OIL INDIA TO BEGIN OFFSHORE DRILLING IN ANDAMAN AS PART OF EXPLORATION INITIATIVE

Oil India Limited plans to initiate drilling activities in Andaman and Nicobar offshore waters as part of its exploration efforts. CMD Ranjit Rath stressed the need for stable oil prices for effective planning.

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Oil India Limited Chairman and Managing Director, Ranjit Rath, said that the state-owned company is going to commence drilling activities in Andaman and Nicobar offshore waters, as part of its exploration efforts.

Asked about the volatility in crude oil prices and how Oil India looks at it, the CMD said they always are for stability as that helps plan exploration efforts.

He also added that oil prices are something which is governed by a variety of factors, including geopolitics.

"One of them is of course demand and supply and you would appreciate that the geopolitical situation across the globe has a major role to play. Therefore, while I would not like to speculate any number," the CMD said.