Crude Oil Production: Crude oil production in India has fallen by 2.67 percent in the financial year 2021-22. This happened due to production below the target by the public sector ONGC. On the other hand, production of natural gas increased in the reporting period due to the commencement of production from some new fields of KG basin of Reliance-BP.
Ministry released data
According to the official data released by the Ministry of Petroleum, crude oil production stood at 296.9 million tonnes in the financial year 2021-22, which is 2.63 per cent lower than 305 lakh tonnes in the previous financial year.
336.1 lakh tonnes production target
The ministry had set a target of producing 336.1 lakh tonnes during the last financial year, against which the actual production was 11.67 percent less.
Crude oil production down
The production of crude oil in India has decreased during the last few years. This figure has fallen to 357 lakh tonnes in 2017-18, 342 lakh tonnes in 2018-19, 322 lakh tonnes in 2019-20 and 305 lakh tonnes in 2020-21.
decline in natural production
The main reason for this reduction is the aging of some oil reserves, where natural production has declined. Efforts are being made to maintain production by investing in technology to increase the clearance rate. Oil and Natural Gas Corporation (ONGC) produced 194.5 lakh tonnes of crude oil in the financial year 2021-22, which is 13.82 percent less than the target. This figure is 3.62 percent less than the previous financial year.
18.66% increase in production
Natural gas production grew by 18.66 per cent to 34 billion cubic meters in the financial year 2021-22. In this, there was a special contribution by Reliance Industries Limited and its partner BP Plc to start production from new areas. The production was started in the eastern offshore KG-D6 block.
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