Hi. Thanks, Atharva.

Good afternoon everyone and a warm welcome to the Q1 FY27 earnings call of Oil India. To discuss the results, we have the management with us, which is represented by Mr.

Abhijit Majumder, who's the Director - Finance; Mr. Saloma Yomdo, Director - Exploration and Development; Mr.

Trailukya Borgohain, Director - Operations; Mr. Bhaskar Jyoti Phukan, MD - NRL; Mr.

Ajay Kumar Sahoo, ED - Company Secretary; Mr. Raghunath Mishra, ED - Business Development; and Mr.

Abhijit Das, CGM - Finance and Accounts. At this point, I will hand over the floor to the management for their opening remarks, post which we will open the floor for the Q&A.

With that, over to you, sir.

Thank you, Mr. Kishan.

Good afternoon, ladies and gentlemen. I would like to thank DAM Capital for hosting today's investor and analyst con-call for Oil India Limited.

I'm Abhijit Majumder, Director - Finance of your company. I am happy to inform the investor community that I am joined by my colleagues on the board: Mr.

Saloma Yomdo, Director - Exploration and Development, Oil India Limited; Mr. Trailukya Borgohain, Director - Operations, OIL; Mr.

Bhaskar Jyoti Phukan, MD - NRL; Mr. Ajay Kumar Sahoo, ED - Company Secretary, OIL; Mr.

Raghunath Mishra, ED - Business Development; and Mr. Abhijit Das, CGM - F&A and CIRO.

On behalf of the management, I welcome you to our Q1 26-27 earnings call covering the period April 26 to 30th of June 26. The financial results were approved by the board and duly published on 7th August 2026 based on statutory requirements.

It gives me great pleasure to welcome our esteemed shareholders and members of the analyst community. I am very pleased to inform you all that this quarter has been a great quarter as far as the company is concerned.

The company has achieved stupendous milestones on several parameters, which all will be covered in the presentation that will follow. Your continued support, engagement, and valuable insights inspire us to pursue excellence in execution, uphold the highest standards of accountability, and create enduring value through sustainable growth.

During the first quarter of 20 20 26-27, our performance reflects the strength of our operational foundation. We maintained steady progress across all core business activities, advanced our drilling and development programs, and continued to uphold the disciplined approach to financial management.

These efforts underscore our commitment to delivering consistent growth while creating enduring value for all stakeholders. I will now hand over to Chief Investor Relations Officer, Mr.

Abhijit Das, who will provide an overview of the first-quarter performance. Thank you.

Thank you, DF sir. Good afternoon, ladies and gentlemen who have joined us on this call.

I take this opportunity to share Oil India's operational and financial highlight and the performance of our material subsidiary, NRL. From operational point of view, we have achieved 1.707 million oil and oil equivalent of production during this quarter.

The crude oil production for the quarter was 0.95 MMT, which has increased by 11+% on year-to-year basis. Our daily crude oil production has ramped up to 10,921 MT per day on 27th of June 2026, which was highest ever daily production of the company have ever recorded.

The natural gas production on quarter-to-quarter has increased by 0.4%. From exploration and development front, the progress has remained strong, in fact much higher than what we have achieved in any of our previous years.

Our company has drilled 17 new wells during the quarter, out of which 7 are exploratory wells and 10 are development wells. From financial front, the crude oil price realization was $98.3 73 per barrel, vis-a-vis $26.2 per barrel as compared to the previous year.

The natural gas price stood at $7.19/MMBtu in this quarter as compared to $6.72 in the previous quarter of the last financial year. The standalone operating revenue of Q1 FY27 is ₹7,958 crore, which is highest ever quarterly revenue earned by Oil India Limited since it got listed in the financial year 2009-2010.

We have also achieved the highest ever EBITDA during this quarter, which is ₹4,605 crore as the margin is 54+% percent as compared to 34+% in the previous quarter of the last year. The profit before tax for this quarter is ₹3,742 crore, which is highest ever quarterly profit achieved by the company after its listing with the stock exchange.

We have also achieved the highest ever PAT in this year, which is 2,000-- in this quarter, which is ₹2,870, as compared to ₹813 crore in the previous year. Our earning per share stood at ₹17.65 per share as compared to ₹5 per share.

Our earning per share stood at ₹17.65 per quarter as compared to ₹5 per share in the previous quarter. The performance of our material subsidiary, NRL: I take the opportunity to share with you the performance of Numaligarh Refinery Limited.

The operating income of our material subsidiary was ₹9,146 crore, which was 45% higher vis-a-vis Q1 of FY26. The capacity utilization of the refinery was 105% as compared to-- 105%, and the distillate yield is 87% for the quarter.

The gross refinery margin is $35.95 per barrel as compared to $5.02 per barrel in the previous year. The EBITDA was ₹1,843 crore as compared to ₹786 crore as compared to the previous year.

The PAT the company has registered in the current quarter is ₹1,305 crore as compared to ₹488 crore in the previous year. From consolidated point of view, I'd like to bring to your knowledge that the company has reported the operating revenue of ₹12,886 crore and registered a PAT of ₹4,026 crore, which is also highest after the company got listed with the stock exchanges.

