Oil India Joins Global Decarbonisation Effort to Achieve Net Zero by 2040

Oil India Limited (OIL), India’s oldest oil and gas exploration company and a Maharatna CPSE has pledged its commitment to sustainable energy by joining the Oil and Gas Decarbonisation Charter (OGDC). This move highlights OIL’s focus on reducing carbon emissions and eliminating gas flaring as part of its aim to reach net zero emissions by 2040.

The OGDC, launched at COP28 in 2023, brings together over 50 of the world’s top oil and gas companies to lower greenhouse gas emissions. By becoming a member, OIL is adopting global best practices and reinforcing its dedication to environmental protection through efficient operations and investments in research and development.

Financial Highlights

For Q1 FY25, Crude oil production increased by 6.22%, while natural gas production rose by 9.80%, compared to Q1 FY24. OIL India posted a Profit After Tax (PAT) of ₹1,466.84 crore. The company contributed ₹507.75 crore to the exchequer through Special Additional Excise Duty (SAED) at USD 10.27 per barrel in Q1 FY25, up from ₹113.55 crore at USD 2.59 per barrel in Q1 FY24. A provision of ₹203.90 crore was made for Service Tax/GST on royalty during the quarter.

The average crude oil price for Q1 FY25 stood at USD 84.89 per barrel, a 10.46% increase from USD 76.85 per barrel in Q1 FY24. OIL’s consolidated turnover for Q1 FY25 reached ₹9,350.89 crore, up from ₹6,408.76 crore in Q1 FY24, with a consolidated PAT of ₹2,016.30 crore, compared to ₹1,399.49 crore in the same period last year.

About Oil India Ltd

Oil India Ltd focuses on exploring, developing, and producing crude oil and natural gas, as well as transporting crude oil and producing LPG. The company also offers various services related to exploration and production (E&P) for oil fields. Oil India explores, develops, and produces crude oil and natural gas, as well as LPG and transports oil and gas. It also generates renewable energy. In August 2023, the company was awarded “Maharatna” status. As of FY23, Oil India holds domestic reserves of 70.56 MMT of crude oil and 138.51 billion cubic meters of natural gas.

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