In April, crude oil output in India fell by about 1%

0
305

In April 2022, India produced 2.46 million metric tonnes of crude oil, a decrease of 0.95 per cent from the previous year. The nation produced 2.49 million metric tonnes of crude oil in April 2021.

However, according to a statement from the petroleum and natural gas ministry, output in April was 3.47 per cent more than the goal of 2.38 million tonnes. In FY23, India’s crude oil output will reach 30.22 million metric tonnes.

Oil India Ltd’s production of 251,460 metric tonnes of crude oil last month fell short of its monthly goal by only 0.79 per cent.

As the ministry put it, “workover wells, drilling wells, and old wells contributed less than expected.” “For further information, please see the following link: A disaster at Oil India’s Baghjan oilfield in the state of Assam has also led to protests and blockades by local residents and organisations, the company claimed.

As a result of the Russia-Ukraine situation and global supply worries, crude oil prices have remained high despite the decline in output. To lessen its dependency on foreign oil, India has been increasing its domestic oil output. Around 85% of the country’s energy needs are met by imports.

Government officials were encouraged to reassess their plan for increasing domestic oil output by a standing committee on petroleum and natural gas in March. Concerned about the “extremely modest,” the committee said in its report to the parliament, “Amount that new exploration licence policies would contribute to U.S. crude oil output.

There has been assurance from the ministry of petroleum and natural gas that crude oil output will grow in the next fiscal year (FY23), according to a report from the committee. However, natural gas output grew 6.61 per cent year-on-year to 2.82 billion cubic metres in April 2022, which was 2.29 per cent below the monthly goal of 2.89 billion cubic metres.

0.62 per cent more gas was generated than expected by ONGC; however, the amount was still lower than the amount produced in April 2021. The drop in ONGC’s natural gas production was attributed in part to lower output from the Ankleshwar asset’s Gandhar, Jambusar, and Dahej fields.

It was a 13.85% increase over April 2021 but a 19.30% down from the monthly goal for Oil India’s 244.92 million metric standard cubic metres (MMSCM). Low gas demand from essential clients and a lower-than-expected contribution from workover wells, drilling wells, and ageing wells were cited in the statement as the primary reasons for Oil India’s failure to meet its goal.

Follow and connect with us on Facebook, LinkedIn & Twitter

LEAVE A REPLY

Please enter your comment!
Please enter your name here