Raj revenue from crude oil, gas grows at 22% to ₹5k cr in FY23

Jaipur: Revenues from petroleum, which was almost non existent in 2008-09 and rose to nearly Rs 6,000 crore in 2013-14, has started moving up again registering 22% growth to reach Rs 4,889 crore in 2022-23.
The performance of the sector dependent on international crude oil prices and volume of production. In fact, the royalty from crude oil fell to Rs 1904.79 crore in 2020-21 when the world economy was battered by the Covid.
Mines minister Pramod Jain Bhaya said, “Our priority has been to facilitate oil and gas exploration companies with necessary permissions from time to time.
This has resulted in better production. This is another important reason for the improved royalty revenue realisation, besides the higher crude oil prices.”
In fact, after reaching the peak of Rs 5953.11 crore in 2013-14, the revenues hit the downward spiral with the royalty revenues dropping to Rs 4849.67 crore in 2014-15, Rs 2341.43 crore in 2015-16 and Rs 2331.73 crore in 2016-17. Although it showed signs of hitting the growth path in 2018-19 with the collection rising to Rs 3883.22 crore, the Covid pandemic blew away the gains. But since then, the royalty mop-up has been on the upswing, recovering to Rs 3995.40 crore in 2021-22 and Rs 4889.17 crore in 2022-23.
Giving a breakup of the revenues, ACS mines and petroleum Subodh Agarwal said that collections from crude oil in 2022-23 accounted for Rs 4322 crore, while gas contributed Rs 555 crore.
In fact, revenues from gas have been increasing steadily generating expectations of the sector growing much larger in coming years.
Agarwal said under the hydrocarbon exploration and licensing policy, ONGC, Oil India, Cairn-Vedanta have been given permission for exploration and development of crude oil and natural gas in Barmer-Sanchor, Jaisalmer and Bikaner-Nagaur basins. However, Cain accounted for most of the revenues.