NEW DELHI :
India’s crude oil manufacturing fell 2.67% within the fiscal 12 months ending March 31, as state-owned ONGC produced lower than the goal, however pure fuel output rose helped by KG manufacturing by Reliance-BP.
Crude oil manufacturing at 29.69 million tonnes in 2021-22 (April 2020 to March 2022) was 2.63% decrease than the 30.5 million tonnes output a 12 months again and 11.67% beneath the goal of 33.61 million tonnes, in line with official information launched by the oil ministry.
India’s crude oil manufacturing has been on a decline in the course of the previous few years. From 35.7 million tonnes in 2017-18, it fell to 34.2 million tonnes within the following 12 months and 32.2 in 2019-20 and 30.5 million tonnes in 2020-21.
The first purpose for the decline is the getting old fields the place pure manufacturing decline has set in. The output is being maintained by investing in applied sciences to spice up the restoration price.
Oil and Pure Fuel Company (ONGC) produced 19.45 million tonnes of crude oil within the fiscal FY22, which was 13.82% decrease than the goal and three.62% lower than the output within the earlier fiscal 12 months.
This was on account of less-than-anticipated manufacturing from the WO-16 cluster within the western offshore on account of delay in mobilisation of a manufacturing unit and fewer oil within the NBP area on account of an inspection-related shutdown, it mentioned.
Pure fuel output, nevertheless, rose 18.66% to 34 billion cubic meters in FY22.
That is after Reliance Industries Ltd and its associate BP Plc began output from newer fields within the japanese offshore KG-D6 block.
5-times increased output from japanese offshore at 1.34 bcm offset a 5.7% decline in manufacturing by ONGC.
With demand returning with a rebound in financial exercise, refineries processed 9% extra crude oil at 241.7 million tonnes within the 2021-22 fiscal.
They produced 254.3 million tonnes of petroleum merchandise, up from 233.5 million tonnes a 12 months again and the goal of 249.8 million tonnes for the fiscal.
Refinery run was 89% of the capability within the fiscal, the information confirmed.
Supply: Live Mint