Independence Day 2025: Dr Ranjit Rath, CMD OIL Speech

First of all, let me compliment all of you on the 79th Independence Day we have assembled today to celebrate. I would like to share my thoughts for the entire Oil India team working relentlessly towards the energy security of the country. We are pleased to announce that we have sustained our financial and physical performances in the first quarter. I also want to share the positives we have witnessed over the last six months and discuss the future of Oil India Limited. With respect and reverence for freedom fighters, soldiers, security personnel, and field workers, a huge round of applause on this momentous day. We must acknowledge the efforts and vision of the leaders who built this great public sector institution. Having achieved Maharatna status, expectations from the country, our ministry, and stakeholders have increased. We have been doing well, and I compliment the entire Oil India fraternity. We are on track with production, but we need to do more, especially in natural gas and crude oil. I compliment the Rajasthan field team for the fastest monetization of the DSF block at Bakir Tiba, supplying 30,000 standard cubic meters per day of gas for power generation. A similar effort is needed in Tripura to monetize the Tulamara DSF by March 31st. We have also achieved the S4 HANA upgrade for our ERP system. I urge everyone to record and report everything required on the ERP platform. As a Maharatna company with a turnover of 50,000 crore rupees, we must offer assurance through BRSR reporting. It is crucial that everyone is sensitive to their work, as every contribution matters for nation building. Our crude oil import bill is around $140 billion, with 90% dependence on imports. Every drop we produce is a huge contribution. However, we must note that price realization has dropped from $80-85 to $66 per barrel in Q1, a 22% decline. The only solution is enhanced production. I call on every individual to do their job right on the first day. Cost and operational efficiency are key. Unfortunately, we have had some fatal incidents. We must focus on safety; last year's best safety record of 0.071 should not lead to complacency. Cost optimization and multi-skilling are important. Earning per share and per employee have dropped, which is unacceptable. On this Independence Day, let us pledge to increase individual contribution. Even a 10% more effort from each person leads to exponential growth. We have eight months to go and must aim for a fantastic result like last year, when we secured an excellence rating for three consecutive years. We should not stop there. As part of capacity building, we have launched the flagship training program 'Aro Hunt' to select 40 officers for an eight-month rigorous training to build the future leadership pipeline. Before I conclude, I thank all Oil India employees and their families for their sacrifices. Recently, we have diversified into critical minerals, securing a graphite and vanadium block in Arunachal Pradesh and a potash block in Rajasthan, and we are looking at overseas assets. Under OLP9, we have secured 40,000 square kilometers in the Mahanadi and KG basins for deep and ultra-deep water exploration, with seismic data acquisition launching soon. The Prime Minister's speech today emphasized the national deep water exploration mission and the national critical mineral mission. Oil India is committed to these national priorities. Our single agenda is the biggest discovery of hydrocarbons. Thank you very much.