahati, and at Jogighopa. At Jogighopa, that is West Assam. After this, we are also creating additional tankage facilities in Siliguri so that the eastern part of the country, that is Bihar, Odisha, and Eastern UP, can also be catered or the product can be supplied. Viability of 9 million metric tons is absolutely no worry. Let me give you a construct, the collaboration that we have with TotalEnergies Limited, that is between Oil India and TotalEnergies.
Initially, the collaboration was to support Oil India Limited and validate the release of location of stratigraphic well, which is currently sponsored by Government of India, primarily to create a database for making India as the exploration destination of the world. These stratigraphic wells are intended to establish possible prospectivity of these basins. Now, pursuant to the discovery, not discovery, but reported occurrence of natural gas in the second well of Andaman Nicobar Basin, our traction with TotalEnergies has increased. TotalEnergies is not a service provider, but by virtue of our collaboration, they are supporting Oil India Limited in its offshore exploration. That is also another capacity-building exercise through which our team is getting the insights.
The granularity is, it is a service agreement where the experts or the domain experts of TotalEnergies is supporting Oil India Limited, and should there be any material proposition to undertake drilling, Total will also have a say in terms of possible investments. This way, we have secured our capital prudence for our exploration efforts. The third point, the Samudra Manthan Mission is primarily intended to encourage exploration footprint in the deep water and ultra-deep water basins of Indian west coast and east coast and Andaman Nicobar within the exclusive economic zone. These blocks are primarily Category 2 and Category 3 basins, where the revenue sharing is nil, and the royalty is seven year or 15 year deferred. These are all Model Revenue Sharing Contract. We do not foresee any change in the royalty per se.
However, since Government of India is the Samudra Manthan Mission is currently work in progress, notification is yet to happen. The actual implementation mechanism is not yet known, per se. Therefore, I would request that we will wait till the actual notification happens after the approval at the government level, and then we can discuss. One thing is for sure, that the Samudra Manthan Mission is aimed to support exploration efforts, because these are all high CapEx exploration efforts for deep water and ultra-deep water. I hope I have been able to answer your queries. Thank you.
Hi, sir. This is Somaiah from Avendus Spark. Three questions, sir. First is on NRL. You did mention about the timelines for NRL, in terms of CDU, VDU startup and full commissioning by March 2027. Just wanted to understand when is the first product can come out as an output? What is the level of utilization we are expecting, let's say by end of FY 2027 and in FY 2028? That's the first question. Second question, in terms of NRL CapEx, how much have we spent so far? What is remaining as part of the both petchem as well as the refinery project? The third question is two-part. This is on the upstream front. Our expectation in terms of production growth for this year, you did mention we can go to four million ton in oil with 100 wells.
Also gas outlook, if you could touch upon, and the CapEx outlook. Would it be still this INR 13,000 crore run rate on the upstream side? Those are my questions. Thank you.
I will attempt and I will request MD NRL to support me. With respect to the timeline of NRL capacity expansion commissioning, yes, you are right, it will be March 2027. While we would attempt to do, it's all planned and it's on time. The mother unit, CDU, VDU-1, DHDT per se, and part of the sulfur recovery unit to produce MS will be ready by end July. Bhaskar, we are looking at about what? 400 TMT production after that?
Around that only. It will be mostly diesel, sir.
Okay.
Because DHDT unit will be up and running. A later part of the third quarter, even the MS plant will also start operating. That way, 400 TMT is a very safe bet as of now.
That's 400 TMT, but you are right. This is a brownfield expansion, March 2027 to March 2028 is a fair time to have the refinery up and running, stabilized 9 million metric ton. That's first question. Second, in terms of CapEx, we are looking at about INR 40,000 crore?
Combined CapEx will be around INR 46,000 crore.
Okay.
Including the PPU unit, polypropylene unit.
The polypropylene unit is about INR 7,200 crore. The rest is the Numaligarh Refinery expansion, which includes the Paradip-Numaligarh pipeline also, crude oil pipeline. As far as Oil India is concerned, you are right. The expectation or if I repeat it, if we are able to drill 100 wells, we will touch 4 million metric ton. Gas, Trailukya, we will look at what, 3.35?
