Oil India- has its time come?

I have some points on the negatives you mentioned.

1. The high capex business.
   Yes, oil exploration and extraction is an capital intensive business. We must also consider the current ESG concerns when we think about this. With current momentum of going towards green energy, government would not do high capex on exploration of new oil fields. Yes capex would be used for extraction, which is a smaller part of total capex. It is in a way time to grab the low hanging fruits now(extracting oil from current and already explored sites).

2. Being a PSU.
   This is a concern for me but a different one. Oil is an important resource for an country and if this is also providing good dividend yield govt would not think much about divestment here, which intern would lead to good returns, maybe, maybe not, in terms of stock price. But if everything is being squeezed in terms of dividend, this might be a little concerning, cause of taxation (government will enjoy money in both pockets), for us. Taxation would prevent high compounding.

These are my opinions. And antithesis are very much welcome.

Disclaimer: Invested, might be biased.