Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ News / India/  India’s domestic oil production falls again in August; gas production up
BackBack

India’s domestic oil production falls again in August; gas production up

Crude oil production was down 2.29% in August compared with the corresponding period last year
  • India’s crude and oil and gas production fell by 5.22% and 8.06% respectively in the last financial year
  • According to the monthly production report released by the ministry of petroleum and natural gas, there was a 20.23% increase in gas production in August.Premium
    According to the monthly production report released by the ministry of petroleum and natural gas, there was a 20.23% increase in gas production in August.

    NEW DELHI : India’s domestic oil production continued to falter in August with crude oil production down 2.29% compared with the corresponding period last year.

    However, according to the monthly production report released by the ministry of petroleum and natural gas, there was a 20.23% increase in gas production in August.

    “Crude oil production during August 2021 was 2,518.56TMT, which is 5.98% lower than target for the month and 2.29% lower when compared with production of August 2020. Cumulative crude oil production during April-August, 2021 was 12,480.21TMT, which is 3.33% and 3.15% 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 2,891.96 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 11,060.07 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 up in August.

    “Crude Oil Processed during August 2021 was 18,438.58TMT, which is 14.17% higher than August 2020, but 0.33% lower than the target for the month. Cumulative crude throughput during April-August, 2021 was 95,077.05 TMT, which is 15.30% higher compared with the production of corresponding period of last year but 2.55% lower than target for the period," the statement said.

    India plans to grow its refining capacity to 400 mtpa by 2025 from the existing installed capacity of 249.36 mtpa through 23 refineries.

    “Natural gas production during August 2021 was 2,923.94 MMSCM, which is 20.23% higher when compared with production of August 2020 but 10.14% lower than the monthly target. Cumulative natural gas production during April-August 2021 was 13,985.76 MMSCM, which is 19.94% higher than production during corresponding period of last year but 6.39% lower when compared with target for the period," the report said.

    This comes against the backdrop of India spending 12 trillion annually to meet the energy needs. India is particularly vulnerable as any increase in global prices can affect its import bill, stoke inflation and increase its trade deficit. India spent $101.4 billion on crude oil imports in 2019-20 and $111.9 billion in 2018-19.

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 22 Sep 2021, 05:52 PM IST
    Next Story footLogo
    Recommended For You
    Switch to the Mint app for fast and personalized news - Get App