New Delhi, Sept. 18 -- Oil India Limited is significantly expanding its offshore exploration activities with a strong focus on deepwater and ultra-deepwater basins, while also initiating cost optimisation efforts to safeguard margins amid global price fluctuations, said Ranjit Rath, Chairman & Managing Director of the company.

"As far as our exploration initiative is concerned, we have today got 1,12,000 square kilometres of exploration acreage, out of which 40,000 square kilometres of acreage is in the deep and ultra-deep water of the Mahanadi Basin and KG Basin," said Rath.

"We are going to kick-start the seismic data acquisition for 2D and 3D of these deep and ultra-deepwater basins," he added.

Rath said that Oil India Limited is in...