Oil India Limited ($OIL)

Hello. Ladies and gentlemen, distinguished guests and all our esteemed investors and analysts present here, a very warm welcome, and good afternoon to all. Firstly I would request the team to play the security briefing. [Presentation] Now I would like to invite our Chairman and Managing Director, Oil India Limited, members of the Board of Oil India Limited, along with the Managing Director and members of the Board of Numaligarh Refinery Limited to kindly come on to the dias and take their seats. Thank you, sir. Ladies and gentlemen it is indeed a great pleasure to welcome you all to Oil India's Annual Investors and Analyst Meet 2026. I would like to extend our sincere gratitude to all our esteemed investors, analysts, shareholders and stakeholders for their continued trust and support in our company. I'm happy to mention that today, we have with us from Oil India Limited, Dr. Ranjit Rath, Chairman and Managing Director; Shri Saloma Yomdo, Director, Operations; Shri Saloma Yomdo, Director, Exploration and Development; Shri Abhijit Majumder, Director, Finance; and Dr. Ankur Baruah, Director's, Human Resources. We are also honored to have with us from Numaligarh Refinery Limited, Shri Bhaskar Jyoti Phukan, Managing Director; and Shri Sachidananda Maharana, Director, Finance. I would like to convey our sincere regards to Antique Stockbroking Limited to coordinating today's event. Dear friends, being investors and analysts, you have always remained an integral part of Oil India's growth journey. Your continued support, valuable feedback and confidence in our company has helped us strengthen our position as an integrated energy company committed towards sustainable and long-term value creation. Over the last year, together, we have navigated challenges, embraced opportunities and continued to progress with resilience and determination. Your belief in our mission fuels our drive to push boundaries and create a lasting impact. During today's interaction, we will take you through the company's operational and financial performance, key strategic initiatives, project updates, growth outlook and sustainability initiatives across our business. This meet serves as an important platform for us to engage in meaningful dialogue, exchange ideas and address any queries or concerns that you may be having. We greatly value your insights, your suggestions and your perspectives, which continue to contribute towards our ongoing growth and long-term success. Once again, I thank you all for your presence and continued partnership. We look forward to a productive and engaging session ahead. Without further ado, I now request Mr. Varatharajan, Co-Head of Research Antique Stockbroking Limited, to address our esteemed audience. Over to you, sir. Thank you, sir.

Thank you, Verica. Good evening, ladies and gentlemen. It's my pleasure and privilege to welcome my co-analysts, investors and top management of Oil India Limited and Numaligarh Refinery on behalf of Antique Stockbroking. I would like to take this opportunity to compliment Dr. Ranjit Rath and his team for setting the 4 million tonne and 5 bcm target in terms of production goal and working tirelessly towards it. With the feeder pipeline about to be completed, I'm sure the goal will be achieved soon. My best wishes also to the team of Oil India as it embarks upon their biggest exploration campaign across KG Mahanadi and Anman basins. All the best to you, sir. Once again, extending a very warm welcome to everyone. Thank you.

Thank you, Mr. Varatharajan, for setting the context so well. I now request our Chairman and Managing Director, Dr. Ranjit Rath, to deliver his opening remarks and share his perspective on Oil India's performance and strategic direction.