3.35.
3.35 BCM, 18 months down the line. Currently, we are doing about eight million standard cubic meter per day. 18 months down the line, once Duliajan Feeder Line is up and running, commissioned. Duliajan-Numaligarh pipeline, 2.5 up and running, commissioned, we will be able to touch five BCM. That's the gas, but that's 18 months down the line. As far as CapEx is concerned, we are looking at a rollover CapEx of INR 10,000 crore last year, this year, and year after. That's about 100 wells per year in onshore basis. This shallow water wells that we are drilling in offshore waters. I hope I have been able to answer your questions.
Sure, sir. Thank you.
Yeah. Thank you.
Hi, sir.
Hi.
Achal Desai from Ambit Capital. Just want some clarity on the new well gas part. Is it the production from Oil India, which is getting reclassified under new well gas? If yes, then how will the share move over the next two to three years? The current understanding is that 100% is in APM.
Okay. Last year also, we had a similar situation. We had discussed about new well gas, and we were waiting for allocation. I'm very glad to share that during the recent notification, Government has allocated 1.5 million standard cubic meter per day as new well gas allocation to Numaligarh Refinery. This new well gas is primarily, all of you know, Oil India produces from the mature fields. It includes, or it involves additional drilling, additional workover. To sustain the production on top of 10%-12% production decline, and still report a CAGR of 4% growth year-on-year. To do that, the interventions that we do, the additional wells that we are going to drill henceforward, the additional workover that we are doing henceforward, would actually entitle us for that new well gas.
The question is, this new well gas needs to be allocated by government. What we intend to do is that once the evacuation, this way we have got an allocation, then I must share, and I think last year also I had shared this. The allocation has got a priority allocation. It gets allocated to the CGD entities, then it gets allocated to the fertilizer, then refineries, petrochemicals, and then finally to the power plant. Once we have the evacuation facilities and the CGD entities on the mainland India will start getting the natural gas from the northeastern fields, we will have additional allocation. This way we also see a delta accrual on top of our APM price point, which is about 20%. I hope I have been able to answer your question.
Sir, just one clarification.
Yes.
Since the time we don't get the CGD network and the first gas moves to the CGD network, this 1.5 MMSCMD which got allocated to NRL does not have any benefit. Is the understanding clear?
I will have a slight recalibration here. The 1.5 million metric standard cubic meter per day is allocated to Numaligarh Refinery, and once Numaligarh Refinery is commissioned, this gas will be fed to NRL, and we will get the benefit out of it. So we'll have to wait for commissioning of the Numaligarh refinery. One more thing which has happened recently is Numaligarh Refinery has been notified as an reseller, which is an exceptional waiver we got from PNGRB, despite Duliajan-Numaligarh pipeline as a captive pipeline. This way, about, as we speak, 50,000 standard cubic meter per day gas will be allocated to North East Gas Distribution Company and Purba Bharati Gas Distribution. The question is, once we saturate the Northeast CGD entities, we will be able to push the gas to mainland India.
It's a matter of time that we get our allocations, and then only the accrual will happen. You are right in that point that there is a delay in accrual, but the production and the evacuation is an imminent need for Oil India Limited.
Got it. Thanks.
Thank you.
Hello, sir. Dhruv Ravani from Bridgerich PMS. I have a small query. The DNPL pipeline getting operationalized, evacuation of gas will happen only from Oil India fields in Assam, or it will also happen from the JV partners fields also?
Pending DFL authorization, DNPL was planned to be converted as a common carrier. Since DFL is authorized, DNPL has taken a decision that they will remain as a captive pipeline. That means it is Oil India molecules going through DNPL to NRL. The recent exemption that we have got is should Oil India be able to push more gas, which Oil India will do, NRL will be empowered or entitled to, as a reseller, will sell those molecules to GAIL, and GAIL will sell to all the stakeholders that is possible. As far as Oil India is concerned, DNPL mechanical completion of 2.5 million standard cubic meter per day capacity is already done. Because of the Middle East crisis, NRL, we are unable to take a shutdown of seven days.
