Domestic crude oil production at 2.5 MMT in May, imports increase 2%: PPAC
- Crude oil imports increased by 22 per cent and decreased by 3.1 per cent during May 2023 and April-May 2023 respectively, compared to the corresponding period of the previous year.
India produced a total of 2.5 million metric tonnes (MMT) of crude oil in May 2023, compared to 2.6 MMT in the year-ago period, according to Petroleum Planning & Analysis Cell (PPAC). Out of 2.5 MMT, Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT of crude oil while Oil India Limited (OIL) and private sector producers contributed 0.3 MMT and 0.5 MMT, data released by the Oil Ministry showed.
Crude oil imports increased by 22 per cent and decreased by 3.1 per cent during May 2023 and April-May 2023 respectively, compared to the corresponding period of the previous year. The net import bill for oil and gas was $10.0 billion in May 2023 compared to $13.2 billion in May 2022, according to PPAC.
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Out of this, the crude oil imports constitutes $10.3 billion, LNG imports $1.4 billion and the exports were $3.6 billion during May 2023, the data showed.
During May 2023, the Indian basket crude price averaged $74.98 per barrel as against $83.76 per barrel during April 2023 and $109.51 per barrel during May 2022. The price of Brent Crude averaged $75.55/bbl during May 2023 as against $84.94/bbl during April 2023 and $113.25/bbl during May 2022.
The production of petroleum products came in 23.9 MMT during May 2023 which is 2.8 per cent higher than May 2022, where 23.6 MMT was from refinery production and 0.3 MMT was from fractionator.
On the other hand, natural gas consumption (including internal consumption) for May 2023 stood at 5,066 MMSCM (million metric standard cubic meters), which was 12.4 percent lower than the corresponding month of the previous year, according to the official data.
The cumulative natural gas consumption for the current financial year till May 2023 stood at 10,252 MMSCM, which was lower by 3.4 per cent compared with the corresponding period of the previous year.
In addition, LNG import for May 2023 was 2228 MMSCM which was 24.1 per cent lower than the corresponding month of the previous year. The cumulative import of 4743(P) MMSCM for the current financial year till May 2023 was lower by 5.4 per cent compared with the corresponding period of the previous year.
Compared to the year before, India’s LNG imports rose in January, February, and April, but they dropped in March. At the moment, India imports LNG via seven facilities with a combined capacity of about 47.7 million tonnes.
India’s Adani and France’s TotalEnergies started supplying natural gas in April to the grid from their Dhamra LNG import facility located in Odisha, on India’s east coast, as part of the terminal’s commissioning phase.
Petronet LNG’s 17.5 mtpa Dahej terminal operated at 95.4 per cent capacity, while Shell’s 5 mtpa Hazira terminal operated at 21.2 per cent capacity in April, PPAC said.
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