Good afternoon. It's always heartening to have this outreach, and we make it a point that relentlessly, while we would pursue our shareholders' value creation, but it is very important for us to actually share what has happened last year or the year just concluded, but how do we plan our future growth. So thank you very much for carving out time for us. While we would have a small presentation to share our thoughts, what is our road map going forward in terms of Oil India and NRL as a group company's progress, we would actually welcome your feedback, your queries and give our best efforts to address those queries and provide you that assurance. So with that backdrop, I thought I would share my thoughts on this auspicious occasion, which is a ritual, but for us, it means a lot of value. It means a lot of importance, and we would like to assure you that we value your cooperation and response very, very positively. Distinguished shareholders of Oil India Limited, members of analyst and investor community and very valued stakeholders, thank you for joining us today for Annual Investors and Analyst Meet for FY '25, '26. I would also like to place on record our thanks to Antique Stockbroking for partnering with us for today's interaction. Over the last year, as all of you would know, the global energy landscape has continued to evolve rapidly set by geopolitical developments, supply realignments, energy security considerations and, of course, the ongoing energy transition. Yet one structural reality remains unchanged, that India's hunger for energy. Therefore, the energy demand, whether it is fossil fuels in terms of coal or oil and gas, continues to grow strongly. And therefore, availability of a reliable and affordable energy has become more important as it appears to be for today -- yesterday, today and tomorrow. Therefore, Oil India Limited today, by virtue of being an integrated energy company, presents a significant opportunity to contribute meaningfully to India's evolving energy landscape. As you all know, we steadily transform from being an upstream company primarily focused in onset -- onshore assets and onshore exploration acreages. Today, we are an integrated Maharatna CPSE with an array of joint venture and major subsidiaries across the value chain and enhancing our footprint for exploration. Let me give you a perspective. While the presentation will talk about the financial numbers, the current year, we witnessed highest ever drilling, that is 74, which includes 22 exploratory wells and 52 development wells. The year gone by also witnessed highest ever work over operations, that's about 307 in number. Today, as we speak, Oil India has got 1 lakh plus exploration acreage with its portfolio and about 4,800 petroleum mining lease. Basis this, this year, the consolidated performance, despite a softening of the crude oil from dollar terms from $78 to $69 per barrel, we posted a consolidated income of about INR 38,981 crores, demonstrating a 3% year-on-year growth. And the EBITDA and the PAT grew at a rate of 5% and 7%, respectively, while the EBITDA was -- is INR 13,498 crores and PAT is INR 7,551 crores. All of you know our market capitalization witnessed a growth of about 32% since April 2025. And I'm very happy to share and all of you are aware that this year, we announced a dividend, which is precisely the same that we had announced last year, that is INR 11.5 per share. Now this dividend -- assured dividend of last year, repeating it this year is coming on the way on the riding the fact that there is a decline in the crude oil price realization and there are certain write-offs as an E&P company we have done. That, I can assure you, is one thing to display that we value our relationship with our shareholders. Again, as part of our production effort, I will talk about exploration a bit later because production gave us revenue. Despite all the challenges, the production, we maintained a resilient production and the value -- the number stands at 6.64 million tonnes of oil and oil equivalent. This is primarily 3.45 million metric ton of oil and 3.15 bcm of natural gas. In fact, 2 unfortunate incidents happened, which we will discuss in the presentation that there was an economic blockade in our area of operation for certain reasons about some reservation and all that part of Government of India's employment opportunities issues. Now because of that, the production took a hit. So we lost an opportunity of crude oil of about 0.1 million metric ton of crude oil and about 0.3 million BCM of natural gas. Otherwise, we would have posted a much better number. I'm very happy to share with you that having done DRIVE 1.0 as part of our digital transformation, we have already earmarked identified 10 initiatives under 3 buckets for our Digital Drive 2.0 initiative. We will show that as part of our presentation. With respect to Numaligarh Refinery, the year also witnessed a superlative performance. Numaligarh Refinery, as you all know, is currently operating at 3 million tonne capacity. The refinery witnessed 103% crude oil throughput. So plus 99.1% operational availability, plus 87.25% yield, which is also the highest ever, plus highest ever MS production that is Motor Spirit or petrol, that is 727 TMT. Now with this performance of Numaligarh and Oil India, we could offer you a consolidated performance as a group company. In terms of upstream, I have already shared with you what are the physical achievements that we have achieved. But let me now talk about 2 different parts of it. As part of production, while we have done superlatively well in terms of production efforts, the transportation has also taken step. So earlier, we would have -- I remember last year, we had a similar interaction. So today, all of you would know that the Numaligarh Siliguri pipeline capacity expansion, that's a product pipeline capacity expansion. That is already commissioned. It was inaugurated by Honorable Prime Minister. That is a project I would like to share. The capital cost -- estimated capital cost was about INR 860 crores. We completed the project, 1.72 million metric ton MMTPA capacity. has gone to 5.5 MMTPA capacity for carrying evacuating products from the expanded refinery, which will be 9 million tonnes to Siliguri. And we -- while executing the project, we saved about INR 100 crores for that -- on that project. As far as the exploration effort is concerned, we will have a detailed slide on that. But as I can tell you, as we speak, 3 offshore drilling operations are currently underway. One, we are drilling a deepest well, 6,000 meter in this part of the globe in Kerala Konkan. It's a shallow water well, but it is a deeper well. We are drilling the third well in Andaman-Nicobar. The third well deeper well, the well drilling is complete. We are currently testing the sand formations. That is a third well we are drilling in our discovered small field block in KG basin. This is also a shallow water block, which we had acquired under DSF round 3. As far as our overseas assets are concerned, I'm very glad to share that effective November 2025, the force majeure which was there earlier in Mozambique project, has been removed. There are about 6,000 people on the ground. And we are now looking at the 2 trains, 2 LNG trains of 13 MMTPA getting commissioned in 2028 or early 2029. The equity gas for Oil India share will now flow to India from Mozambique. As far as our dividend is concerned from our Russian assets, we have already got more or less 100% dividend. That also we will capture in the presentation. The Numaligarh refinery expansion from 3 million tonnes to 9 million tonnes is on track. On 31st December 2025, we undertook crude in for the CDU. And as we speak, the commissioning process is underway. By mid-June 30 or July, we will have the mother units. That means 6 MMTPA of CDU and video will be commissioned. A month later, we will have DHDT commissioned. And by December or early January, we will kickstart commissioning of the PFCC and the RPTU unit, which will actually give us an average by March 2027, the entire refinery, 9 million tonnes will be commissioned. And the polypropylene unit work is anyway underway. There are 3 important things which happened. One, which last year also we had discussed, but we didn't have the authorization. So this year, we now have the Duliajan feeder line authorization, which will help us evacuate 3.5 million standard cubic meter per day natural gas, which can be produced from Oil India's Northeast fields to both Northeast consumers and to Millan India. Second, the new well gas, which all of you know, has got a 20% premium on top of the APM gas price, which is notified every month, will be now -- has been allocated to Numaligarh refinery. So while Oil India will get a value for its effort to enhance production in natural gas, NRL will also get a value because NRL will not be required to import the expensive West Coast natural gas or RNG. The third thing that has happened is NRL has now been notified as a reseller from the Duliajan-Numaligarh pipeline. Now that way, the Oil India's enhanced production. So today, we are doing 8 million standard cubic meter per day of natural gas. We can ramp it up to 13 million standard cubic meter per day. And by virtue of this, the Northeastern region will get saturated, and the CGD entities will now also get fed through NRL being a reseller by the newly commissioned maybe in a week's time, it will get commissioned, the Duliajan-Numaligarh pipeline. So we have a presentation where the pipeline route is shown, and we can have a detailed comprehensive on that. As you all know, there has been 2 more developments in recent week, the royalty and then the post wellhead cost realization. So we understand that end of the day, all these initiatives of Government of India is primarily targeted to have more gas in the hands of the upstream oil companies. And as you all also know that currently, Government of India is conceptualized a mission called Samudra Manan mission. The idea is that through a mechanism, while the data collection in terms of 2D and 3D, seismic data will be sponsored by government, government would also sponsor the deepwater and ultra-deepwater wells, which we intend to drill in our exploration acreage. One more interesting thing which has happened in recent times. While we all know that because of the Middle East crisis, there has been a turmoil in terms of supply side. So there is a thrust which Government of India is now doing to migrate possible shifting from LPG connection to PNG, that's pipe natural gas. And as we speak, Oil India has got its interest in 2 geographical areas in Kolhapur and Ambala Kurukshetra as part of Mainland India. And in Northeast, Oil India has got through its subsidiaries and JVs, the entire Arunachal Pradesh, Nagaland, 6 districts of Tripura, entire North Bank of Assam and 6 districts in the South Bank, including Guwahati City. Now this augurs well as far as our production potential of natural gas and also having consumption in the vicinity. I must share with you, till now, we have got about 80-plus CNG stations and about 73,300 PNG stations. Our plan is to take the CNG stations number to 500 and PNG to 1.4 million by 2030, '35. Another positive. We have already got a wholly owned subsidiary called Oil India Green Energy Limited. As you all know, as part of the gas-based ecosystem, which Honorable PM's -- call is to have a gas-based economy. To supplement that, we have got compressed biogas projects. So Oil India has been mandated to do about 25 compressed biogas projects. Two projects as we speak are under construction, one at Bhubaneswar, one at Tinsukya. And 2 projects, as we speak, are getting awarded, one in Jurhat and one in Agarkala; and the other projects are under various stages of DPR or in tendering. The idea is that all our alternative energy portfolio, which is renewable, both solar and wind and compressed biogas plants, will be housed under Oil India Green Energy Limited. Then, of course, all of you know that September 14, 2025, Honorable PM inaugurated one of our flagship initiative, which is 2G feedstock 2G ethanol, bamboo feedstock basis 2G ethanol. Now this is aligned to the alternative energy portfolio. This is aligned to import substitution because one could blend this ethanol in MS. But in addition to that, we are also getting -- this is green ethanol. We are also getting green [indiscernible]. We are also getting green acetic acid and biochar. Now all this are actually creating an opportunity for us even to export these products. Government has already provided exemption for export of these products. We are in the process of securing a [ REIT ] certificate, which is required to export to Europe as green products. What is the road ahead? Considering the fact that while during COVID time, we witnessed demand constraints or during U.S., Ukraine war, we witnessed supply constraint and as we speak, the Middle East crisis involving supply constraint, the focus of Government of India is not only ensure energy security, there is a serious thrust on exploration. So going forward, what we intend to do is about to drill about 100 wells in terms of 60 wells and 40 wells towards exploration and 60 wells towards production, to enhance our exploration effort in our deepwater and ultra-deepwater acreages that we have about 40,000 square kilometer; to appraise, and I must share with you something more interesting that's part of our exploration effort. To appraise the gas find, which we had announced in September 2025 in our Andaman exploration acreage. Today, we have got Total Energy, which is an international oil company as our technology service agreement partner to support Oil India Limited in its exploration effort in offshore. So going forward, while we are looking at this gas-based evacuation infrastructure to meet our target of 5 bcm of gas, we are also looking at currently, if we are drilling 100 wells this year, 4 million metric ton is an achievable target for Oil India Limited. As far as exploration is concerned, we have already done the 2D, 3D seismic in our deepwater acreage, and we will converge our drilling program, wherein we will get support through Samudramanan mission of Government of India to carry out our CapEx-driven deepwater exploration. So with this broad contours, I would again thank each one of you, both the investors, analysts and my distinguished fellow colleagues and shareholders of Oil India Limited to have reposed faith. Please continue doing so. We are here to allay any question, any response that you have after the presentation. Thank you very much.

Thank you, Chairman, sir, for your inspiring words and valuable guidance. May I now request Mr. Abhijit Das, CIRO, to take us through the presentation covering Oil India's performance highlights and strategic overview for the year.