Our performance in the first quarter of FY27 reflects the strength of our operational fundamentals and a disciplined approach to financial execution. As we chart the path ahead, we will continue to focus on delivering execution excellence, enhancing production capabilities, and unlocking long-term value across our portfolio.

With that, I would like to conclude my remark. We now welcome your questions and look forward for an engaging discussion.

Thank you.

Thank you for the opportunity, sir. Very good afternoon, and congratulations on a good set of numbers.

Firstly, just a clarification when you mentioned about the production reaching 10,921 tonnes of oil per day on the 27th June. Just wanted to understand what is the run-rate right now for the second quarter as such?

Can we expect it to sort of ramp up and maintain at this level, or it was basically reached and just want to get some understanding on that?

Thank you for the question. I am requesting Director - Operations to respond to this question.

Sir. This is Trailukya Borgohain, Director - Operations.

As you have seen that we are ramping up our production this quarter, one of the finest production we got, but as of now also we are increasing our production because of we are doing well in all the three fronts. You can see that the first one is the well intervention and workover activities.

Earlier days, we didn't got such good workover results, and we have done many systemic improvements in terms of workover, like we now have a good practice in place, which is called SW high-level workover planning committee. This is called planning board meeting, SWPMB.

Now what we do is that myself, along with Director - Exploration and Development also sits together and do it very very in a integrated manner for selection of the well, everything. Also, on the other hand, we have one particular aspect that is done by Director - Exploration and Development, but where I am also invited, that is called EDPMB, Exploration and Development Portfolio Management Board.

Similar to workover and production area, we do for new well. Where I am also an invitee.

Now the things are a little bit different. It is not done in earlier days.

We are doing it in a very very integrated manner along with Exploration and Development. You can see that we are doing very well in all the three fronts, including workover, well intervention, and also well optimization, and drilling.

At present, we are on a path where we can see that we are going to achieve close to 1 MMT each quarter this year.

The rest of the

We are We are Yes. One 1 MMT.

Now you are getting 0.950, na? 0.95 MMT, which we are going to achieve most probably by this quarter.

We should achieve if everything remains, you call, ceteris paribus, then given everything going good and nothing adverse happens in the field, we expect that we'll be reaching 1 MMT every quarter from now onwards. Let's see.

We are keeping our fingers crossed. This is what I can tell you.

As of now, after that, production we have mentioned is 10,921, na, for last quarter? We have increased it to 11,017 on 3rd of August.

Okay. We are on a,

I think, we are on a path where we want to increase our production. That's what I can tell as on today.

Anything else, if you have, I'll reply you later. Maybe Director - Exploration and Development also, if you want to Okay.

He doesn't want to Okay. Got it, sir.

That is great.

Yeah.

We are surpassing our own records. We are challenging ourselves, and we love to challenge ourselves in the days ahead as well.

Understood. Thank you, sir.

My second question was with respect to gas production. Now I do understand that there are still some monetization challenges.

If you can update us a little bit in terms of the progress of the monetization downstream pipelines that are under different stages of implementation, and when can we expect maybe a ramp-up back to the 0.85, 0.86 BCM levels, that or rather 0.8, 0.82 BCM levels that we were doing earlier? That'll be very helpful.

Actually,

there are many hiccups that happen because of the shutdown of the downstream industries. This is because of the BCPL shutdown, and at some point of time maybe this is a yearly shutdown they take.

The other thing is that seasonal variation will also come now because from October onwards the tea garden, they will take a little bit of less than what we are doing as of now. In all and average, what we are expecting is that if this pipeline comes, then we'll have the evacuation bottleneck gone out of this whole story.

By next year end, we are expecting that all the facilities will be done. If we talk about gas, by 2028, we'll be having all the pipeline, everything ready, and it will go to rest of India.

Whatever gas we have, we have additional gas, we are planning to send our additional gas, whatever 3.5 to 4 MMSCMD, we will be able to evacuate from that area. That is we are planning.

We are thinking that it will be by around December 2027 it should happen. Also DNPL also one small thing is there.

Around 200 m of line actually is required to be laid inside NRL. Now, DNPL has got a new mandate from the government.

PNGRB has given them a common carrier. Now what will happen, when NRL, if there is less intake in NRL, then we can put it into the main line and put it into the IGGL.

IGGL can distribute it in the at present, they are doing to NRL, GCL, and also Purba Bharati Gas in lower Assam. This is going on.

This should take a few months, 2-3 months maybe, maximum. Once it is done, then we'll have more evacuation of gas from the present capacity also.

Got it, sir. What I understand is FY20--

In fact, in the past as well, we have transported gas beyond NRL. That has already happened in the past.

Now this particular communication formalizing DNPL as common carrier has come, so that will only help us do what we have already done in the past. As DO has already mentioned that once IGGL comes into being, then there'll be no stopping, actually.

We'll be able to overcome the seasonal challenges that are there, the regular shutdowns that the existing customers that they take. All of those can be overcome once these two facilities come into effect.

Only a 200 m thing is still to be done within NRL campus, and IGGL by end of the next financial it will be over.

Things will be pretty smooth for us as far as gas is concerned.

