Maharatna PSU Oil India Limited has announced the discovery of a new gas-bearing pay zone in Rajasthan’s Dandewala field, as stated by Union Petroleum and Natural Gas Minister Hardeep Singh Puri. This development signifies a significant step in India’s efforts to enhance domestic energy production and move towards greater energy self-sufficiency. Natural gas has commenced flowing from the shallower Sanu Formation in the Dandewala field at a rate of nearly 25,000 standard cubic meters per day, marking a milestone for India’s energy production.
The minister emphasized that this achievement would propel India’s progress towards energy self-sufficiency, particularly under the leadership of Prime Minister Narendra Modi. He commended Oil India Limited for its dedication, technological expertise, and commitment in unlocking this new gas-bearing zone. This discovery aligns with India’s strategic focus on augmenting domestic exploration and production to reduce reliance on imported energy sources and fortify long-term energy security.
Oil India Limited reported a significant 76% sequential increase in net profit for the fourth quarter of FY26, with revenue climbing by 10% to Rs 10,013 crore compared to the previous quarter. The company’s EBITDA surged by 31% to Rs 3,281 crore from Rs 2,510 crore in the preceding quarter, leading to an improved EBITDA margin of 32.8% in the reporting quarter, up from 27.5% in the previous quarter. Despite shares of Oil India ending slightly lower on the NSE, the company has delivered robust returns to shareholders, witnessing a rise of around 20% over the last six months and more than 450% over the past five years.