Very good afternoon to our esteemed friends from the investors and analyst community present in the hall, our distinguished dignitaries on and off the dias. We are truly heartened to see the full house here today. Your presence gives the entire Oil India team a much needed flip to continue working harder and take this esteemed organization to the newer heights. The theme of the presentation is conquering new horizon that captures the spirit of what we have been doing and what lies ahead for positioning OIL a future-ready energy company with global presence. We have structured our presentation in 4 sections to begin with the company's overview that shows the scale of our asset base and key developments. We will then move to the financial highlights covering both the stand-alone and consolidated performance of the company, which has always been resilient as the past. Thereafter, the company's strategy and operational performance where we will cover each of our 4 business verticals. And finally, the corporate social responsibility showing our commitments to the nation's building. Now let us begin with the company's overview. OIL's perform and a long-term vision are guided by the distinguished leadership team and deep industry knowledge. Our Board of Directors is led by Dr. Ranjit Rath, the Chairman and Managing Director of Oil India Limited and Chairman of Numaligarh Refinery Limited. Along with us, we have Mr. Saloma Yomdo, our Director, Exploration and Development. We have Shri Abhijit Majumder, Director, Finance; Shri Trailukya Borgohain, Director, Operations; Dr. Ankur Baruah, Director, Human Resource. We have our government nominees in the Board, Mr. Vikas Singh and Mr. Bupendra Kumar, who has been the Nominee Director from Ministry of Petroleum and Natural Gas. We have Independent Director, Mr. Motilal Mina. As our Chairman has already briefed in his speech that over the years, the company has transformed into the fully integrated energy company with material presence across the entire value chain. We have been operating in 63 blocks covering 93,000 square kilometer of acreages and 54% are situated in Category 1 basin. Internationally, we are present in 5 countries, having investment in 6 assets with a committed investment of $3.4 billion. I would like to bring to the notice of the house that we have already recovered dividend of near $1 billion from our Russian investment, Tash and Banker. We own and we operate 3 crude oil, natural gas and product pipeline in the Northeast. In downstream front, we have 3 MMTPA refinery through our material subsidiary, NRL. Lastly, on the energy front, we have presence in renewable, green hydrogen, bioethanol and critical minerals. Our diversified joint ventures, associates and subsidiary portfolio reflects OIL's strategy and creating a balanced and integrated energy model. The portfolio not only strengthen our domestic value chain presence, but also provide international upstream exposure across the strategic geographies. Our strategic win under OLP and DSF block cover every major Indian basin and ensures a rich inventory in drilling opportunities. The FY '26 has been a year of substantial progress and every year, across the segment of entire value chain. Now we now walk through the major highlights, which we have achieved our highest daily crude oil production in the last decade of around 81,354 barrels per day. We have drilled 74 wells, the highest ever drilling performance in a single year, and we have completed 307 well workover, which is again a record for us. Additionally, our reserve replacement ratio has grown above 1, a material improvement from 0.94 in the previous financial year. We have 2 significant developments in our international asset. Firstly, the force majeure of Mozambique project has been withdrawn in November '25. And secondly, we have made a major commercial discovery in our Libya asset, asset DBA95/96. Our 2 pipeline augmentation project has achieved mechanical commission. NHPL product pipeline from 1.72 to 5.5 MMTPA, which is completed in the month of October '25. DNPL gas pipeline expansion from 1.2 million square cubic meter per day to 2.5 million square cubic meter is completed in the month of November '25. NRL, our material subsidiary, has delivered its best ever operational year, the highest ever crude oil processing, highest ever crude oil sales and the highest distillate yield. We now have 5 CBG plant in the various stages, 2 are under construction, as already been shared with you by our Chairman, and 2 are under the tendering process. The 49 KTPA bamboo-based 2G bioethanol plant was inaugurated by our Honorable Prime Minister on 14th of November -- September 2025. OIL has delivered a resilient performance at its consolidated level, both at the top line as well as in the bottom line. Company has paid a dividend of 115% during FY '26. The performance of NRL was also excellent, and the GRM has been 1.6x as compared to the previous year. The stock of our company has given a return of almost 32% as compared to the 7% of Bombay Stock Exchange Oil and Gas Index. This showcased the confidence that market has placed on the company. As we stand on 28th of May, our market capitalization was INR 82,000 crores, and we have been very consistent in paying dividend across the past also. OIL continues to maintain a strong financial profile reflected in the highest domestic credit rating and stable international ratings from the leading credit rating agencies. It is further enforced by strong Government of India ownership and their confidence of reputed institutional investors. We want to share with you the recent media coverage on our strong operational momentum and growth plans. The media attention continues on our performance. Next, let me go through with you the financial highlights of the company in the previous year. The top line of the company was INR 38,981 crores as -- and the EBITDA was INR [ 3,498 ] crores, which shows at around 36% of operational efficiency as compared to the total income. We registered a PAT of INR 7,551 crores in the group level. We have a PAT of INR 4,555 crores on the stand-alone level. Our EPS on the previous year was INR 27.39 per share. If you look at the slide of the top row, you will see that the crude oil price realization during the last 5 years has been lowest. We had a price realization of $69 per barrel in FY '26. This was the lowest of the last 5 years. In spite of having lower price realization, we have been able to maintain our top line of INR 24,039, and the net worth has been showing a growing trend on a year-to-year basis before -- because of accumulated profit. We have maintained our debt-to-equity ratio of 0.27:1 steadily during last 5 years. From a consolidated point of view, our performance was -- our performance was very steady as compared to the previous year. We have an increase in total revenue by 3% and the total PAT by around 7% as compared to the previous year. This slide shows how the value has been created by the company during the last 5 years. We have been consistently paying dividend. In last 5 years, we have been distributed INR 9,028 crores of dividend to our shareholders. And contribution to the [indiscernible], both to the central government as well as the state government was around INR 50,000 crores plus. We have also distributed dividend in the past. Recently, we have done in the year '24-'25 is 1:2 bonus share per equity share. Now let us move to the next section of our presentation, the strategy and the operational performance. One near-term strategy has been built on our 4 core pillars, the upstream, we have planned to scale our production from 10 million to 12 million metric tons of oil equivalent by 2030. We further target to drill around 100 wells in FY '27. On midstream, we have expanding capacity across the 3 pipeline segment. The crude pipeline, we are doubling the capacity from 9.65 to 18 MMTPA. For the gas pipeline, we're increasing our capacity by 4x and our product by 2x. In downstream, NRL refinery expansion from 3 to 9 MMT is all well in underway. Lastly, we set an ambition of 5-plus gigawatt of renewable capacity by 2040 and 25 CVC plant by 2030. Now as we have covered our ambition, let us share with you the plan on how we intend to achieve this. We have very clear growth plan with multiple initiatives across the 4 pillars of the entire value chain and clear path to net zero by 2040. I will cover the key initiatives that we plan to undertake the upstream, downstream, midstream and the new energy. First, let us focus on the upstream business. We have witnessed a strong 2P reserve base during FY '26 with 1 plus reserve replacement ratio with the reserve base of 231 million metric tonnes of oil and having a reserve span life of 31 years. Our healthy reserve base has driven by the combination of 3 pillars. First, we have expanded our acreages by 60% over the last 4 years. Second, we have continued to actively pursue the seismic acquisition across our newly acquired acreages. We have tripled our number of wells from 7 to 22 during last 5 years. One significant development I would like to highlight is that we have pioneered concurrently the 2D and the 3D seismic survey in FY '26 across selected frontier offshore basin. This has resulted a meaningful reduction in time to the potential discovery. In this slide, we'd like to draw your attention that from 1889 to 2026, we have been drilling deeper, and we started with 200 meters of drilling. Now in the current financial year, it is 6,500 meters, which is a committed drilling deeper access to hard-to-reach reserves. In last 3 years, we have 8 discoveries. In the year 2025, our reserve replacement ratio was 0.94. In the current financial year, it was 1.20. Next, I want to spend a few times to share with you about our exploration efforts in shallow, deep and ultra-deepwater. Both across shallow water, deep and to ultra-deep, we have acquired an acreages over 51,000 square kilometers across 8 blocks. In shallow water, we have drilled 3 wells and 2 wells are underway. In deep and ultra-deepwater, we planned -- will follow -- well plan will follow the ongoing analysis of 2D and 3D seismic data. The company has constituted a multidisciplinary team to accelerate offshore exploration and resource development in line with the nation's objective for accomplishment the mission of [indiscernible]. A key development I would like to highlight is that we have entered into the partnership with Total Energy in November '25. This partnership enable us to jointly work towards offshore seismic program design data, interpreting and evaluating the opportunities across prospective areas. This brings to us the world-class technical capabilities, and we see this as a critical enabler for our offshore ambition. I would like to take you through the production performance. The company has delivered 3% CAGR over the last 5 years from 5.06 million metric ton of oil to 6.64 million metric ton of oil equivalent in FY '26. We were, in fact, on track of higher production growth in FY '26. However, due to an economic block of 10 to 15 days in our producing areas, which has resulted a potential loss of crude oil of 0.1 million metric ton of oil equivalent. Our total CapEx for the financial year '25-'26 was INR 13,025 crores. Approximately 60% of the CapEx were directed towards the exploratory and development drilling activity and effort to increase the near-term production and reserve accretion. 25% of the CapEx was deployed towards capital project and production facilities and remaining 13% was represented in strategic investment in subsidiaries, associates and joint ventures. I want to emphasize that the increase in FY '26 CapEx is majorly driven by the growth investment in business and not by the cost and time overrun. I would like to focus on our midstream business now. We are expanding our pipeline network to enable our upstream and downstream growth ambition. On natural gas, we have upcoming feeder line connecting our Northeast fields to Inogenous gas grid for which PNGRB regulatory authority has been obtained in February '26. Mechanical completion is expected in FY '28. Post completion, the gas offtake upliftment will increase by 40%. Second, the dedicated Duliajan-Numaligarh pipeline was under expansion from 1.2 to 2.5 MMSCMD to meet the incremental gas requirement of NRL refining capacity. This pipeline has now been mechanically completed and will be commissioned during the year. I'm happy to share with you the incremental 1.5 MMSCM per day of gas flowing through this pipeline is eligible for 20% of new well gas premium, leading to a meaningful realization upliftment. On our product pipeline side, Numaligarh-Siliguri pipeline has been expanded from 1.72 to 5.5 MMTPA to support the increased product offtake from NRL enhanced 9 MMTPA capacity. Mechanical completion was achieved on 12th of October 2025, and this pipeline was inaugurated by Honorable Prime Minister on 13th of March 2026. Notably, we delivered this expansion at a project cost of INR 750 crores against approved outlay of INR 860 crores. This is the map of the pipeline where the Northeast gas grid is 390 kilometer, the Duliajan feeder pipeline is 175 kilometer. DNPL is 192 kilometer and North Bank extension approximately 150 kilometer. Next, I would like to focus on the downstream business. We are happy to share our material subsidiary, NRL has confirmed [indiscernible] status in December '25. NRL has continued to demonstrate strong operational efficiency in FY '26 with highest ever capacity utilization of 103%, highest ever distillate of 87% and significant improvement in GRM of 1.6x as compared to the previous financial year. One of the key requirement of the expansion of the refinery capacity is need to import of crude oil for feedstock. For this, a dedicated 9 million metric ton per annum crude oil from Paradip to Dimaligarh is under construction. As of 30th of April 2026, we have achieved 92% physical completion and 99% of ROU acquired. Finally, let me touch upon the new energy business of our company, which is housed under Oil India Green Energy Limited, which is 100% subsidiary of Oil India Limited. Our green energy perspective, we continue to expand our footprint through our wholly owned subsidiary, Oil India Green Energy Limited. On renewable energy, we have approximately 2 gigawatt of renewable capacity under pipeline through JVs across Assam, Himachal Pradesh and Rajasthan. We have initiated construction of 2 plants under CBG and 3 plants are under tendering process in Orissa, Assam and Tripura. Moving to the last section of our presentation is the corporate social responsibility. I would like to focus on the sustainability, which continues to be a key priority of our company. I would like to highlight the couple of metrics. We are on the track to achieve our net zero target of 2040. We have minimized the gas flaring to 1% to 2% from an ambition to reach the net zero routine gas flaring by '27. On health and safety, we continue to maintain the low lost time injury frequency of 0.209 with 0 occupational illness caused during the year. Oil India remains deeply committed in the national building with the CSR activity. During the last 5 years, we have empowered over 2 lakhs individuals. We continue to run a range of initiatives across 6 pillars of CSR, health care, education, skill development, community development and environmental sustainability. Lastly, we have got a dedicated investors team with myself as a CIRO and Mr. A.K. Sahoo, the Company Secretary and Executive Director of Oil India Limited or any investment-related queries, you are always welcome and kindly contact us in the e-mail given in the slide. With that, I would like to thank all of you for your time and attention. So ladies and gentlemen, the floor is now open for the Q&A session. We'll be happy to answer your questions. I request the house to please mention your name and the name of your organization while raising query. Thank you, and have a good day.

