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Oil India to Invest Rs 25,000 Crore to Achieve Net-Zero by 2040

Oil India is also planning to drill 60 oil wells in Arunachal Pradesh and Assam to enhance its production.

Oil India Limited announced on 14 September that it plans to invest Rs 25,000 crore to achieve its net-zero emission target.

Chairman and Managing Director Ranjit Rath said that the company plans to invest in green hydrogen and will set up 2G ethanol plans, compressed biogas plants, and carbon capture utilisation, among others.

The company plans to sign with the government’s plan of increasing the share of natural gas in India’s energy mix to 15%.

The company is also planning to build an 80 km gas pipeline from Arunachal Pradesh to Assam that would bring gas to the company’s headquarters in Duliajan.

Ranjit Rath said, “By the virtue of (the gas) coming to Duliajan, the gas would find its way to the north-east gas grid and national gas grid as well.”

He added, “All the activities which are getting initiated will fructify in the later part of the year or early next year (2024) which will add on for 3.2 MMT production. The activities would also have an opportunity to add more in the coming year. That’s the plan. So, we are looking at 2024-25 for our mission 4+.”

The company expected crude oil production to increase to 3.8 million metric tonnes in the current fiscal year and reach over 4 million metric tonnes by the next fiscal year.

Oil India is also planning to drill 60 oil wells in Arunachal Pradesh and Assam to enhance its production in the current financial year.

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