Oil India is reportedly planning to invest around Rs 9,000 crore in 2017-18 to drill new wells and build processing platforms for raising output.
State refiners are spending heavily to upgrade facilities to produce fuel with higher emission norms. All petrol and diesel sold must meet BS-VI emission norms from April 2020, according to the government mandate. Refiners today sell BS-IV fuels. All state refiners are also adding capacity at their existing plants to raise output to meet growing fuel demand in the country that rose 5% in 2016-17.
Oil India, a Navratna Company, is Asia’s oldest and biggest pioneer oil exploration and Production Company, while IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.