Domestic crude production grows by 2.1% in August

Domestic crude oil production increased by 2.1 percent in August on a year-on-year basis to 2.5 million metric tonnes (MMT), as shown by data from the Oil Ministry on September 20.

According to data from the Petroleum Planning & Analysis Cell (PPAC), ONGC registered a production of 1.61 MMT, while Oil India produced 0.28 MMT of crude oil in August.

Meanwhile, India’s imports of crude oil increased by 6.2 percent in August compared to the corresponding period last year.

The country’s net import bill for oil and gas in August was $9.3 billion, with crude oil imports constituting $10.9 billion and LNG imports totaling $1.3 billion. The oil and gas import bill for August 2022 was $11.8 billion, according to official data.

During August, the Indian basket crude price averaged $86.43 per barrel, compared to $80.37 per barrel in July 2023 and $97.40 per barrel in August 2022.

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Additionally, the data showed that domestic natural gas consumption was 10 percent higher in August compared to last year, at 5,345 MMSCM (million metric standard cubic meters). For the current financial year through August 2023, cumulative consumption was 26,743 MMSCM, representing an increase of 3.7 percent from last year.

Similarly, domestic production of natural gas also rose by 9.3 percent in August on a yearly basis, reaching 3,166 MMSCM. The cumulative gross production of natural gas for the current financial year through August 2023 was 14,852 MMSCM, which is 3.6 percent higher compared to the corresponding period of the previous year.

LNG imports for the month of August amounted to 2,234 MMSCM, which was 10.1 percent higher than last year. The cumulative imports for the current financial year through August increased by 3.5 percent from last year, totaling 12,215 MMSCM.