This is Nitin Tiwari from PhillipCapital. Sir, my question is with respect to your offshore exploration program. So it would be great if you can elaborate that -- on that program a little bit. What is the kind of capital expenditure we are looking at in our deepwater offshore exploration specifically. And we have predominantly been an onshore company. So how do we look to address the capability gap that we require for offshore exploration and capital requirement gaps, if any? So that would be your first one, sir.

First of all, thank you very much. You couldn't have asked a better question than this. Look, as far as our offshore exploration is concerned, we have about 50% of our acreage is currently offshore exploration acreage. Just to give you a perspective, we have about 10,000 square kilometer shallow water in Andamar-Nicobar on either side of Andaman-Nioba Island. We have about 3,000 square kilometer in Kerala-Konkan West Coast. And we have got a small DSF block discovered small field block in the shallow waters of KG basin. As we speak, we are drilling the deepest well in this part of the globe in offshore waters, the shallow water depth, but well is deepest, 6,000 meters. Currently, we are at around 3,400 meters. Similarly, we are currently completed drilling of the third well, Andaman-Nicobar. Second well, while drilling second well, we had reported occurrence of natural gas. and third well drilling is complete, we intend to do testing, go back to the test the first well, which we had capped currently and do testing as well and also drill the fourth well, which is identified as far as our exploration effort in Andaman is concerned. The DSF block, we realized that there is a potential in the DSF block before we plan for the field development. So what we did, we decided to drill an appraisal well in DSF that is Kerala-Konkan. And that is likely to give us an upside basis which we will design the platform and create evacuation infrastructure to bring it to the [indiscernible]. As far as the reported gas occurrence is concerned, in the second well of Andaman-Nicobar, we are currently carrying out appraisal of that particular gas -- reported gas occurrence. Three things happened. By virtue of that reported gas occurrence, we have been able to prove that Andaman-Nicobar basin is a petroleferrous basin. B, we, by virtue of that particular effort is having a traction with international oil companies to support us, and that's how we have got a collaboration with Total Energy under a technology service agreement framework because Total is not a service company, it's an operator. So basis their intervention, we have reprocessed the 2D seismic data basis which we had done the drilling. And currently, as we speak, the couple of -- last couple of lines are being completed for a 600 square kilometer of area for 3D seismic. Once we do the processing and interpretation, we intend to drill a well, which will be appraisal well for our gas find in Andaman-Nicobar,. To give you an assurance, before I come to your CapEx numbers, we are -- we have mastered the art of handling mature oil fields in onshore. As far as offshore is concerned, we have recrystallized our well-location release, release of locations. So we have an internal team, which is first would do the studies through engagement of international consultants. And then we would have release of locations. Then we have an OpEx body, which is chaired by Director Exploration Oil India Limited and Director Operation is an invite in that committee or the Board, which decides on release of locations. After that, we engage international consultants to reaffirm those locations before even spudding the well. Therefore, a thorough due diligence is carried out before we before we commit our exploration CapEx. And that's how we could -- on the second well in Andaman Nicobar, we could report occurrence of natural gas. As far as CapEx is concerned, per well, shallow water would cost us about INR 800 crores. And going forward, we have already drilled 2 wells. Third well is on, probably we'll drill another well. And the Kerala Konkan second well will be contingent on the first well. So that's the CapEx in terms of shallow water. As far as deepwater is concerned, I'll give you a construct. We have got about 40,000 square kilometer of deepwater and ultra-deepwater acreage across 2 blocks in Mahanadi Basin and 2 blocks in Kerala Konkan -- sorry, KG. We have already completed 4,200 line kilometers of 2D seismic and 5,300 line kilometers of 3D seismic. As we speak, the processing is undergoing. Now the idea is that Government of India's Samudra Manthan mission is going to sponsor the deepwater and ultra-deepwater exploration wells. The exact contours are still work in progress. It's in approval -- under approval. So we would really come to know once it is notified how many number of wells government is going to sponsor 100%, how many wells government is going to sponsor 50% or precisely how the mechanism would be. But our approach is that by virtue of the international collaboration and then the data acquisition process, we will identify and release the location for exploration. So our target is to have spot a deepwater well in mid-2027. That's about June 2027 by about exactly 12 to 13 months down the line, which will align to the fund available through Samudra Manthan Mission. As far as our CapEx is concerned, since this will be underwritten or will be sponsored or will be reimbursed by Government of India, Samudra Manthan Mission, we are sure and confident that we will be able to pursue our deepwater and ultra-deepwater exploration initiatives. So only after these confirmations are available, I'll able to tell precise numbers, but the data that we have seen through the petroleum system modeling studies for the Mahanadi deepwater blocks and KG deepwater blocks, we foresee that we could possibly drill 4 plus 4 wells, and that's the language that 4 wells you will drill the next 4 wells will be contingent upon the success of those previous 4 wells. So each well would cost about INR 1,200 crores. So that is about INR 4,800 crores to INR 5,000 crores as far as Oil India is concerned, should there be any concern in terms of Samudra Manthan mission or we identify more locations to drill, we will be able to fund these deepwater wells. So I hope I am able to answer your question.

