Maharatna Oil PSU, Oil India to explore Mahanadi onshore basin for Oil and Natural Gas

 Oil CPSE, Oil India Limited is exploring around 15,000 sq km area of Mahanadi onshore basin to look for oil and natural gas according to the Oil India chairman and managing director (CMD) Ranjit Rath, and he said the exploration work is underway at the Mahanadi onshore basin and Odisha has the likelihood to immensely benefit out of it.

Oil India also has other huge investments going on in the state, he added. This apart, Rath said they are also laying the longest crude oil pipeline in the country of which 200 km will pass through Odisha.

“We are laying the pipeline as part of the proposed expansion of the Numaligarh refinery from its existing capacity of 3 million tonnes to 9 million tonnes. Accordingly, a pipeline is being laid from Paradip to Numaligarh. Once it is commissioned, it will be the longest crude oil pipeline and 200 km of it will pass through Odisha,” Rath said adding, that a tank farm is also being built in Paradip for the purpose. Stating that natural gas at present contributes to around seven percent of India’s primary energy needs, the Oil India CMD said it will increase over time.

“Prime Minister Narendra Modi has set a vision to raise the share of natural gas in the energy mix in the country to 15 percent by 2030. Apart from natural gas, biogas generated from municipal waste and agricultural residues will also play an important role in achieving the target,” he said.

Join PSU Connect on WhatsApp now for quick updates! Click here

Read Also : NTPC Bongaigaon Bardwi Shikla Ladies Club organized mental health awareness session

On December 17, 2024, Oil India Ltd. saw its stock price decline by 3.48%, underperforming the Sensex, which fell by 1.22%. The stock hit an intraday low of Rs 447.5 and has decreased by 6.65% over the past month, trading below all key moving averages.

Read Also : NTPC REL commences second part capacity of Gujarat Solar PV Project of NTPC