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India: Domestic crude oil production stays steady at 2.4 MMT in Sept

Tuesday, 24 October 2023 | 00:00

Domestic crude oil production remained steady in September at 2.4 million metric tonnes (MMT) when compared to the year-ago period, oil ministry data showed.

According to data from Petroleum Planning and Analysis Cell (PPAC), state-run Oil and Natural Gas Corporation (ONGC) produced 1.55 MMT of crude oil in the month, while Oil India Limited (OIL) produced 0.27 MMT in September.

India’s gross production of natural gas was 6 percent higher in the month compared to last year at 3,027 MMSCM (million metric standard cubic metre). For the current financial year till September, the cumulative gross production of natural gas increased 4 percent to 17,879 MMSCM, compared with the corresponding period of the previous year.

The Indian government has been pushing for boosting domestic production of crude oil and natural gas to reduce the country’s reliance on imports.

In September, India’s crude oil imports jumped 6.1 percent over last year, while the country’s import bill for oil and gas was of $10.8 billion. Of the total import bill, crude oil imports constitute $10.6 billion, LNG imports $1.2 billion and the exports were $3.9 billion.

Data from energy cargo tracker Vortexa showed that Russia was the top supplier of crude oil to India in September, providing 1.5 million bpd; constituting 38 percent of India’s total oil imports. Crude oil from Iraq and Saudi Arabia constituted 23 percent and 13 percent of India’s total oil imports in September, according to Vortexa.

LNG import in September were 17.5 percent higher from last year at 2,278 MMSCM. LNG imports were also 9.4 percent higher for the current financial year till September at 15,110 MMSCM.

Consumption of natural gas in the country increased 11 percent on-year at 5,254 MMSCM. This comes as India aims to increase the share of natural gas in the country’s energy mix to 15 percent from the current 6 percent by 2030.

During September, the Indian basket crude price averaged $93.54 per barrel as against $86.43 per barrel during August 2023 and $90.71 per barrel during September 2022.
Source: Money Control

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