Oil India Explores diversified strategy to grow as integrated energy company

New Delhi: Hardeep Singh Puri has reviewed the future strategy of Oil India Ltd with senior management of the Maharatna CPSE which has registered a CAGR of 27% in the last 2 years and achieved the highest ever crude oil and natural gas production of 6.53 MMTOE during FY 2023-24.

The officials of OIL also assured me that the company will intensify exploration to enhance import substitution through increased domestic Oil and Gas Production, and plan for portfolio diversification to grow as an integrated energy company, he added in an official statement.

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In addition, Oil India has announced the commencement of its Environmental, Social, and Governance (ESG) strategy initiatives. The program was held on 14 June 2024, in Noida, in collaboration with a global management consulting firm.

The ESG strategy initiatives are crucial for OIL's ambitious goal to achieve net-zero emissions by 2040. The initiatives involve not only reducing emissions but also embracing principles related to a Just Energy Transition, demonstrating OIL's strong commitment to sustainable development.

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The comprehensive ESG strategy initiatives will address various environmental, social, and governance aspects, including emissions reduction, renewable energy initiatives, biodiversity conservation, human rights, employee diversity, and inclusiveness.

Through this initiative, OIL aims to set a benchmark in the industry for responsible and forward-thinking energy practices, aligning with national and global sustainability goals and pursuing its ambition to be a leader in the sector.

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