Domestic crude oil production increased 2.1 percent to 2.5 million metric tonne (MMT) in July 2023 as compared to the previous year, according to data released by the Oil Ministry on August 21.
According to Petroleum Planning and Analysis Cell (PPAC), Oil and Natural Gas Corporation (ONGC) registered production of 1.62 MMT whereas Oil India Limited (OIL) produced 0.28 MMT in July.
Meanwhile, India’s crude oil imports decreased by 6.3 percent and 2.4 percent during July and April-July 2023, respectively, as compared to the corresponding period of the previous year.
This comes as the Indian government is pushing for increasing domestic production of crude oil and natural gas to reduce the country’s reliance on imports.
Net import bill of India for oil and gas was $9.8 billion for July, compared to $15.8 billion in the same period last year. Out of the which, crude oil imports constitute $10.2 billion, LNG imports $2.1 billion and the exports were $4.1 billion during June 2023.
In July, the Indian basket crude price averaged $80.37 per barrel as against $74.93 per barrel during June 2023 and $105.49 per barrel during July 2022.
For natural gas, domestic consumption (including internal consumption) was 4.5 percent higher at 5,297 million metric standard cubic meter (MMSCM) in July compared to last year.
The cumulative domestic consumption of natural gas was 21,398 MMSCM for the current financial year till July 2023, higher by 3.9 percent compared with the corresponding period of the previous year.
Gross production of natural gas increased by 8.3 percent at 3,123 MMSCM in July from last year. The cumulative gross production of natural gas was 11,687 MMSCM for the current financial year till July, higher by 2.2 percent compared with the corresponding period of the previous year.
LNG import declined 1.1 percent at 2,234 MMSCM in July from last year. The cumulative LNG import was 9,982 MMSCM for the current financial year till July 2023, higher by 4.7 percent compared to same period last year.
Source: Money Control