So sir, my second question was with respect to NRL. So what was the excise duty benefit that we had in NRL in FY '26? And how is it going to look in FY '27, given the excise cut that has been taken?

Okay. But I missed out one more thing. And since all of us are here, there are 2 things which I will share. Government of India as part of deepwater exploration effort has also identified INR 3,200 crores for undertaking 4 stratigraphic wells. 4 stratigraphic wells, 1 well in Andaman-Nicobar, 1 well in Mahanadi Deepwater, 1 well in Bengal, Purunea basis offshore, well in Saharashtra offshore. And it has mandated Oil India and ONGC to jointly carry out these drilling activities, which will be reimbursed from this corpus of 3,200. With respect to capability gap, I would like to give an assurance here. Yes, Oil India Limited had done offshore exploration before also. We -- from a legacy point of view, we had done exploration in Mahanadi Shallow water offshore. We had also drilled 1 well in Kabur Basin, which is about depth was about 415 meters. We are not successful, but that's okay, being an oil E&P company. And 3 wells in Andaman before. That's, of course, in late '80s. Now what we have done, we have enhanced our capability through active learning process. We have sent our team, both geologists, drilling engineers, geophysicists, all of them are on a continuous training program. And our drilling force is, as we speak, has been trained using ONGC's facility and with other service providers facility. So that's a continuous process which is going on as part of capability building is concerned. Should there be a discovery, of course, we would require additional capability in terms of deepwater field development. But as far as exploration technique is concerned, Oil India is fully capable. With respect to excise duty of NRL, now -- now for this current year, the amount that is accrued is about INR 3,000 crores. But the one thing which I would like to share that the Numaligarh refinery, which is currently operating at 3 million metric tonne, going forward, we'll operate at 9 million metric tonne, does not have any sunset clause for excise duty -- excise duty benefit. So we will -- NRL will continue to get 50% Northeast excise duty benefit irrespective of the capacity expansion.

No sir, my question was with respect to the overall cut in the duty of INR 10, which was taken recently. So is that going to...

See, if you -- only thing that I wanted to add is that though last year, we earned around INR 3,000 crores in terms of excise duty benefit. If you see the current margin, current margin is equivalent to -- can you please -- the current margin is equivalent to as if we are getting excise duty benefit. So what point that I'm trying to drive in is that so long we have this margin, actually, we don't need this excise benefit, but things does not remain the way it is. So excise, to my opinion, is going to get calibrated based on the overall FOB of HSD, which is the driving force for that refinery transfer price, which happens between NRL and the OMCs. Therefore, there will be a calibration of excise duty if the prices were to come down. So it has happened in the past. And based on that statistics only, I'm very sure that it will also happen in future.

This is Probal here from ICICI Securities. A couple of questions. Firstly, with respect to again, NRL, is the export option now still sort of a material one in terms of the viability of the 9 million tonne capacity, number one. And number two, in terms of the -- I mean, the technical arrangement or the joint venture that we have with Total, can you please share some granularity in terms of how the commercials will work? And the third small question was with respect to the sponsorship of the deepwater wells. Is it then natural to assume that the fiscal terms, therefore, of the field, if and when it gets to production, the fiscal sharing with the government will obviously be very different considering that the government will directly be sponsoring the wells?

Okay. First is export option of NRL continues to stay unabated. And despite the turmoil that we witnessed in our neighboring country, we continue to export. That's HSD. We -- that Indo-Bangladesh Friendship Pipeline continues to be one of our options to export. But I can give you an assurance that the 9 million metric tonne capacity expansion is not pivoted only because of Indo Bangladesh Friendship pipeline. India, as we know, is currently growing and the consumption of the products, refined products is growing at 7% to 8%. So the 9 million tonne capacity utilization, 9 million tonne production from NRL will find its market, both in Northeast and also in Mainland India, for which the Numaligarh Siliguri pipeline has been upgraded to 5.5 million metric tons per annum. As part of our spread in Northeast is concerned, at Numaligarh, we have created additional infrastructure or supply depots at Punchgram that is near Silchar, at Singjimari that is near Guwahati and at Joigapa, that is West Assam. Now after this, we are also creating additional tankers facilities in Siliguri so that the eastern part of the country, that is Bihar, Orissa and Eastern UP can also be catered or the product can be supplied. So viability of 9 million metric tonne is absolutely no worry. Let me give you a construct, the collaboration that we have with TotalEnergies Limited, that is between Oil India and TotalEnergies. Initially, the collaboration was to support Oil India Limited and validate the release of location of stratigraphic well, which was -- which is currently sponsored by Government of India, primarily to create a database for making India as the exploration destination of the world and these stratigraphic wells are intended to establish possible prospectivity of these basins. Now pursuant to the discovery, not so not discovery, but reported occurrence of natural gas in the second well of Andaman-Nicobar basin, our traction with TotalEnergies has increased. TotalEnergies is not a service provider, but there by virtue of our collaboration, they are supporting Oil India Limited in its offshore exploration. So that is also another capacity building exercise through which our team is getting the insights. Now the granularity is it is a service agreement where the experts or the domain experts of TotalEnergies is supporting Oil India Limited. And should there be any material proposition to undertake drilling, Total will also have a say in terms of possible investments. So this way, we are actually -- we have secured our capital prudence for our exploration efforts. And the third point, -- the Samudra Manthan mission is primarily intended to encourage exploration footprint in the deepwater and ultra-deepwater basins of Indian West Coast and East Coast and Andaman-Nicoba within the exclusive economic zone. These blocks are primarily Category 2 and Category 3 basins where the revenue sharing is nil. And the royalty is 7-year or 15-year deferred. So we -- these are all model revenue sharing contract. We do not foresee any change in the royalty per se. However, since Government of India is -- the Samudra Manthan mission is currently is work in progress. Notification is yet to happen. The actual implementation mechanism is not yet known per se. Therefore, I would request that we will wait until the actual notification happens after the approval at the government level, and then we can discuss. But one thing is for sure that the Samudra Manthan mission is aimed to support exploration efforts because these are all high CapEx exploration efforts for deepwater and ultra-deepwater. I hope I have been able to answer your queries. Thank you.

This is Somaiah from Avendus Spark. Three questions, sir. So first is on NRL. You did mention about the time lines for NRL in terms of CDU, VDU start-up and full commissioning by March '27. Just wanted to understand when is the first product can come out as an output? What is the level of utilization we are expecting, let's say, by end of FY '27 and FY '28? That's the first question. Second question in terms of NRL CapEx, how much have we spent so far? What is remaining as part of the -- both petchem as well as the refinery project? And the third question is 2 parts. This is on the upstream front. Our expectation in terms of production growth for this year. You did mention we can go to 4 million tonne in oil with 100 wells. And also gas outlook, if you could touch upon and the CapEx outlook, would it be still this INR 13,000 crore run rate on the upstream side? Those are my questions.

