In November, India’s domestic oil production continued to decline, with crude oil production down 6.89 percent compared to the same month the previous year.
In November, however, according to the ministry of petroleum and natural gas’s monthly production report, gas production increased by 23.09 percent.
November 2021 crude oil output was 2431.44 TMT, which was 6.89 percent lower than the target for the month and 2.22 percent lower than November 2020.
From April to November 2021, total crude oil production was 19868.42 TMT, which is 4.38 percent and 2.74 percent lower than the target for the period and production during the same period last year “, according to the ministry of petroleum and natural gas’s monthly production report for November, released on Tuesday.
Because India’s domestic energy production is low, energy security is a priority for Prime Minister Narendra Modi’s National Democratic Alliance (NDA) government, as he stated in his Independence Day speech on August 15.
In November 2021, natural gas output was 2869.47 MMSCM, up 23.09 percent from November 2020 but 12.8 percent below the monthly target. “From April to November 2021, cumulative natural gas production was 22777.21 MMSCM, which is 21.78 percent greater than last year’s equivalent period but 7.9 percent shorter than the period’s objective,” according to the study.
The union government has also opened the seventh bid round under the liberal open acreage licensing program as part of India’s energy security policy to bolster domestic hydrocarbon production (OALP). Around 15,766 square kilometers were offered to investors in the most recent round.
In November 2021, 21483.42 TMT of crude oil was processed, up 3.38 percent from November 2020 and 3.49 percent greater than the monthly objective. The total crude throughput from April to November 2021 was 155732.52 TMT, which is 11.77 percent more than last year’s production but 1.04 percent below the objective for the time,” according to the study.
With a total installed capacity of approximately 249.36 million tonnes per annum (mtpa) and 23 refineries, India is a major refining center in Asia. India’s energy security is dependent on domestic production.
In 2020-21, India spent $62.71 billion, $101.4 billion in 2019-20, and $111.9 billion in 2018-19 on crude oil imports.
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