India’s domestic oil production falls in July, gas output up
1 min read 24 Aug 2021, 11:07 AM ISTIndia’s crude and oil and gas production fell by 5.22% and 8.06% respectively in the last financial year
PremiumNew Delhi: India’s domestic oil production continued to falter in July with crude oil output down 3.22% in the month compared to the corresponding period last year.
However, according to the monthly production report released by ministry of petroleum and natural gas, there was an 18.36% increase in gas production in July.
“Crude oil production during July 2021 was 2548.78 TMT, which is 3.78% lower than target for the month and 3.22% lower when compared with production of July 2020. Cumulative crude oil production during April-July, 2021 was 9961.65 TMT, which is 2.64% and 3.37% lower than target for the period and production during corresponding period of last year respectively," petroleum and natural gas ministry said in the report.
India’s domestic energy production has been low. In what doesn’t bode well for the country’s energy security, India’s crude and oil and gas production fell by 5.22% and 8.06% respectively in the last financial year.
“Natural gas production during July 2021 was 2891.96 MMSCM, which is 18.36% higher when compared with production of July 2020 but 10.19% lower than the monthly target. Cumulative natural gas production during April-July, 2021 was 11060.07 MMSCM, which is 19.85% higher than production during corresponding period of last year but 5.37% lower when compared with target for the period," the report added.
Also, the refinery production was on an upswing in July. India plans to grow its refining capacity to 400 mtpa by 2025 from the existing installed capacity of 249.36 mtpa through 23 refineries.
“Crude Oil Processed during July 2021 was 19383.64 TMT, which is 9.64% higher than July 2020 but 4.06% lower than the target for the month. Cumulative crude throughput during April-July, 2021 was 76638.47 TMT, which is 15.58% higher when compared with the production of corresponding period of last year but 3.07% lower than target for the period," the report said.
In a push for India’s energy security, Prime Minister Narendra Modi in his Independence Day speech announced a National Hydrogen Mission for the country. This comes in the backdrop of India spending Rs12 trillion annually to meet the energy needs.
Green hydrogen is produced by splitting water into hydrogen and oxygen using an electrolyzer powered by electricity from renewable energy sources such as wind and solar can be a game-changer for India, which imports 85% of its oil and 53% of gas demand.
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