I will attempt, and I will request MD NRL to support me. With respect to the time line of NRL capacity expansion commissioning, yes, you are right. It will be March 2027. And while we would attempt to do, it's all planned and it's on time. the mother unit, CDUVD1, HGT per se. And part of the sulfur recovery unit to produce MS will be ready by end July. So Abhijit, we are looking at about, what, 400 TMT production after that?

Around that only. It will be mostly diesel because DHDT unit will be up and running. And lateR part of the third quarter, even the MS plant will also start operating. So that way, 400 TMT is a very safe bet as of now. So that's 400 TMT. But you are right, we are looking at -- because this is a brownfield expansion, March 2027 to March 2028 is a fair time to have the refinery up and running stabilized 9 million metric tonne. That's first question. Second, in terms of CapEx, we are looking at about INR 40,000. Combined CapEx will be around INR 46,000 crores, including the PPU unit, polypropylene unit.

So the polypropylene unit is about INR 7,200 crores. The rest is the Numaligarh refinery expansion, which includes the Paradip-Numaligarh pipeline also, crude oil pipeline. And as far as Oil India is concerned, you are right, the expectation or if I repeat it, if we are able to drill 100 wells, we will touch 4 million metric tonne. And gas, Trailukya, we will look at, what, 3.5 3.35 Bcm, but 18 months down the line, Currently, we are doing about 8 million standard cubic meter per day. 18 months down the line, once Duliajan feeder line is up and running, commissioned, Duliajan Numaligarh pipeline, 2.5 up and running, commissioned, we will be able to touch 5 bcm. That's the gas, but that's 18 months down the line. As far as CapEx is concerned, we are looking at a rollover CapEx of INR 10,000 crores last year, this year and year after. That's about 100 wells per year in onshore basis. And the shallow water wells that we are drilling in offshore waters. I hope I have been able to answer your questions.

Achal from Ambit Capital. Just want some clarity on the Newell gas part. So is it the production from Oil India, which is getting reclassified under Newell gas? And if yes, then how will the share move over the next 2 to 3 years? The current understanding is that 100% is in APM.

Okay. So last year also, we had a similar situation. We had discussed about Newell gas, and we were waiting for allocation. I'm very glad to share that during the recent notification, government has allocated 1.5 million standard cubic meter per day as Newell gas allocation to Numaligar refinery. Now this new well gas is primarily -- now all of you know, Oil India produces from the mature fields. So it includes or it involves additional drilling, additional workover, a, to sustain the production on top of 10% to 12% production decline and still report a CAGR of 4% growth year-on-year. So to do that, the interventions that we do, the additional wells that we are going to drill hence forward, the additional workover that we are doing hence forward would actually entitle us for that new well gas. And the question is, this new well gas needs to be allocated by government. So what we intend to do is that once the evacuation now this way, we have got an allocation, -- then I must share, and I think last year also, I have shared this, the allocation has got a priority allocation. First, it gets allocated to the CGD entities, then it gets allocated to the fertilizer, then refineries, petrochemicals and then finally to the power plant. So once we have the evacuation facilities and the CGD entities on the Mainland India will start getting the natural gas from the Northeastern fields, we will have additional allocation. So it is a work in progress. And this way, we also see a delta accrual on top of our APM price point, which is about 20% I hope I have been able to answer your question.

Sir, just one clarification. So since the time we don't get the CGD network and the first gas moves to the CGD network, this 1.5 MMSCMD, which got allocated to NRL does not have any benefit. Is the understanding clear? I will have a slight recalibration here. The 1.5 million metric standard cubic meter per day -- million standard cubic meter per day is allocated to Numaligarh refinery. And once Numaligarh refinery is commissioned, this gas will be fed to NRL, and we will get the benefit out of it. So we'll have to wait for commissioning of the Numaligarh refinery. One more thing which has happened recently is now Numaligarh Refinery has become -- has been notified as a reseller which is an exceptional waiver we got from PNGRB despite Duliajan-Numaligarh pipeline as a captive pipeline. So this way, about, as we speak, 50,000 standard cubic meter per day gas will be allocated to Northeast gas distribution company and Puru Bharati Gas Distribution. Now the question is, once we saturate the Northeast CGD entities, we will be able to push the gas to Mainland India. So it's a matter of time that we get our allocations and then only the accrual will happen. So you are right in that point that there is a delay in accrual, but the production and the evacuation is an imminent need for Oil India Limited. Dhruv Rani from Bridge PMS. I had a small query. -- the DNPL pipeline getting operationalized, the evacuation of gas will happen only from Oil India fields in Assam or it will also happen from the JV partners fields also? DNPL, pending DFL authorization, DNPL was planned to be converted as a common carrier. Now DNPL Board has -- now since DFL is authorized, DNPL has taken a decision that they will remain as a captive pipeline. So this -- that means it is Oil India molecules going through DNPL to NRL. The recent exemption that we have got is should Oil India be able to push more gas, which Oil India will do, NRL will be empowered or entitled to -- as a reseller will sell those molecules to GAIL and GAIL will sell to all the stakeholders that is possible. As far as Oil India is concerned, DNPL mechanical completion of 2.5 million standard cubic meter per day capacity is already done. Because of the Middle East crisis. NRL, we are unable to take a shutdown of 7 days. Once we take a shutdown of 7 days, DNPL will get commissioned, and we will start pushing natural gas through DNPL. So as we speak, it's a captive pipeline.

Vikash Jain from CLSA. So Dr. Rath, thanks for your explanation. It's always very useful and detailed. On your gas thing that you spoke about, is our understanding correct if we say that currently, your production is 8 MMSCMD roughly in that thereabouts. On if this rises because of maybe Navaligarh being able to take more gas and then the other pipeline allowing you to sell gas to other parts of India, will the incremental gas be seen as new well gas til the time production stays as 8 MMScmd, everything will be sold at the APM price. Is that the right way to think about it?

Slight correction. Till even if we -- today, we get -- sorry, the new well gas is an allocation mechanism. 8 MMSCMD, even that includes Nwell gas by definition, but not by allocation. Only when it gets allocated as a newwell gas, you accrue 20% premium. Otherwise, you get APM price. So as far as 8 MMCMD is concerned, currently, we are realizing APM price. As far as 13 MMCMD or 15 MMCMD, which is going to happen, if it gets allocated, we will get that delta 20%. If it is not getting allocated, we will continue to get APM price.

Okay. Yes, understood that technicality. So now just to be a bit more specific, if we are at about 8 MMSCMD right now, as Numaligarh starts to ramp up, which will be maybe towards, say, end of this calendar year, early next year, we start pushing that extra 1.5 MMSCMD, which may ramp up only, say, 12 months out. So should we say that this 8 will grow to about 9.5, 10 9.5 in FY '28 and then maybe FY '29 is when you get to the 13 with that other pipeline connection as well? Is that how one should think about it?

I would give a perspective slightly different. It's like this. We were waiting for this Duliajan feeder line authorization, and this connectivity will actually open up the Vista. OT Limited today is sitting with a gas pool 2P reserve 121 million metric tonne oil and oil equivalent. We can ramp up our production from 8 million to 13 million to 15 million standard cubic meter per day. We have already identified 15 to 18 dry well, deep wells and dry gas wells to be aligned to the authorized pipeline once it gets commissioned. So while we are having a guidance of 3.35 bcm for the current year, year ending March 2027, the year ending March 2028 will be different. It will be different in 3 terms. One, NRL by now would be running full capacity. So 3 million standard -- it's not 2.5 million, it is 3 million standard cubic meter per day NRL will be requiring. By then, the other allocations would have happened and the gas will flow after saturating the limited CGD demand that is happening in Northeast, the gas will also flow to the Milan India. So our target of 5 bcm is an achievable target.

And a target by end FY '28?

Yes.

Okay. And oil production, sir. So last quarter was, of course, fabulous, one of the highest production in many, I think, more than 10 years or so. What was the exit rate around March in terms of 1,000 barrels per day? I mean, what did we hit in March? And where are we running?

