Ranjit Rath's new E&P mantra for Oil India
Oil India chairman Ranjit Rath is upbeat about the company's future as an offshore driller, especially in light of its new partnership with Brazil’s Petrobras.
Rath spoke to this report on the sidelines of the Advantage Assam 2.0 investment summit on February 25-26 (2025) in Guwahati. "We have signed an agreement with Petrobras to explore joint bidding for deepwater blocks in (the ongoing) OALP-10 round," confirms Rath.
"The government has opened up areas previously off limits in the deep seas for exploration." In 2024, the government reduced "No-Go" areas in the Exclusive Economic Zone (EEZ) by almost 99%, opening up a million square kilometres for exploration.
On offer in OALP-10 are 25 blocks spread across 13 sedimentary basins, covering 191,986.21-sq km. One of these blocks is in deep water, and 12 are in ultra-deepwater areas.
Together, these deep and ultra-deepwater blocks cover 133,724-sq km. "This bid round is primarily an offshore bid round with 19 offshore blocks covering an area of 175,115 sq.
km," says the DGH website. Oil India says it is keen to try for ultra-deepwater blocks.
"We are considering 10,000-sq km in the Andaman & Nicobar Islands and 5000-sq km in the Kerala-Konkan basin," adds Rath. "We have started drilling in Andaman & Nicobar and issued tenders for drilling in the Kerala-Konkan basin."
Launched on February 11 (2025), the deadline for OALP-10 bids is July 31 (2025). Rath was enthusiastic but also cautious about the company’s recent onland success at well Koboochapori-1 on the north bank of the Brahmaputra River, where it found traces of heavy oil at around 4600 metres TD in December 2024.
He confirmed only the possibility that hydrocarbons might be present but stressed the company has yet to declare a discovery. He confirmed that Oil India will conduct a fresh 3D survey of the area.
"We have initiated the 3D process," said Rath. He stressed that Oil India has changed its approach to exploration.
"Do not relinquish (blocks)," said Rath, explaining the new guiding principle. "Follow up with 3D."
Rath, however, declined to provide any timelines for possible Extended Reach Drilling beneath the Brahmaputra to appraise the Koboochapori-1 well.