Once we take a shutdown of seven days, DNPL will get commission, and we will start pushing natural gas through DNPL. As we speak, it's a captive pipeline.
Thank you, sir.
Sir, hi. Vikash Jain from CLSA. Dr. Rath, thanks for your explanations, always very useful and detailed. On your gas thing that you spoke about, is our understanding correct if we say that currently your production is 8 MMSCMD, roughly in that thereabouts? Only if this rises because of maybe Numaligarh being able to take more gas and then the other pipeline allowing you to sell gas to other parts of India, will the incremental gas be seen as new well gas? Till the time production stays as eight MMSCMD, everything will be sold at the APM price. Is that the right way to think about it?
Slight correction. The new well gas is an allocation mechanism. Eight MMSCMD, even that includes new well gas by definition, but not by allocation. Only when it gets allocated as a new well gas, you accrue 20% premium. Otherwise, you get APM price. As far as eight MMSCMD is concerned, currently we are realizing APM price. As far as 13 MMSCMD or 15 MMSCMD, which is going to happen, if it gets allocated, we will get that delta 20%. If it is not getting allocated, we will continue to get APM price.
Okay. Yeah, understood that technicality. Now, just to be a bit more specific, if we are at about eight MMSCMD right now, as Numaligarh starts to ramp up, which will be maybe towards, say, end of this calendar year, early next year. We start pushing that extra one and a half MMSCMD, which may ramp up only, say, 12 months out. Should we say that this eight will go to about nine and a half in FY 2028, and then maybe FY 2029 is when you get to the 13 with that other pipeline connection as well. Is that how one should think about it?
I would give a perspective slightly different. Look, it's like this. We were waiting for this Duliajan Feeder Line authorization, and this connectivity will actually open up the vista. Oil India Limited today is sitting with a gas pool, 2P reserve 121 million metric ton oil and oil equivalent. We can ramp up our production from eight million to 13 million- 15 million standard cubic meter per day. We have already identified 15-18 dry well, deep wells and dry gas wells to be aligned to the authorized pipeline once it gets commissioned. While we are having a guidance of 3.35 BCM for the current year ending March 2027, the year ending March 2028 will be different. It will be different in three terms. One, NRL by now would be running full capacity.
Three million standard, it's not 2.5, it is 3 million standard cubic meter per day NRL will be requiring. By then, the other allocations would have happened and the gas will flow after saturating the limited CGD demand that is happening in Northeast. The gas will also flow to the mainland India. Our target of five BCM is an achievable target.
A target by end FY 2028, you said.
Yes.
Okay. Oil production, sir. Last quarter was of course fabulous. One of the highest production in many, I think more than 10 years or so. What was the exit rate around March in terms of thousand barrels per day? What did we hit in March and where are we running right now?
I'm so happy to answer this question. Having drilled 76 wells, out of which 52 wells are development wells, this week and week before, every day we are getting new gains. Having done 307, Saloma, the number was what? 10,600 barrels?
30+ .
10,670 barrels per day. Sorry, tons. As we speak today, it is 82,200 barrels. As we speak today, another highest, 82,222 barrels per day.
Every day is the highest. Today is the highest.
Today also is the highest.
Okay. We're well above 80,000 barrels per day.
Yes.
Okay. Congratulations on that, sir.
If you touch 11,000 TMT, what Director, Exploration gives me an assurance, you are there at four.
Sir, on the CapEx bit, last year you showed that there was a lot of increase in survey costs and our survey activity rose. Of the INR 10,000 crore, could we just break that down into what is the plan for survey, what is the plan for exploration CapEx and development CapEx, please?
