The company bought a 26 percent stake in Russia’s Vankor project last year from oil giant Rosneft, lifting its overall output to about 12.8 million tons in the year ended March 31, from 8.92 million in the previous year. The company expects total output to reach 14 million tons by March, with half of that coming from Russia. “Russia has been giving us good opportunities, and our governments share good relations,” Verma said. The company is working toward a more diversified portfolio, he said, “but if a good opportunity emerges again in Russia, we will not hesitate.”

The oil price crash that started in 2014 helped the company bulk up on assets that have been in production for years. Global benchmark Brent oil, which hit the lowest in more than a decade during January 2016, has recovered to about $65 a barrel. “Definitely the low oil price has offered a window of opportunity for us to consolidate and increase our footprint,” Verma said. “Gradually, people are reconciling with the low prices.”