India’s crude oil production to grow by 1 MT

06 August 2018

India’s crude oil production is expected to increase by a marginal 1 million tonne (MT) over the next four years through 2022, the oil ministry said. This is despite Prime Minister Narendra Modi’s call for reducing the country’s crude oil imports by 10% by 2021-22.

Crude Oil production
Source: Google

According to oil ministry’s projections, India will produce around 38.34 MT oil in 2021-2022 as compared to 37.34 MT produced in last financial year ended March 2018.

According to the ministry, state-owned and largest petroleum explorer Oil and Natural Gas Corporation (ONGC) would witness its crude oil production from nomination fields decline 2.25% to 22.55 MT in 2021-2022 from around 23 MT produced last financial year ended March 2018.

Similarly, output from the second largest producer Oil India Ltd (OIL) will decline 5% to 3.46 MT in 2021-2022, from around 3.64 MT produced in 2017-18. Crude oil production from fields operated by private and Joint Ventures will increase 16% to 12.33 MT in 2021-2022 from around 10.63 MT produced last fiscal.

The declining trend in the country’s domestic crude oil production has resulted in the country’s import dependence on crude deteriorate to 82.8% at the end of last financial year ended March 2018, as compared to an import dependence of 77.35% in financial year 2013-2014.

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