As an exploration company, I wish I have such a nice narrative of buckets. You would appreciate, though this is a linear thing, it is actually not always happen that way. What is defined is the basic studies that we do. The seismic piece, which is 2D and 3D, it is done when you have availability of blocks. Let's say the 40,000 sq km that we had as part of May 2025 Petroleum Exploration Licence granted to us two blocks in Mahanadi, two blocks in KG, deep water, ultra deep water. We undertook 4,200 line km of 2D seismic, 5,300 sq km of 3D seismic this year. We had a uptick in terms of seismic investment. That's not going to be the case year after year after year.
What is going to happen now since we have already tested the production impact from a three years ago, 35 number of wells to 74 wells this year, and our target is to drill 100 wells the current year. We intend to drill 100 wells. How are we going to do that? Earlier, we used to have a released location inventory that is drillable locations inventory of about 45 or so. We were drilling 30 wells, 35 wells, and inventory was about 45. Today, as we speak, we carry a released drillable location inventory. Saloma, 218? It's 218. We have our internal mechanism, a two-tier scrutiny mechanism to release these locations. To our mind, the Assam Shelf, while we were doing an average depth of 2,300 m-2,500 m three years ago, last year we did an average depth of 4,300 m.
Going forward, that will be the state. My idea of sharing with you is the CapEx will primarily be on 100 number of wells. These are deep wells, and these deep wells are actually helping us to post that 4% CAGR on top of 10%-12% decline year-on-year.
Okay. No, thanks, sir. Just one last clarification. Should we think about Samudra Manthan as kind of a capital subsidy that the government wants to provide to upstream companies as an investment which may allow, if they get it right, to bring about the prospectivity of these yet to be proven basins, and that's where it stops. We should not think of government then trying to recover it back in some other form, et cetera, because most likely PSCs will not change, right?
I can tell you two things about it. It's a work in progress, approval is in the offing, I would refrain my opinion about the mechanism on which it is going to be implemented. One thing is for sure, this will be supporting the deep water and ultra deep water exploration efforts in the country. And that support will not only be available to Oil India or ONGC for that matter, it will be available to all the entities which will carry out deep and ultra deep water exploration in the country. This way, this will also pave the way for the global oil majors to collaborate or to do on their own exploration in India. The most likelihood scenario will be the international oil majors, like we have already got Total with us. The international oil majors will collaborate with national oil companies for enhancing the exploration footprint.
The exact mechanism, exact methodology. Let's wait.
Thank you, sir.
Thank you.
Hello? Hello?
Yeah, please go ahead.
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[ Non-English content] Samudra Manthan Mission [ Non-English content] Middle East crisis [ Non-English content] . Samudra Manthan Mission was announced by Honorable Prime Minister on the Independence Day of 2025, much before Middle East [ Non-English content] . 28 February [ Non-English content] . Samudra Manthan Mission [ Non-English content] concept [ Non-English content] exploration [ Non-English content] exploration [ Non-English content] surface onshore exploration [ Non-English content] shallow water block [ Non-English content] exploration [ Non-English content] deep water block and ultra-deep water block no-go zone [ Non-English content] . Because of the reforms of Government of India from 2020- 2023, 1 million sq km of area has been unlocked for exploration.
First time under OALP bidding round nine, we had opportunities to submit bids for deep and ultra-deep water blocks and I can share with you as Oil India Limited, we submitted nine bids and we were successful in all the nine blocks to pick up our blocks for exploration. To support this, Government of India has recently, in 2025, amended the Oilfields (Regulation and Development) Act. Government of India has created this construct called Stratigraphic Well Initiative, now Samudra Manthan Mission. All this is primarily to encourage exploration and to look for one or two big commercial discovery.
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[ Non-English content] crisis [ Non-English content] opportunity [ Non-English content] Oil India, [ Non-English content] reposed confidence [ Non-English content] basis [ Non-English content] we are continuing to do exploration irrespective of crisis. When we decided to drill the 6,000 m deep Kerala Konkan well, there was no crisis. With crisis, I tell you what we did with the crisis. We had to do appraisal of the gas find in the second well of Andaman Nicobar. In a normal case, one would wait, do tendering, bring another vessel and the appraisal process would have happened one year or two year down the line.
