Oil India discovers new gas-bearing zone in Rajasthan: Hardeep Singh Puri
New Delhi, May 23
Maharatna PSU Oil India Limited has successfully unlocked a new gas-bearing pay zone in Rajasthan's Dandewala field, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said on Saturday.
In a post on social media platform X, the minister said the development marked a new chapter in India's efforts to strengthen domestic energy production and move towards greater energy self-sufficiency.
According to Puri, natural gas has started flowing for the first time from the shallower Sanu Formation in the Dandewala field at nearly 25,000 standard cubic metres per day.
"India's quest to strengthen domestic production of energy scripts a new chapter in Rajasthan," the minister said.
He added that the achievement would provide fresh momentum to India's journey towards energy self-sufficiency under the leadership of Prime Minister Narendra Modi.
Puri also lauded the efforts of Oil India Limited, praising the company's perseverance, technological excellence and commitment in unlocking the new gas-bearing zone.
The development comes as India continues to focus on boosting domestic exploration and production to reduce dependence on imported energy and strengthen long-term energy security.
Moreover, the company reported a 76 per cent sequential jump in net profit for the fourth quarter of FY26. While revenue for the quarter increased 10 per cent to Rs 10,013 crore, compared to the previous quarter.
The PSU company's EBITDA rose 31 per cent to Rs 3,281 crore from Rs 2,510 crore in the preceding quarter. EBITDA margin improved to 32.8 per cent in the reporting quarter, against 27.5 per cent in the previous quarter.
Shares of Oil India on Friday ended marginally lower at Rs 500.45 apiece on the NSE.
However, the company has delivered strong returns to shareholders with rising around 20 per cent over the last six months as well as over the past one year. Over the last five years, the PSU stock has surged more than 450 per cent
— IANS
Reader Comments
Good news for energy security. But I hope the government also focuses on renewable energy equally. We can't just rely on fossil fuels forever. Still, every step towards self-sufficiency counts. 😊
The stock has given 450% returns in 5 years! That's incredible for a PSU. This new discovery should only add to that momentum. Investors must be smiling today. 😎
While this is a positive step, I'm a bit concerned about environmental impact in Rajasthan desert. Balancing development with ecology is crucial. Hope proper assessments are done. 🤔
Real breakthrough! 25,000 SCMD of gas from shallower zones shows our exploration technology is improving. This will reduce LNG imports for sure. Kudos to Oil India team! 🔥
Good for energy security but why do PSUs always announce such things when elections or important events are near? Either way, hope this actually translates to lower gas prices for consumers.
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