Got it, sir. If I understand correctly, FY27 and maybe H1 FY28 may see slightly flattish or slower improvement, and then a big jump can be expected maybe by the third or fourth quarter of FY28 in terms of achieving our long-term target of getting to 5 BCM on annualized?

28

first quarter.

Got it.

Got it. Big jump will happen in 28 first quarter.

Right. Last question, if I may, sir.

NRL-- 28-29, we mean. 29.

29. Yes.

Yes. FY29 first quarter.

Got it. Got it.

From October onwards, yes.

We will have an additional 1.5 MMSCMD by virtue of NRL coming up. This will be in this financial year.

That is already-- That augmentation already done. Because now once NRL also gets into operation from suppose next January, then definitely there will be increase in gas offtake on their side also.

There will be an immediate spike in the offtake when NRL comes into being, and maybe Phukan saab, would you like to add anything here?

Phukan saab? Yes.

Yes. Yes.

Yes. I have only a couple of things to add.

As Director - Ops has already told that DNPL has become a common carrier. Currently the pipeline is 1 MMSCMD.

As we will be able to connect with a 200 m pipeline from Numaligarh to IGGL, and we will be in a position to give them shutdown so that they augment their capacity from 1 MMSCMD to 2 MMSCMD immediately, and thereafter up to 2.5. They were requesting for a shutdown.

Because of the geopolitical thing, because it would have resulted also in a shutdown of the Numaligarh refinery and we needed diesel and petrol badly because of that geopolitical situation, we were not being allowed to give the shutdown to them. Now that the things have eased and we can do away with the shutdown because we can operate with the gas from the IGGL due to this 200 m connectivity, which is going to come in 2-3 months time, we will be in a position to give a very short shutdown to DNPL to augment their capacity to 2 and eventually to 2.5.

That gives a head start of around 1.5, which, if not consumed in NRL, can also be given to the national grid. The fact is that NRL is going to start consuming 1.5 additional gas, perhaps in the second or third quarter of next financial year, but before that also this 1.5 MMSCMD can find their way to national grid.

That is the limited point that I wanted to make. Yes.

Understood, sir. If I can just sum it up, I don't have any other questions.

If I look at 1.5 MMSCMD, that translates to maybe about 0.5 BCM coming through gradually over calendar year 2027 as NRL's commissioning is done and the 200 m connectivity is done. Then when all the other pipelines are in place, another 2.5 to 3 MMSCMD or 2 MMSCMD can come through, which is essentially another that 1.5 BCM.

That is how we go from currently 2.93 BCM to somewhere around 5 BCM by FY29. Is that the proper way to sum it up?

Yes,

I think that's the correct understanding.

Yes.

All right. Perfect, sir.

Thank you so much. I'll come back if I have more questions, and all the best.

Hello. Thank you for the opportunity.

Dr. Ranjit, two questions.

The recent regulatory changes that have--

Our CMD sir is not attending this con-call.

I see. I see.

Apologies.

Yes.

Yes, Mr. Abhijit.

Yes, my question to you is on the recent regulatory changes and budgetary support that has been given to the upstream sector. How should one look at this in the context of your capex program for the next couple of years?

Because my understanding is that you have drilled around 25 exploratory wells last year. Just to help us understand how your exploration program will look like in FY27 and '28, both in terms of wells drilled as well as in terms of capital outlay, considering the reimbursement that the government is giving?

That is question one. The second question, I see that NRL has reported an exceptionally high GRM, and this I believe would include some inventory gains.

Could you help us understand the normalized GRM that NRL reported this quarter? Because we understand 1Q FY26 had refining losses, and this quarter is likely to have had inventory gains.

Thank you very much.

I am requesting ED sir to take this question.

The first question was about the drilling plan for '27-'28 and how we are going to support the capex for that, right?

Yes.

Like last year, we drilled 74 wells, and this year we are targeting 100, which includes onshore as well as offshore. Currently, we are on track to achieve that big ambition of drilling and completing 100 wells.

Going forward, we would obviously like to stretch ourselves further and try to again ride on a 10% at least increase in the number of wells to be drilled. Now whatever wells that we are drilling primarily in onshore is from our own resources.

You have seen that the current acreage holding that we have, about 55% of them are in offshore. The chunk of them are in deep offshore and ultra-deep offshore.

With the new PNG rules, which have been announced, there are a lot of opportunities for enhanced exploration. For example, if you feel that your block is extending beyond your exploration lease, then you can also place your rights for further extension for the lease area to bring it under your exploration campaign.

Then there are other things, and most recently is the Samudra Manthan, which has been announced. The formal necessities are yet to be announced, but it has already been announced that some amount of money will be reimbursed by the government for seismic activities, and around ₹675 crore per well, which is the maximum ceiling, will be provided for drilling deepwater and ultra-deepwater wells.

Also some ₹10,000 crore or something will be utilized for common infrastructure hub. With this, especially for our deepwater and ultra-deepwater, we have already worked out and chalked out a plan where we have identified how many wells will be drilling in the deepwater and ultra-deepwater in the next couple of years.

Especially since we have already acquired the vintage 2D and 3D data, and they are currently being processed and interpreted. In the deepwaters and ultra-deepwaters of Mahanadi and KG, we have already completed 4,200 line km and 5,300 sq km of 3D data within a year of the PL being awarded to us.

