India’s crude oil production fell by 3.76% annually to 2.45 million tonnes in July 2022. During the same time period last year, crude oil production totalled 2.54 million tonnes.
The crude oil production goal for the month of 2.59 million tonnes was missed by 5.57%, according to a statement from the ministry of petroleum and natural gas.
The production of the state-run energy giant ONGC was 1.63 million tonnes, 1.70% less than in July 2021 and 3.36% less than the monthly target.
According to the statement, the decrease in ONGC’s production was caused by a drop in output from the Gandhar field in Ankleshwar, Gujarat, the closure of high-potential wells in the Geleki field in Assam, and restrictions on drilling activities in the Cauvery basin because of socio-political issues.
The production of Oil India Ltd. was 263,700 tonnes, which is 8.11% less than the monthly goal. However, it was 4.12% higher than the production in July 2021.
The decline in crude production occurs at a time when the Russia-Ukraine crisis and worries about a global slowdown are keeping oil prices unstable.
India has been working to increase domestic oil production to lessen its reliance on imports. The nation imports about 85% of its energy needs.
A standing committee on petroleum and natural gas recommended in March that the government review its plan to boost domestic oil production and implement practical, actionable measures for this.
According to data from the petroleum and natural gas ministry, the production of natural gas fell to 2.88 billion cubic metres in July 2022, a 0.40% year-over-year decline. It fell short of the monthly goal by 3.33%.
1.66 billion cubic metres of natural gas were produced by ONGC, which is 3.92% less than in July 2021. However, the amount of natural gas produced by Oil India rose by 5.69% to 262.53 million cubic metres.