We renegotiated the contract and got the seismic vessel to mobilize the spread on an ASAP basis and carry out the seismic data acquisition for our appraisal process. This is how Oil India rises to the occasion to fast track and do early monetization. I give one more example.
Oil India has got one DSF block called Bakhri Tibba in Rajasthan. All of you know, recently we have announced one of our discovery, of course this year, a discovery in 950 m depth, 25,000 standard cubic meter of gas flow in one of our formations. Bakhri Tibba is one of our discovered small field where we monetized it 12 months before time. That is how we want to contribute to the ecosystem of upstream. In a similar manner, we have got a block in Cambay Basin. There, we are sure, and we have reprocessed the data, and we are going to quickly start the drilling or exploration efforts. Not only that, at NRL level, we have ramped up our production. Bhaskarji, what is the LPG production we did for the crisis?
40 tons more daily, actually.
At the crisis, we saw an opportunity, and the NRL refinery level, we added 40 TMT.
40 ton per day.
40 ton per day of LPG. That is how we reacted and responded to this crisis.
Okay, sir. Thank you.
10 MMT.
Oil India also added 10 MMT. That's how we respond. Thank you.
Hi, sir. This is Sitaram. I have one question. You have great gas reserves in the northeastern fields, and assuming that everything in terms of the pipelines that are supposed to come up, and you increase production from 8-13, my question is, what's the outlook beyond 13? Is there more infrastructure that needs to be done over a 5-7 year timeline for this 13 to go to 18, 20? What would you need to do in terms of infrastructure or in terms of additional pipelines to, let's say, double production from now?
Currently we are doing eight. We can go to 13, and we can even go to 15 million standard cubic meter per day. For which we need to drill about 15- 18 gas wells, pure play gas wells. We are sure that the DNPL will give us an evacuation opportunity of 2.5. The DFL will give us an evacuation opportunity of 3.5. We will also have, I have not touched upon this. Oil India also has an investment of INR 575 crore, Abhijit? BVFCL?
AVFCL.
AVFCL, that is Assam Valley Fertilizer Corporation, which is being built juxtaposed to BVFCL, Brahmaputra Valley Fertilizer Corporation, where Assam government has got 40% stake. Oil India has got 18% stake, which translate to INR 575 crore. In the JV agreement itself, we have got that Oil India will supply natural gas to this fertilizer plant. We do foresee another incremental one. We will not stop at there. All the tea processing units, about 800 of them, can be converted to natural gas. We will not stop at that. I have not touched upon that in my speech, but I think Abhijit spoke about it in the presentation. We foresee a huge opportunity in terms of CGD and CNG and PNG and commercial natural gas supply in Northeast.
As we see, our plan is today we have 80 CNG stations, 81 to be precise, and 73,000 DPNG connections, domestic PNG connections. We wish to ramp it up to 500 CNG stations and 1.4 million, right? 1.4 million PNG domestic connections. These are the opportunities. Once that pans out, we will drill more wells, and we can produce more.
Sir, this is Gagan Dixit from Elara Securities. Just a continuity of this question, sir. When you say 8- 15 MMSCMD, can you elaborate what are the fields where you see the potential, or is there any new areas, locations in the northeast, where you find that there is a still need to be tapped, sir?
I'm so glad such granular questions gives us an opportunity to share our strategy or our outlook. Look, we foresee, and I think last year I had touched upon it, we have built a pipeline to evacuate natural gas from Arunachal Pradesh to Duliajan. We are building two. That's nearing completion. Any day we will commission and announce it. We are building two gas gathering stations. One it has Nadua, one is at Khagorijan. The Baghjan field is sitting on a huge gas pool. Arunachal Pradesh, Kumchai field is sitting on a huge gas field. Saloma, you want to add on this? The Greater Chandmari field is sitting on a huge gas pool. Recently, since we want to drill again the Mechaki field, we have got huge stacks of sand flushed with gas. These are all prognostication.
