India’s oil & gas production to achieve mid-decade peak in 2027: S&P Global

Petroleum minister Hardeep Singh Puri had recently said India will need to pursue an aggressive upstream policy to ensure energy security as the bulk of the demand will come from the oil and gas sector

Saurav Anand
Updated14 Jun 2023
India’s crude oil production fell 0.95% from 2.49 million tonnes in April 2021 to 2.46 million tonnes in April 2022.
India’s crude oil production fell 0.95% from 2.49 million tonnes in April 2021 to 2.46 million tonnes in April 2022.

New Delhi: India’s oil and gas production is expected to achieve a mid-decade peak between 2023 and 2032, around 2027, driven by the KG-Basin projects operated by Reliance Industries Limited and Oil and Natural Gas Corporation (ONGC), according to a report released by S&P Global Commodity Insights on Wednesday.

“However, these are old discoveries which have been in development for a while and coming online during 2023. These projects include Cluster 2A in KG-DWN-98/2 and the Dhirubhai 55 (MJ) field,” the research firm said in a statement.

Addressing concerns about energy security, petroleum minister Hardeep Singh Puri had recently said India will need to pursue an aggressive upstream policy to ensure energy security as the bulk of the demand will come from the oil and gas sector in the foreseeable future, despite the transition to cleaner fuels changing the energy landscape.

“The major growth area is gas, again led by KG Basin discoveries being operationalized. However, considering the heightened maturity of India’s existing basins, new basin-opening initiatives need to bear fruit and quickly, which is a big ask,” said Mansi Anand, senior research analyst, S&P Global.

India’s crude oil production fell 0.95% from 2.49 million tonnes in April 2021 to 2.46 million tonnes in April 2022 on the back of “less than planned contribution from workover wells, drilling wells and old wells“, according to the ministry of petroleum and natural gas. However, the production in April this year was 3.47% higher than the target of 2.38 million tonne, the ministry said on Tuesday. The target for FY23 is 30.22 million tonnes.

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