Oil India's Chairman and Managing Director Ranjit Rath believes that crude oil's volatile nature provides the company an opportunity to reinvest its profits in exploration.

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“We are aware of the fact that crude oil will always remain volatile. The degree of volatility is what bothers us but this volatility creates an opportunity for us not only to make money but also to leverage and plough back the revenue in exploration business,” he told CNBC-TV18 on February 14.

Despite the increasing focus on alternative energy sources, Rath maintains that Oil India will remain committed to its core business of hydrocarbon exploration. However, the company will also explore alternative energy portfolios to keep pace with the changing landscape of the energy industry.

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“Energy transition is here to stay. However, from an Oil India point of view, we are a hydrocarbon company. So while we will protect our core of hydrocarbon exploration and production, we will also look at our alternative energy portfolio,” Rath said.

He believes the Indian energy basket is set to grow 2.5 times in the coming years. and therefore, Oil India remains focused on its exploration portfolio and will continue to prioritise it.