By January, we'll be finishing the seismic acquisition processing interpretation of the Mahanadi and KG basins, which is roughly about 40,000 sq km. As of now, we have already identified possible prospects to be drilled, and that is the reason why we have already tendered out the rig requirements.

The first rig is going to come in June-July '27, and the second rig is going to come by March '28. That will kick-start our deepwater exploration campaign.

One well we are also going to drill next year in Mahanadi, but that is also going to be sponsored by the government. ₹800 crore will be sponsored as part of the stratigraphic well campaign.

Then the other wells, we are going to take up through the Samudra Manthan route, where they will be supporting us with the funds. Most importantly, we are also de-risking these prospects to be drilled, because apart from our in-house and external consultants, Total is also looking at this data in each and every detail and advising us.

Now Petrobras have also come on board. They will also be doing an independent interpretation of this data, so that they will also come up with their own independent interpretation.

This, in broad, is what is the outlay that we have for us in the next coming years. After that, second question.

Yes, just small follow-ups. One is, how much capex did you incur in 1Q?

If you can give a bit more details about the wells drilled, how many were exploratory last year? My understanding is around 24.

How many exploratory wells are you planning to drill this year? If you can give a break-up of onshore versus offshore, that'll be great.

Thank you.

For the capex, if you have asked the question for how much we have actually spent for Q1 '27, the total amount spent is around ₹3,050 crore, which for survey, it is ₹450. For exploratory drilling, it is ₹1,230 crore.

Development drilling, we have spent 600. For our capital equipment and our projects, we have already spent 350.

Investment in our subsidiaries and joint ventures and overseas investment was around 350. It sum up to around ₹3,050 crore for FY27 Q1.

Our total budget estimate for the whole year as of now, it is 8,600. It will undergo some changes and revision during our next review.

Actual expenditure for the previous year was ₹13,026 crore.

FY25, we drilled 22 exploratory and 35 development wells. FY26, we drilled again 22 and 52 22 exploratory and 52 development wells.

FY27, we are targeting 42 exploratory and 57 development wells.

Right. Thank you.

Can you answer my question on NRL now? Thanks a lot.

Phukan saab?

Yes. See, I heard that question on the GRM.

See, I think GRM reported was $35. That accounts for around ₹2 crore that we have gained in terms of the inventory gain.

If you back that out, it will be $33 core GRM. This GRM increase is basically because of the difference between MS and diesel and crude prices.

Those spreads were extremely high. In fact, this is after backing out the discount that we had to give to OMCs to keep the prices stable as a understanding.

Therefore, this is the GRM that we had. Generally, our GRM hovers around $7 to $8 that you may have observed in last annual reports and all.

Now we are clocking in the first quarter around $35, that includes ₹2 crore as inventory gain. If you back it out, it will be 33.

Did I answer your question?

Yes. Thank you very much.

Hi, sir. Thanks for the opportunity.

My first question is on NRL expansion. Could you provide us an update in terms of the commissioning?

Earlier, I believe, DTU units were expected to get started. Where are we, and what is our expectations in terms of output for this year and also in FY28?

I think I can answer that question, MD NRL. Yeah.

As we had in the last interaction, we indicated that in the first quarter we will be commissioning our CDU/VDU. We have mechanically completed that unit.

We have subjecting it to inspection by OISD, followed by PESO. These are statutory inspections that are required to be carried out before we do a startup activity.

Otherwise, we are ready for startup. DHDT unit is ready.

SRU unit, which is required prior to commissioning of DHDT unit, is almost getting completed. Maybe another couple of months time, we should be able to start the DHDT along with SRU.

These three units will be commissioned by, say, October or November at best. Rest of the unit, we are still taking a target of commissioning by 31st March 2027.

Having done that, our actual production in a graded manner will start from next financial year. Gradually, we will heat up to around 75% of the total capacity utilization by end of year 20 27-28.

At Q4, I think we will heat around 75% of our rated capacity of 9 million tonne. That is what our plan is.

Understood, sir. Also on the related infrastructure there in terms of the Paradip to Numaligarh pipeline, there was a few kilometers that was pending.

Any update there? When is that expected to be completed?

Yes,

actually there have been very good progress over there also. Entire stretch of ROU barring only 8 km stands acquired as of now.

We are in a good shape there. We are getting good traction, good support from the governments associated with ROU because we are traveling through four states, all of them are supporting us.

By December of this--

By December, we will commission the pipeline, yes. October, we are taking a target for mechanical completion.

Understood, sir. Sir, also in terms of--

Okay. It's okay.

Can I just ask one clarification? Hello?

Thanks. Sir, just on the capex part on NRL, also if you could just help with what is the net debt at NRL of the ₹35,000 to ₹40,000 crore of expansion capex, how much have we spent so far, and what is the plan for the next couple of years?

We have invested around ₹30,000 crore so far. We should be completing the refinery project around ₹34,000 to ₹35,000 crore, and we should also be completing the PPU project by spending another ₹7,200 or ₹7,300 crore.

That is the outlook of that capex that we have.

The current net debt at NRL, and what is the actual cash capex that we have spent so far?