I'm so happy to answer this question. In fact, having drilled 76 wells, out of which 52 wells are development wells, this week and week before, every day, we are getting new gains and new gains, having done 307 Saloma, the number was, what, 10,600 barrels 10,670 barrels per day -- sorry, tonnes. And as we speak today, it is 82,200 barrels. As we speak today, another highest, 82,222 barrels per day. So today also is the highest.

Okay. So we are well above 80,000 barrels per day?

Yes.

Congratulations on that, sir.

So if you touch 11,000 TMT, what Director Exploration gives me an assurance, you are there at 4.

4 million tonnes. And sir, on the CapEx bit, last year, you showed that there was a lot of increase in survey costs and survey activity grows. What of the INR 10,000 crores, could we just break that down into what is the plan for survey? What is the plan for exploration CapEx and development CapEx, please?

As an exploration company, I wish I have such a nice narrative of pockets. You would appreciate, though this is a linear thing, it is actually not always happened that way. What is defined is the basic studies that we do. But the seismic piece, which is 2D and 3D, it is done when you have availability of blocks. Let's say, the 40,000 square kilometer that we had as part of May 2025 petroleum exploration license granted to us, 2 blocks in Mahadi, 2 blocks in KG, deepwater, ultra-deepwater, we undertook 4,200 line kilometers of 2D seismic, 5,300 square kilometer of 3D seismic this year. So we had an uptick in terms of seismic investment. That's not going to be the case year after year after year. But what is going to happen now since we have already tested the production impact from a 3 year ago, 35 number of wells to 74 wells this year, and our target is to drill 100 -- 100 wells the current year. We intend to drill 100 wells, 100 wells, 100 wells. How are we going to do that? Earlier, we used to have a released location inventory, that is drillable locations inventory of about 45 or so. So we were drilling 30 wells, 35 wells and inventory was about 45. Today, as we speak, we carry a released drillable location inventory, Saloma, 218. It's 218. And we have our internal mechanism, a 2-tier scrutiny mechanism to release these locations. So to our mind, the Assam self, while we were doing an average depth of 2,300 to 2,500 meter 3 years ago, last year, we did an average depth of 4,300 meters. And going forward, that will be the stake. So my idea of sharing with you is the CapEx will primarily be on 100 number of wells. These are deep wells. And these deep wells are actually helping us to post that 4% CAGR on top of 10% to 12% decline year-on-year.

Okay. Just one last clarification. Should we think about Samodraramanan as kind of a capital subsidy that the government wants to provide to upstream companies as an investment, which may allow if they get it right, to bring about the prospectivity of these yet to be proven basins, and that's where it stops. We should not think of government then trying to recover it back in some other form, et cetera, because most likely PSCs will not change, right?

I can tell you 2 things about it. Since it's a work in progress, approval is in the offing, I would refrain my opinion about the mechanism on which it is going to be implemented. But one thing is for sure, this will be supporting the deepwater and ultra-deepwater exploration efforts in the country. And that support is not only be available to Oil India or ONGC for that matter. It will be available to all the entities, which will carry out deep and ultra-deepwater exploration in the country. So this way, this will also pave the way for the global oil majors to collaborate or to do on their own exploration in India. The most likelihood scenario will be the international oil majors like we have already got Total with us, the international oil majors will collaborate with national oil companies for enhancing the exploration footprint. The exact mechanism, exact methodology, let's wait. was announced by Honorable Prime Minister on the Independence Day of 2025 before Middle East February -- because of the reforms of Government of India from 2022, 2023, 1 million square kilometer of area has been unlocked for exploration. So first time under OAP bidding Round 9, we had opportunities to submit bids for deep and ultra-deepwater blocks. And I can share with you, as Oil India Limited, we submitted 9 bids, and we were successful in all the 9 blocks to pick up our blocks for exploration. So to support this, Government of India has recently 2025, amended the Oil and Oilfield Development and Regulation Act Government of India has created this construct called Stratigraphic -- well initiative, now Samudra Manthan mission. So all this is primarily to encourage exploration and to look for 1 or 2 big commercial discovery. We are continuing to do exploration irrespective of crisis. When we decided to drill the 6,000-meter deep Kerala Konkan well, there was no crisis. And with crisis, I'll tell you what we did with the crisis. We had to do appraisal of the gas find in the second well of Andaman-Nicobar. In a normal case, one would wait, do tendering, bring another vessel and the appraisal process would have happened 1 year or 2 years down the line. We renegotiated the contract and got the seismic vessel to mobilize the spread on an ASAP basis and carry out the seismic data acquisition for our appraisal process. So this is how Oil India rises to the occasion to fast track and do early monetization. I'll give one more example. Oil India has got one DSF block called Bakritiba in Rajasthan. All of you know recently, we have announced one of our discovery, of course, this year, a discovery in 950-meter depth, 25,000 standard cubic meter of gas flow in one of our formations. So Bakriitiba is one of our discovered small field where we monetized it 12 months before time. So that is how we want to contribute to the ecosystem of upstream in a similar manner. In a similar manner, we have got a block in Cambay Basin. There, we are sure and we have reprocessed the data, and we are going to quickly start the drilling or exploration efforts. Not only that, at NRL level, we have ramped up our production. Bhaskarji, what is the LPG production we did for the crisis?

40 tonne more daily actually. So...

At the crisis, we saw an opportunity and the NRL refinery level, we added 40 TMT, 40 tonne per day. 40 tonnes per day of LPG. So that is how we reacted and responded to this crisis. And Oil India also added 10 MMT. I mean that's how we respond.

This is [ Sitram ]. So I have one question. You have great gas reserves in the Northeastern fields. And assuming that everything in terms of the pipelines that are supposed to come up and you increased production from 8 to 13. My question is what's the outlook beyond 13? I mean, is there more infrastructure that needs to be done over a 5- to 7-year time line for this 13 to go to 18, 20? And yes, so what would you need to do in terms of infrastructure or in terms of additional pipelines to, let's say, double production from now?

So currently, we are doing 8. We can go to 13 million and we can even go to 15 million standard cubic meter per day, for which we need to drill about 15 to 18 gas wells, pure-play gas wells. And we are sure that the DNPL will give us an evacuation opportunity of 2.5. The DFL will give us an evacuation opportunity of 3.5. We will also have -- I have not touched upon this. We will -- Oil India also has an investment of INR 575 crores, Abhijit? AFCL AVFCL, that is Assam Valley Fertilizer Corporation, which is being built juxtapose to BVFCL, Bhramaputra Valley Fertilizer Corporation, where Assam government has got 40% stake. Oil India has got 18% stake, which translates to INR 575 crores. In the JV agreement itself, we have got that Oil India will supply natural gas to this fertilizer plant. So we do foresee another incremental one. we will not stop at there. All the tea processing units, about 800 of them can be converted to natural gas. And we will not stop at that. I have not touched upon that in my speech, but I think Abhijit spoke about it in the presentation. We foresee a huge opportunity in terms of CGD and CNG and PNG and commercial natural gas supply in Northeast. So as we see, our plan is today, we have 80 CNG stations, 81 to be precise, and 73,000 DPNG connections, domestic PNG connections. We wish to ramp it up to 500 CNG stations and 1.3 million 4 million, right? 1.4 million PNG domestic connections. So these are the opportunities. Once that pans out, we will drill more wells and we can produce more.

Sir, this is [ Garan Dixit ] from Elara Securities. Just a continuity of this question, sir. When you say 8 to 15 MMCMD, so can you elaborate what are the fields where you see the potential? Or is there any new areas, locations in the Northeast where you find that there is a still need to be tapped, sir?