These are all our studies, which tells us it's a matter of time we will drill and produce. Of course, Kharsang, it's a JV, and Kharsang also has got a opportunity to produce or a potential to produce. Okay, Director, Exploration supports me in saying that the existing wells are producing below potential. Let's spread a bit. I will share. Earlier, we were unable to produce crude oil because we were required to flare the associated gas. Today, we have already got 11 compressor stations attached to each field to take care of this gas so that we can have enhanced crude oil production. Another 11 compressors are in the process of being procured. While we are monetizing the natural gas, achieving zero flaring, we are also enhancing production. It's a three-way strategy which is in place now.
Sir, my second question about the Mozambique LNG project. What is the incremental or the equity contribution or outflow required from Oil India to complete that project? Second thing is the longer question, sir. Earlier media news indicated that it has the potential of 60 TCF of the recoverable reserves that time. Is there any vision or partners have some understanding to go beyond 12.8 million ton when that project will be completed, sir?
Very nice question. Effective November, now, the force majeure is removed. About 6,000 people are working on the ground. We foresee that Mozambique field, the initial two trains, 6.5 MMTPA LNG trains, will get commissioned, and we will have access to our equity gas. As far as CapEx is concerned, we have already committed $1.6 or $1.8 billion. $1.8. $1.8. So $1.8 billion is already committed. There is a cost escalation for which we are going to Cabinet Committee on Economic Affairs for approval. That impact will be additional $300 million, not more than that. Yes, there is a future opportunity. Discussions are underway, it will be too premature for me to talk about it now. We would actually focus on having the two trains commissioned first. Produce, bring the gas, because it is the easiest way of bringing gas to India. There is no choke point.
East Coast of Africa and West Coast of India is very well poised. We will bring gas to the country and look at additional investment once the next stage is declared or those FIDs are taken.
Thanks. Thanks, sir. All the best, sir.
Yeah, please continue.
Sir, thank you for the elaborate presentation. I'm Yogesh here. Sir, I would like to understand on the renewable gas, hydrogen. We had done a collaboration with IIT Guwahati, I suppose. Sir, what is the status of this? Every company like Oil India, IOC, they are saying that we are now from gray to green hydrogen. How is it going to implement? Sir, production is there, but how are we going to implement it? That's my question, sir. Thank you.
Okay. See, look, it's like this. Green hydrogen is an alternative energy source, which there is a tremendous amount of thrust from Government of India. About INR 19,000 crore has been earmarked under various initiatives to support green hydrogen ecosystem. All of you know about seven such green hydrogen valleys has been conceived. In some cases, IITs are also supporting. Now, who is the major consumer of green hydrogen? The refineries are actually the most important stakeholder in this hydrogen ecosystem. In align to that, what we have done, 2.4 KTPA of a green hydrogen plant is getting commissioned by end of this year. About INR 138 crore, Bhaskar? Yes. About INR 138 crore CapEx at NRL's balance sheet. That will support NRL's gray hydrogen, that will displace that NRL's gray hydrogen, which is getting produced through SMR route.
In addition to that, I'm very happy to share, it is public knowledge. Recently, through a BOO mechanism under the initiative of SIGHT of Green Hydrogen Initiative, NRL has got a discovered price of INR 279 per kg of green hydrogen, which is below INR 3. This way, we will have about 10 KTPA of green hydrogen plant commissioned juxtaposed to Numaligarh Refinery, which augurs well as part of our NREP, that is Numaligarh Refinery Expansion Plan. As far as Oil India is concerned, Oil India is the pioneer to create a green hydrogen pilot plant in Jorhat, and currently we are executing a pilot plant in Himachal Pradesh at the Baddi industrial area. Our idea is that we will first supply to some of the industrial consumers there, and then scale up. Plus, additional discussions are also underway. This is our piece on green hydrogen.
Thank you, sir.
Thank you. Any other questions, or we will call it a day, if you may permit.
Yes, sir. Yes, please. I'm Vipul Shah. What is the net debt at standalone and consolidated level?
You want to answer, Abhijit?