₹30,000 figure that I spoke is a total spend that we have made. Out of that, around 26 will be around 19 will be the borrowings that we have done.

The debt component is ₹19,000 crore. Yes.

Yeah.

This is at NRL level, sir?

Yes, absolutely NRL level.

Okay. At consol level, including upstream and international?

From standalone point of view, for foreign investment, we are having $1.4 billion loan from OIL. Far OIL is concerned, it's only for our Mozambique project.

In consolidated table, another one bond we have for our foreign subsidiary in Singapore, which is $550 million of bond, which is to be repaid in the next year 27 May. From NRL point of view, as I already told, it is ₹19,000+ crore.

This is in a group level, if you see sum of this three figures, this will be our debt, total debt in the group level, which is around ₹37,233 crore is our total debt.

Got it, sir. Thanks, sir.

Thank you.

Thanks for taking my question, sir, and congratulations for the good set of numbers. Question pertains to gas discovery in Vijayapuram, Andaman.

What are the upcoming steps or the procedure plan for this field to help us gauge volume reserves and that can be produced commercially? If there is any new exploratory well plan for the Andaman, what would be the timeline for this completion, and when can we anticipate the results?

This is my first question.

As you are aware, we have drilled so far three wells in Andaman. First well, we drilled and we went to the second well because the sand that we encountered was tight, and with the current testing system, we couldn't test the well.

We decided that we will come back prepared for testing the first well. We went to the second well, where the gas was reported.

Then in the second well, but it was flowing very intermittently. In the third well, which we drilled, the gas was flowing continuous.

That was a technical discovery, which we have also intimated to the DGH, which is a statutory authority. In the first well, we are now going back, and even as we speak, we are preparing to test the sand there using hydrofrac, for which a separate contract has been mobilized.

The hydrofrac is a well stimulation mechanism, which can help you to test tight sands so the fluid or gas can come out easily. This will take about a month in Vijayapuram-1 for the testing to be complete.

Then we will demobilize this current rig, semi-submersible rig that we have, because it has completed its contractual tenure. The fourth well, we are going to go in Andaman with a jack-up rig, and this we are going to be drilling by December this year.

The fourth well is further up north in the Andaman block at the water depth of about 90 m. This rig is actually currently drilling in our KG offshore DSF block.

Once we complete this well in KG offshore, which in a few days we will be testing in KG, then we will mobilize this rig to Andaman and drill the fourth well. In the meantime, based on the discoveries in Vijayapuram-2 and 3, we have secured additional 3D seismic data, because the discoveries which were made were based on 2D data and 2D data interpretation.

We thought we will have an opportunity to map the subsurface better using 3D seismic. In and around Vijayapuram-2, we took 300 sq km of 3D, and in and around Vijayapuram-3, also we took around 300 sq km of additional 3D.

This 600 sq km of 3D data is currently being processed by Schlumberger, which is going to be completed by October. That by January, we have completed the interpretation, and then after going through our normal assessment and QC, specially leveraging on the technical services agreement that we have with Total and Petrobras.

After having a detailed discussions with our technical service providers, based on the new 3D data, we will take the next course of action to undertake the campaign in Andaman in and around Vijayapuram-2 and 3, for which most probably we'll be drilling appraisal wells, and that will help us to delineate the reservoir further. Also with more conclusive testing coming up, we'll be able to come up with some numbers regarding the size of the structure or the gas in place, and possible production rates.

Any possible timeline that you declare or share the results in terms of the gas reserves into that field next 6 months, 9 months down the line after doing all these exercise?

The fourth well we are going to drill by December, in about 3 to 3.5 months, say by March, we'll be able to have some assessment of the fourth well, which is again a pure exploratory venture. Then the appraisal wells that we are going to drill near Vijayapuram-2 and 3, that will depend on the interpretation that we complete by January.

By February, we should be able to take a call how many additional wells we will be required to be drilled in Andaman.

Sir, my second question related to 8% YoY decrease in gas production. How long will the petrochemical and power plants continue to use less gas, because we have been seeing this issue of a shutdown or less gas consumption from the petrochemical side?

The question here is that could you throw some light on the challenges the BCPL is encountering consuming a less amount of gas, or anything which you can highlight on the less consumption from the side of power plants and any lower offtake?

Actually, as for power consumption, we supply to NEEPCO. NEEPCO, what happened is that I would like to lay it for you for how the power they have been hydel power at the same time and they are having the gas-based power project.

Now with the increase in gas price, they are not actually able to match the price of hydro. In that case, what they do, there is a little bit of kind of try to consume less and they try to increase the hydroelectricity.

This is what they do. Number two, like you have said about the petchem, BCPL survives on kind of what you can call is a subsidy.

In our part of the players actually, as far as the economics goes, maybe they're not that able to make very great headway in terms of finance and in terms of economy of scale. I think that is their issue.

Once we have this connectivity, then we'll definitely have it exported to western part and also if required to the rest of the country. Another thing there is some upside is there because Government of Assam is also taking interest in increasing the domestic supply of gas, CGD.

We still have some upside and we are in talks with our Assam Gas Company, so that they increase their intake. Because there are a lot of areas for inroads.

