Oil India Eyes Venezuela Investment, Boosts Production & Refinery Expansion

• Oil India is open to further investment in Venezuela's Carabobo project if production improves, with $60 million already invested.
• The company has received most dividends from Russian assets; no dividends are stuck in Venezuela.
• Oil India targets drilling 80 wells this year, 100 next year, aiming for 2-2.5% higher production than last year's 6.71 million tonnes.
• Commissioning of the expanded 9 million tonnes Numaligarh Refinery began Dec 31, with full operation expected in 6-9 months.
• Total capital expenditure for the refinery expansion is ₹40,000 crore; FY27 capacity utilization is projected at 40-50%.

Why It Matters: Oil India plans increased investment in Venezuela, higher production, and major refinery expansion.