ONGC factory in Uran. File India’s crude oil production in FY22 fell by 2.6 per cent over the previous fiscal and by 11.7 per cent than the targetted number amid lower output from state-owned ONGC, as per government data released Wednesday.
Domestic natural gas output, however, rose 18.7 per cent due to a sharp hike in production from the Krishna Godavari basin but still fell short of targetted production for the fiscal by 9.7 per cent.
Total crude output for financial year 2021-22 was 29.7 million tonnes (MT). India’s crude production has declined steadily from 35.9 MT in FY15 as production from ageing oil fields has fallen. The Oil Ministry had last year asked ONGC to consider selling stakes in maturing fields in western offshore to foreign players with more technical expertise to boost production. ONGC’s crude output for FY22 stood at 19.45 MT, 3.6 per cent lower than that in FY21 and 13.8 per cent lower than targetted production for FY22.
Natural gas production rose to 34 billion cubic meters in FY22, largely on a 466 per cent rise in gas output from the Eastern Offshore. ONGC’s natural gas production fell 5.7 per cent in the same period, while that of Oil India rose by 16.7 per cent. India’s total crude oil processing rose 9.0 per cent to 241.7 MT in FY22 amid greater demand for petroleum products.
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