That gas consumption can increase if Government of Assam or Assam Gas Company increases their consumption. Otherwise, this situation continues, I cannot tell you that.

Only thing is that since Numaligarh is coming up and we are, like already told, that we will be supplying a total of 2.5 to Numaligarh, or maybe close to 3, to Numaligarh Refinery Limited once they start ramping up their production. As you already told, it is coming up.

By

and

Phukan sir, you have also joined in this call now?

Yes, sir. Yes.

Yes. Yes, sir.

Ha,

okay, so.

Shall I complete my

Yes.

The other thing is that we have the DFL, Duliajan feeder line, that is being done by IGGL, Indradhanush Gas Grid Limited. That once that is connected, we have the gas immediately we can evacuate.

That should not be an issue. One good thing about that line is that most of the places we have the ROU.

We have our own ROU, like they will pass through some in some parts, except some 30-40 km. Rest of the places, we have the ROU.

One of BCPL, the other one is I think ONGC. There should not be any much issue in laying the pipeline.

This is already going to be constructed very soon.

Sir, BCPL consumptions have improved after the maintenance shutdown is over, or still the BCPL consumption levels for the gas are still lower in the current quarter Q2 also?

BCPL is stable, sir. BCPL is stable, na?

BCPL offtake has more or less, it has picked up and it's currently stable. They take net around 1.35, 1.25 to 1.35 they take,

and 6. Then rest around 5.2 25 they take 5.5 return back.

4 is returned to us, and that 4 is a PNGRB spec gas. If we look at BCPL, we are basically taking a very narrow view.

Why we are focusing on DFL, DNPL, these are all long-term things which will help us kind of transport the gas to other parts of the country. Merely relying on BCPL or NEEPCO and few other customers in the Northeast, we all know that will not help us evacuate the potential that we have.

BCPL little up, down, this will not really change the scenario drastically. For us to really have a big head start, is DFL has to kind of happen.

DNPL has more or less happened, except for the 200 m stretch within NRL campus. That will happen in due course as MD NRL has already pointed out.

That is the larger picture. Thanks,

thanks a lot, sir, and all the best.

Thank you for the opportunity, sir. On the feeder line, has the tendering been done and construction has it started?

Yes, sir. On the feeder line, there is already a progress of around 20% of the project, and the PMC has already been engaged, work is progressing as per plan.

Okay. Secondly, there's a small clarification on this issue.

Once the 200 m is completed, irrespective of how Numaligarh ramps up, you're still in a position to put it in IGGL, isn't that? The common carrier is already in place, you're not dependent entirely on Numaligarh for that additional 1.5 MMSCMD.

Am I right?

You are correct, actually. Once this 200 m is there, and DNPL being a common carrier, even if NRL doesn't consume, it can travel to IGGL and eventually to the national gas grid.

This you think it will be ready in the next 2-3 months? What is your--

Yeah, 2-3 months it should be ready, yes.

Fine, sir. Thanks a lot.

Two small questions. Firstly, you mentioned in NRL that you gave some discounts.

Was this like the windfall tax related discount? How much was the quantum, and if not for the discounts, then what could have been the GRMs?

See,

the GRMs would have been much higher, because we have been giving some discount to OMCs, and the first quarter we started off with a very high number of ₹13 per liter for petrol, and which eventually came down to ₹3 per liter by the end of this. Then for diesel, it started with ₹10 per liter, and eventually it was nil by the quarter end.

They keeps calibrating based on the international price of diesel. Our GRM would have been much higher, so that is what I can confirm in actual.

Yes.

₹13 per liter to ₹3 per liter in petrol and ₹10 per liter

to nil in diesel? 13 1 3 2

3. 1

3. Okay.

1 3 2 3 and 10 to nil. Those were the kind of discounts that we were required to give to OMCs.

Yes.

Right now also we are at zero, or right now again it has come back?

No, no, right now again reappeared, we are giving now. It gets calibrated month on month to reflect the delta between crude and product prices.

Is it connected to the SAED, or it is independent of the SAED?

It is exactly as per SAED. As per SAED.

Right. Sir.

Fair enough. Thank you.

Second question is on this oil production.

Now if we are at 1 million tonne every quarter, technically we have hit this 4 million tonne target of that Mission 4+ which we had. Is there any revision in guidance for oil production next year, or are we looking to maintain it at this level for FY28, '29, or going ahead?

Yeah.

Yes, Mr. Sabri.

You see, we are ramping up the production by doing all whatever can be done. To increase to the next level, we are also doing some other things like near-field exploration.

At the same time, we are doing like the workover, production enhancement, optimization. These are some of the drives, and we are increasing with the getting whatever good technologies we can, including hydrofrac, you can say radial drilling.

We are doing. We have some thoughts in mind to go to 4.2.

If we look at our FY29 kind of target, we are targeting around up to around 4.2. Maybe it goes beyond that, but that will also depend on a little bit of kind of our own near-field exploration.

That is one important aspect. Yes.

So 4.2 from the main producing area, this doesn't include any deepwater or nothing of that sort?

Main producing areas, and also we are ramping up production in Rajasthan.

Okay. Just one last small question.