No.
Look, I'll tell you till you dig out the numbers. As far as Oil India is concerned, our debt is primarily taken to sponsor or provide finances for our overseas assets. Okay. That's about, I think, about how much?
INR 1.4 billion.
That's about INR 1.4 billion. That's our debt exposure in terms of Oil India Limited. Bhaskarji, in terms of NRL?
NRL was 29.
You can put the speaker on, and then.
For NRL, the total tie-up that has been done is for INR 28,000 crore, out of which around INR 18,000 crore has been drawn as on date.
What will be the peak debt for NRL?
It will be INR 28,000 crore.
Okay. Thank you.
Yeah, thank you. Good afternoon. This is Namit Arora from Indgrowth Capital. Thank you, Dr. Rath, the entire team, for organizing this and for very detailed answers to all the questions. My question is, the events of the last three, four months, the geopolitical crisis, has even further highlighted the importance of energy security. Given that, please give us some color on your discussions with the government on some further initiatives that may be taken to further support organizations such as Oil India, given the crucial role that you are playing from a medium to long-term perspective. Thank you.
I'm so glad you are asking this question. Look, the direction from government is please go and explore, produce more. It's a cycle. Go and explore, produce more, explore more, and produce more. Get the refinery on stream positively by March 2027, which we will, so that the refining production would also increase to 9 million metric ton. Third, which is very important, participate aggressively in Open Acreage Licensing Policy, bidding round 10 and 11, and most important, secure a collaboration with an international oil company for the purpose the way we have already done for Total. We need more such collaborations because we are actually doing deep water and ultra-deep water drilling and exploration for the first time in the country, though we have done in limited manner, not the way we are doing it today. Collaboration with international oil company is a need.
Therefore, while government is planning out these reforms in terms of unlocking no-go zones, in terms of providing fiscal stability through the amendment of act, in terms of providing sponsorship through Samudra Manthan Mission or Stratigraphic Well Initiative or additional data acquisition, the ask from government for Oil India Limited, and we feel it is our responsibility to do exploration, is to collaborate and to do more exploration.
Thank you very much, Dr. Rath. All the best to the entire team. Thank you.
Any other queries? Okay. Before, you were going for the vote of thanks?
Yes, sir.
Be there. One thing which I would like to add, because I was hopeful that there could be some questions on that particular portfolio. Two things, rather. It was there in the presentation. One, we have been mandated to do 25 compressed biogas plants. That I have already narrated. That is something which we are aggressively pursuing, and that is also an ask from the government. The second, we have got exploration lease for two of our critical mineral assets, one in Arunachal Pradesh, which is a graphite and a vanadium asset, and one is a potash asset, which we have got in the northwestern part of Rajasthan. These are the other two diversification initiatives, which is also an ask from the government. Thank you very much.
Good evening, everyone. On behalf of Oil India Limited, we would like to extend our heartfelt gratitude to our Chairman and Managing Director, Dr. Ranjit Rath, and the Functional Directors of Oil India Limited for their presence, guidance, and valuable insight during today's interaction. Our deep appreciation goes to the Managing Director and Director Finance of Numaligarh Refinery Limited for joining us today and for their gracious presence and participation. A special word of thanks to all our investors, analysts, and other stakeholders who have joined us today. Your continued engagement, thoughtful questions, and constructive feedback are extremely valuable to us. They help us sharpen our priorities, communicate more effectively, and remain focused on creating a sustainable long-term value. I would also like to thank Antique Stock Broking Limited for supporting us in bringing together the investor and the analyst community for this important interaction.
My sincere appreciation goes to all our team members involved in planning and organizing today's meet in a smooth and a professional manner. In case any further information or clarification is required, our investor relation team at Oil India Limited will be happy to assist you all. Once again, we are grateful to you for all your participation, trust, and support. We look forward to your continued association with Oil India in the years ahead. With this, I request everyone to join us for high tea, and I also request everyone to take a moment to scan the QR code displayed to share your valuable thoughts with us. Thank you so much.
Thank you.