I'm so glad such granular questions gives us an opportunity to share our strategy or our outlook. Look, we foresee -- and I think last year, I had touched upon it. We have built a pipeline to evacuate natural gas from Arnachal Pradesh to Duliajan. We are building -- that's nearing completion. Any day, we will commission and announce it. We are building 2 gas gathering stations, it is Nadwa, one is at Kaborijan. The Bhajan field is sitting on a huge gas pool. Arunachal Pradesh, Kumchai field is sitting on a huge gas pool. Saloma, you want to add on this? The Chandmari field -- upper Chandmur field is sitting on a gas field -- huge gas pool. Recently, we -- since we want to drill again, the Mchaki field, we have got huge stacks of sand flushed with gas. I mean these are all prognostication. These are all our studies, which tells us it's a matter of time we will drill and produce. And of course, Kharsang, it's a JV and Kharsang also has got an opportunity to produce or a potential to produce. And okay, so Director Exploration supports me in saying that the existing wells are producing below potential. Let's spread a bit, I will share. Earlier, we were unable to produce crude oil because we were required to flare the associated gas. Today, we have already got 11 compressor stations attached to each field to take care of this gas so that we can have enhanced crude oil production. Another 11 compressors are in the process of being procured. So while we are monetizing the natural gas, achieving zero flaring, we are also enhancing production. So it's a 3-way strategy, which is in place now.

Sir, my second question about the Mozambique LNG project. So what is the incremental or the equity contribution or outflow required from the Oil India to complete that project? And second thing is the longer question, sir, earlier media news, I mean, indicated that it has the potential of 60 Tcf of the recoverable reserves at that time. So is there any vision or partners have some understanding to go beyond 12.8 million tonnes when that project will be completed, sir?

Very nice question. A, November -- effective November, now the force majeure is removed. About 6,000 people are working on the ground. We foresee that Mozambique field, Mozambique, the initial 2 trends 6.5 each LNG -- 6.5 MMTPA LNG trains will get commissioned, and we will have access to our equity gas. As far as CapEx is concerned, we have already committed $1.6 billion or $1.8 billion. So $1.8 billion is already committed. There is a cost escalation for which we are going to cabinet committee on economic affairs for approval. That impact will be additional $300 million, not more than that. Now yes, there is a future opportunity. Discussions are underway, but it will be too premature for me to talk about it now. We would actually focus on having the 2 trains commissioned first. produce, bring the gas because it is the easiest way of bringing gas to India. There is no choke point. East Coast of Africa and West Coast of India is very well poised. So we will bring gas to the country and look at additional investment once the next stage is declared or those FIDs are taken. please continue.

Thank you for the elaborate presentation. I'm Yogesh here. Sir, I would like to understand on the renewable gas hydrogen. We had done a collaboration with IIT of Guwahati, I suppose. Sir, what is the status of this -- every company like Oil India, IOC, they are saying that we are now from gray to green hydrogen. But how is it going to implement? I mean production is there, but how are we going to implement it? That's my question, sir.

Okay. So see, look, it's like this. Green hydrogen is an alternative energy source. So there is a tremendous amount of trust from Government of India. About INR 19,000 crores has been earmarked under various initiatives to support green hydrogen ecosystem. About all of you know about 7 such green hydrogen valleys has been conceived. In some cases, IITs are also supporting. Now who is the major consumer of green hydrogen? The refineries are actually the most important stakeholder in this hydrogen ecosystem. In aligned to that, what we have done, 2.4 KTPA of a green hydrogen plant is getting commissioned by end of this year, about INR 138 crores about INR 138 crore CapEx at NRL's balance sheet. So that will support NRL's gray hydrogen that will displace the NRL's gray hydrogen, which is getting produced through SMR route. In addition to that, I'm very happy to share it is public knowledge. Recently, through a BO mechanism under the initiative of site of green hydrogen initiative, NRL has got a discovered price of INR 279 per kg of green hydrogen, which is below $3. So this way, we will have about 10 KTPA of green hydrogen plant commissioned Juxtapose to Numaligarh refinery, which augurs well as part of our NREP, that is Numaligar Refinery expansion plan. As far as Oil India is concerned, Oil India was -- is the pioneer to create a green hydrogen pilot plant in Jurat. And currently, we are executing a pilot plant in Himachal Pradesh at the Baddi industrial area, our idea is that we will first supply to some of the industrial consumers there and then scale up. Plus additional discussions are also underway. So this is our piece on green hydrogen. Any other questions or we will call it a day if you may permit.

Yes, sir. I'm Shah. So what is the net debt at stand-alone and consolidated level? Look, you want to answer, Abhijit? Look, I'll tell you till you dig out the numbers. As far as Oil India is concerned, our debt is primarily taken to sponsor or provide finances for our overseas assets, okay? So that's about, I think, about how much. That's about $1.4 billion. That's our debt exposure in terms of Oil India Limited. Bhaskarji, in terms of NRL?

NRL was INR 29...

You can put the speaker on and then...

Yes. For NRL, the total tie-up that has been done is for INR 28,000 crores, out of which around INR 18,000 crores has been drawn as on date.

And what will be the peak debt for NRL?

It will be INR 28,000...

This is [ Namit Arora ] from [ Ingrowth Capital ]. Thank you, Dr. Rath, the entire team for organizing this and for very detailed answers to all the questions. Sir, my question is the events of the last 3, 4 months, the geopolitical crisis has even further highlighted the importance of energy security. So given that, please give us some color on your discussions with the government on some further initiatives that may be taken to further support organizations such as Oil India, given the crucial role that you are playing from a medium- to long-term perspective.

I'm so glad you are asking this question. Look, the direction from government is please go and explore, produce more. So it's a cycle, go and explore, produce more, explore more and produce more. get the refinery on stream positively by March 2027, which we will, so that the refining production would also increase to 9 million metric tonne. And third, which is very important, participate aggressively in open access licensing policy, bidding round 10 and 11 and most important, secure a collaboration with an international oil company for the purpose the way we have already done for Total, we need more such collaborations because we are actually doing deepwater and ultra-deepwater drilling and exploration for the first time in the country. Though we have done in a limited manner, not the way we are doing it today. So collaboration with international oil company is a need. Therefore, while government is panning out these reforms in terms of unlocking no-gozones, in terms of providing fiscal stability through the amendment of Act, in terms of providing sponsorship through Samudraanan mission or stratigraphic well or additional data acquisition, the ask from government for Oil India Limited, and we feel it is our responsibility to do exploration is to collaborate and to do more exploration. Any other queries? Okay. Before you were going for the vote of thanks, be there, be there. One thing which I would like to add because I was hopeful that there could be some questions on that particular portfolio, 2 things rather. It was there in the presentation. One, we have been mandated to do 25 compressed biogas plants that I have already narrated. That is something which we are aggressively pursuing, and that is also an ask from the government. The second, we have got mining lease -- sorry, exploration lease for 2 of our critical mineral assets, one in Arnachal Pradesh, which is a graphite and a vanadium asset and one is a Pas asset, which we have got in the west northwestern part of Rajasthan. So these are the other 2 diversification initiatives, which is also an ask from the government. Thank you very much.

Good evening, everyone. On behalf of Oil India Limited, we would like to extend our heartfelt gratitude to our Chairman and Managing Director, Dr. Ranjit Rath and the functional Directors of Oil India Limited for their presence, guidance and valuable insight during today's interaction. Our deep appreciation goes to the Managing Director and Director of Finance of Numaligarh Refinery Limited for joining us today and for their gracious presence and participation. A special word of thanks to all our investors, analysts and other stakeholders who have joined us today. Your continued engagement, thoughtful questions and constructive feedback are extremely valuable to us. They help us sharpen our priorities, communicate more effectively and remain focused on creating a sustainable long-term value. I would also like to thank Antique Stockbroking Limited for supporting us in bringing together the investor and the analyst community for this important interaction. My sincere appreciation goes to all our team members involved in planning and organizing today's meet in a smooth and a professional manner. In case any further information or clarification is required, our Investor Relations team at Oil India Limited will be happy to assist you all. Once again, we are grateful to you for all your participation, trust and support. We look forward to your continued association with Oil India in the years ahead. With this, I request everyone to join us for high tea. And I also request everyone to take a moment to scan the QR code displayed to share your valuable thoughts with us. Thank you so much.

Thank you.