Any impact of the recent floods on your operations?

No. In our areas, there was no impact.

We have operations in Sivasagar and also in Charaideo, but these are in the eastern part of Sivasagar and Charaideo. Our place not much of flood, and but definitely the nearby areas got submerged and all the 50 ft.

No impact on our side.

Got it, sir. Thank you so much, and all the best.

Thank you.

Thank you.

Thank you for the call, sir. With all this pipelines that you're kind of thinking about completing and the 200 m pipeline for NRL, what do you think will be your target F28 productions for natural gas next year?

Also, if you can just help us understand what percentage of the gas is coming as new well gas pricing, or you're not being able to get that yet?

You see, I will not talk about the new well price. Whatever incremental production will happen will be all new well price, because the APM part will be over by this time because whatever new gas we'll be doing, we'll be extending our perforations, we'll be having more testing, and already some areas we have already discovered, we have tested those areas, and we know that we have the gas and we'll open up those.

These will be all new gas. There will be no kind of old gas kind of situation, these will be all new gas.

Number two is that you are talking about the numbers in terms of total production in coming days. Once we get DFL connected, we are into 5.

That's the bottom line. We are 5 BCM from the very first day.

We have always maintained that ramping up the production by itself is not a challenge. Absence of the network is a challenge, which we are kind of trying to address.

Once the network is made, it is ready for evacuation, ramping up production will definitely happen.

Because already we have the wells, and

we know that this is the production potential of this area. No, no,

I think that's very clear. I think I was just thinking right now that the NRL is getting completed and ramping up second half of next year, and you have this pipeline as well done, maybe I think the ramp-up for next year, if you have some numbers around that, that will be interesting to get for natural gas.

3.8.

Next year will be 3.8. 3.8.

3.8 BCM. Now

3.8 BCM, got it.

On an average, we are shutting down some wells. At least 30 wells we are always shutting down.

When we will be opening all those wells, on an average, if there is low consumption, we shut in up to 60 wells. The situation is like this.

It becomes an issue. These wells are already there.

Production will automatically pick up.

Fair. My second question was more related to NRL.

Was there any benefits on excise duty you were able to get this quarter, or it's very small a number? See,

you have seen that excise duty was calibrated to keep the retail prices down. Obviously there will be squeeze on the excise benefit that we get.

To that extent, yes, our excise duty benefit realization has come down. It was not a big number, but it was a sizable number.

Got it. The reason I'm asking you this is with the SAED--

Hi, sir, good afternoon, and thanks for the opportunity. Actually some clarificatory questions.

Continuing on the line of questioning on the GRM bit, if you could just, for our understanding, help us understand that what the $35 GRM that we have reported, does that include the impact of both SAED and the excise benefit that you get, or the excise benefit is not included in this? Subsequent to that, if excise benefit gets included, then what could be the GRM?

See, excise, when we report GRM, generally it is devoid of excise benefit, and it only includes the inventory loss and gain. That's what I clarified.

Also it is netted off the discount that we are providing due to the SAED. Does it answer the question?

Otherwise, what is the excise duties of petrol and diesel, you can quickly calculate the impact of those benefits into our GRM. Whatever GRM that is visible, $35, is not considering the excise duty benefit that we are getting.

That's the reason I asked, because the SAED is also a special excise duty. I was wondering if both impacts are netted off and then you've reported the GRM.

Thanks for the clarification. Secondly, on your operating costs, you basically spoke about an increased pace of activity, but the contract costs have come off as compared to previous quarter, and so also other expenses.

What are the key reasons for that, and how should we look at these costs going ahead down the year? See,

since we are in the expansion mode, some plants are getting commissioned, those actually is accounted as a expense as of now, but as we stabilize, it will be absorbed into overall opex budget. With commensurate revenue coming, we will be having similar sort of and much more lower per barrel operating cost.

Our per barrel operating cost hovers around 4 $4.5 to $5 today. It will come down to a level of $3.5.

That's what our expectation is, because we will be rationalizing on the facilities and our throughput will be high. Therefore, the operating cost will come to around 3.5.

No,

sir, thanks for answering that. This was with respect to NRL, I suppose, that you mentioned.

I'm talking from the perspective of Oil India, where contract costs and other expenses have come down on a sequential basis. What are the key reasons for that, and how should we look at these costs going ahead in the year?

The contract cost for the current quarter for Oil India standalone is ₹615 crore as compared to ₹475 crore. What you are trying to understand from us?

That is correct. The contract costs are lower sequentially, and other expenses are also lower.

Right, yeah, the contract cost margin has gone up around ₹140 crore.

Sorry, sir, your voice is not very clear. Can you please come again?

See,

the contract cost of around ₹146 crore, which has gone up during the current quarter as compared to the previous quarter, is major for our G&G cost in our offshore blocks. All other costs were at par only.

It is only G&G cost for our offshore blocks. Rest are you can say all in line as compared to the previous year.

Sure, sir. It was not very clear, but from what I understood that on a YoY basis you mentioned that some ₹100 crore of extra cost has come, otherwise everything else is in line.

That's the right understanding?

Yes, it has several components. The one component which has basically consumed much of the cost is G&G, because we are into operations in the offshore.

