The recent discovery of a gas-bearing pay zone in the Dandewala field in Rajasthan by the Maharatna public sector corporation Oil India Limited (OIL) is an exciting new chapter in India’s energy exploration history.
On Saturday, the development was revealed by Hardeep Singh Puri, the Union Minister of Petroleum and Natural Gas. Puri hailed it as a significant step in enhancing India’s energy security and decreasing reliance on imports.
Natural gas is now being produced at a rate of over 25,000 standard cubic meters per day from the shallower Sanu Formation in the Dandewala field, according to a post by the minister on the social media site X.
“A new chapter is being scripted in Rajasthan by India’s quest to strengthen domestic production of energy,” Puri added.
Furthermore, he added that the discovery will enhance India’s ability to produce hydrocarbons domestically and give new impetus to the country’s energy self-sufficiency objectives.
Unlocking the new gas-bearing zone was a technical feat, and the minister praised Oil India for their persistent exploration efforts.
In an effort to strengthen its energy security in the long run and cut back on its need on foreign oil and gas, India is keeping its focus on local exploration and production.
Oil India, on the other hand, had a very successful fiscal fourth quarter of FY26.
In comparison to the previous quarter, revenue jumped 10% to Rs 10,013 crore, and the company’s net profit rose 76% sequentially.
A 31% increase to Rs 3,281 crore from Rs 2,510 crore in the prior quarter is indicative of an improvement in operational performance as well.
In the reporting quarter, EBITDA margin increased to 32.8% from 27.5% the previous quarter, a reflection of better operational efficiency.
In spite of Oil India’s solid financial and operational performance, the stock ended Friday on the NSE just below the market value at Rs 500.45.
Nevertheless, PSU stock has provided strong returns to shareholders over the long run, with gains of about 20% in the last six months and 20% in the last year, and a surge of over 450% in the last five years.
Image Credit: PIB
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