OIL eyes global assets to strengthen its energy play

State-run explorer aims to increase crude oil output and expand offshore capabilities

- SHUBHANGI MATHUR

State-run Oil India Limited (OIL) is exploring overseas asset acquisitions across several geographies, including Latin America, Canada, Australia, and Africa, Chairman and Managing Director Ranjit Rath told Business Standard in an interview.

The company’s overseas push comes at a time when India faces energy supply risks triggered by the crisis in West Asia, underscoring the country’s vulnerability to geopolitical shocks and the urgent need to diversify energy sources.

OIL remains committed to expanding its overseas exploration and production (E&P) portfolio, Rath said. The upstream player currently holds 10 overseas assets across seven countries — Russia, Venezuela, Mozambique, Libya, Gabon, Nigeria, and Bangladesh.