There has been a hike. Rest of the items are more or less similar.

That's because

of the seismic acquisition.

Yes.

Got it, sir. Lastly, sir, if I may, just one more clarificatory question.

For everybody's benefit, if you can give--

I've just wanted the production targets for this year and next year. That's all if that can be given.

This year, you see, we are already told that quarter-on-quarter we are almost close to 1 MMT. You can say that it will be around minimum 3.9 will be our production this year.

That's what I can tell as of now, but we may touch 4 also.

Got it, sir. Thank you.

Now that we have surpassed 11,000-- We are expecting 3.9. It's possible that we touch 4 this year itself.

Understood. Thanks for answering my question.

Hi, thanks for the opportunity. Just on Andaman, if I remember right, you had taken a write-down of the Vijayapuram-2 well, whereas the 1 and 3, I think, are still in as of now in your assets.

Just wanted to get a clarity, is it fair to say that given that it's been 2-3 quarters since the well was drilled, it's no longer going to come up for, let's say, a review or a write-down of the expense done on those two wells?

Vijayapuram-3, actually we just completed the testing sequence in July, yeah, so that didn't come up in the first quarter. We will be undertaking an appraisal campaign in Vijayapuram-3 also, based on the new 300 sq km of 3D seismic data that we have acquired.

Once we have the interpretation and the prospect generation done by April, we will be able to take a final call on Vijayapuram-3. Vijayapuram-1, we had to hold on because we didn't have the proper testing facilities at that point of time, because we didn't anticipate such tight formations in Vijayapuram-1.

We had to keep Vijayapuram-1 on hold, and even as we speak, our rig has been now mobilized to Vijayapuram-1, where we'll be stimulating the well using hydrofrac technology. This testing campaign in Vijayapuram will take almost about this month of August, and post August, post testing in September, we will be able to freeze on the fate of Vijayapuram-1.

Sure.

Would you be able to share what has been the spend on Vijayapuram-1 and Vijayapuram-3?

That will depend on the testing results. Vijayapuram-3, I've already told you that we'll be drilling an appraisal well in that area.

If based on the 3D seismic campaign, we see that Vijayapuram-1 3 maybe was not in a proper structural position, then we can always examine the feasibility of utilizing this same well to sidetrack and go to a desired position, which we can go up to 1,000 or 2,000 m laterally, horizontally. Vijayapuram-1, we'll take a call after the testing results, which will be concluded this month.

No, I got that. I just wanted to know what was the spend which was made on Vijayapuram-1, is what I was asking.

Vijayapuram-1, our spending has been roughly ₹1,000 crore.

₹1,000 to ₹1,050.

Got it. That's all from me.

Thank you.

Thanks for the opportunity. Just one couple of questions, basically on GST and royalty.

I think there was a BSE filing. Can you tell us what is the total amount due on this GST and royalty, how much was provisioned, how much was paid, and what could be the impact in the second quarter on the P&L as well as cash flow?

Similarly on the Assam land tax, I think the government has withdrawn that case, and I believe Oil India's already not paid anything. Is there any impact from that also on your financial statements?

I'll take up the land question first. The Senior Counsel of the Government of Assam, he gave an undertaking to the honorable court that this particular law will be withdrawn.

It will be deliberated in the state legislature, and following the due process, the act will be repealed. Far whatever we have shown in our financial, we have shown them as contingent liability.

It has not impacted our financials at all, and in the days ahead, we'll have to wait till it is withdrawn by the state. Once it is withdrawn, we will also kind of remove it from our books.

That is the position on Assam land taxation. Now as regards the GST on royalty, we have all this while been providing for it.

It is again not going to impact our financials, because every quarter we were providing for it since this new thing was introduced in 2017, right, from 1st of July 2017. Without interest, it would be to the tune of ₹2,500 crore without interest.

Plus one over two crore is approximately two.

Am I audible?

Without interest, it would be roughly about ₹2,500 crore. Our undertaking to the court was that the court has given us 6 weeks' time to settle this, and we are trying to kind of make this payment as quickly as possible.

At this point in time, I can tell you this much.

Sir, within the next 6 months, the interest component doesn't have to be paid, only the ₹2,500 principal component? Yes,

absolutely. Prospectively, no interest.

We will only be paying the liability as it arises.

This will be booked in the second-quarter results?

Sorry?

This will come up in the second-quarter financials, the ₹2,500 crore?

Yes, second-quarter financials, financials as such is not going to be impacted,

because

we have already provided for it. Then we will definitely make a disclosure saying that this much amount has been released on account of GST on royalty.

Sir. Thank you.

Right.

Thank you very much for your participation in Oil India's Q1 '27 earnings call. A big thanks to DAM Capital for helping us to organize today's session smoothly.

We trust that we have satisfactorily addressed your queries and provided meaningful insights into our quarterly performance and ongoing initiatives. Should you require any additional information or further clarification, please do not hesitate to contact our Investors Relation Cell.

The relevant contact details are available on our website. We sincerely appreciate your time, participation, and continued confidence in Oil India Limited.

Your engagement is highly valued, and we look forward to maintaining an open and constructive dialogue with you in future. Thank you, and have a great day ahead.

Thank you.