Oil India reduces emissions, advances toward net-zero 2040 goal

Oil India Limited (OIL) reported a 12.55% reduction in Scope 1 and Scope 2 emissions for fiscal year 2024-25, decreasing to 1.268 million metric tonnes of CO2 equivalent (MMTCO₂e) from 1.45 MMTCO₂e in fiscal year 2023-24. This achievement is part of OIL’s commitment to reach net-zero emissions by 2040 and includes a targeted zero-flaring by 2025. The company also improved its CDP Climate Rating and S&P Global ESG rating.

The company's strategic initiatives include broadening its energy portfolio with investments in renewable energy, establishing a wholly-owned subsidiary for alternate energy business, and constructing pipeline networks for gas monetization. Total energy consumed from renewable sources increased to 3,149 GJ in fiscal year 2024-25 from 2,653 GJ in the previous year. Non-renewable energy consumption, however, saw a decrease to 21,671,856 GJ from 24,906,074 GJ.

OIL also detailed its waste management practices, processing 3,425.22 metric tons of oily sludge for oil recovery and bioremediation in the reporting year. Water withdrawal totaled 2,901,556 KL, with 50,856 KL in water-stressed areas. The company has also initiated the green credit program, reserving 20 land parcels and completing plantations on 419 hectares, with green credits anticipated within two years.