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India’s crude oil production fell by 2.6 per cent year-on-year (Y-o-Y) to 29.69 million tonnes (mt) in the last fiscal year, ended March 2022, against 30.49 mt in FY21 largely due to lower production by State-run ONGC. The output in FY22 was lower by 11.67 per cent compared to the target for the said year.
Production during March was 25.26 lakh tonnes (lt), indicating a decline of 12.49 per cent than the target for the month as well as lower by 3.37 per cent than the production in March 2021, the Ministry of Petroleum and Natural Gas (MoPNG) said in a statement.
Crude oil production by Oil and Natural Gas Corporation (ONGC) in the nomination block during March 2022 was 16.82 lt, which is 12.62 per cent lower than the target for March and 1.84 per cent lower when compared with production of March 2021.
Overall crude oil production by the PSU oil explorer in FY22 was 19.45 mt — which is 13.82 per cent and 3.62 per cent lower than target for the period and production during corresponding period of last year, respectively.
The MoPNG attributed the decline in output to various reasons including less than anticipated production from WO-16 cluster due to delay in mobilisation of MOPU Sagar Samrat and less oil production in NBP field due to shutdown taken for mandatory inspections of FPSO for class certification.
Refining crude oil
Indian refineries processed 2.23 mt on crude oil during March, which is marginally higher than the target for the month and 6.44 per cent higher than the output in March 2021.
Overall the refineries processed 241.70 mt, which is 0.97 per cent and 8.99 per cent higher than target for the period and production during corresponding period of last year, respectively, on account of a rebound in economic and industrial activity.
Natural gas
India’s natural gas production during March 2022 stood at 2,886.23 million standard cubic meters (MSCM), which is 7.46 per cent higher than the production of March 2021 but 15.49 per cent lower than the monthly target.
Cumulative production during FY22 was 34,023.52 MSCM, which is 18.66 per cent higher than the corresponding period of last year, but 9.65 per cent lower when compared with target for the period.
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