India’s Oil production in FY22
The crude oil production of India fell 2.67 percent in the fiscal year that ended on 31st March 2022. The production of ONGC was less than the target, but KG production by Reliance-BP’s natural gas output rose.
- In 2021-22 (April 2020 to March 2022) the crude oil production was 29.69 million tonnes which is 2.63 percent lower than the 30.5 million tonnes output in 2020-21. It is also 11.67 percent lower than the target of 33.61 million tonnes.
- The crude oil production of India has been declining during the past few years.
- In 2017-18 35.7 million tonnes of crude oil was produced, in 2018-19 it fell to 34.2 million tonnes, in 2019-20 it was 32.2 and in 2020-21 it stood at 30.5 million tonnes.
- In the fiscal FY22, 19.45 million tonnes of crude oil was produced by Oil and Natural Gas Corporation (ONGC) which was 3.62 percent less than the previous fiscal year’s output and 13.82 percent lower than the set target.
Reason for the decline
The primary reason for the decline in the country’s crude oil production is the aging fields where natural production is declining. To boost the recovery rate, investment is being made in technologies and thus output is being maintained.
About Natural Gas Output
In FY 22. the country’s natural gas output rose by 18.66 percent to stand at 34 billion cubic meters. This was mainly due to Reliance Industries Ltd and its partner BP Plc starting output from the eastern offshore KG-D6 block’s newer fields.
Return of demand
With a return in demand due to a rebound in the country’s economic activity, 9 percent more crude oil were refineries processed by the companies at 241.7 million tonnes in fiscal 2021-22. 254.3 million tonnes of petroleum products were produced which increased from the previous year’s 233.5 million tonnes as well as the current fiscals target of 249.8 million tonnes.
|View All E-Books: Recent Release|