Rajasthan Gas Discovery Boosts India's Energy Goals

Union Minister Hardeep Singh Puri hailed a new chapter in India's energy journey after Oil India Limited confirmed a substantial gas discovery in Rajasthan's Dandewala block. The announcement, made on social media, highlighted the first successful gas flow from the shallow Sanu Formation at a rate of 25,000 standard cubic meters daily. Puri emphasized that this achievement will strengthen domestic production and reduce reliance on foreign energy imports. He noted that the discovery aligns with the government's strategic focus on exploration and production under Prime Minister Narendra Modi's vision. Oil India's technical capabilities and commitment were praised as critical to unlocking the new reserve. The timing is significant as India intensifies efforts to secure long-term energy supplies. Alongside the exploration success, Oil India reported strong quarterly results, including a 76 percent jump in net profit. Revenue reached Rs 10,013 crore, and EBITDA increased to Rs 3,281 crore with an improved margin of 32.8 percent. Despite a minor dip in share price to Rs 500.45, the stock has shown robust growth over multiple timeframes, reflecting investor confidence in the company's performance and future prospects.