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India’s dependence on crude oil imports has risen, shows data

Despite the government’s vision to cut down India’s dependence on oil imports, the graph has only moved upward in the last one year, data shows

crude oil imports
crude oil imports

New Delhi: Data shows that despite the government’s vision to cut down India’s dependence on crude oil imports, the graph has only moved upward in the last one year, primarily because India’s crude oil production fell 4.19 per cent to 2,797.84 thousand metric tonnes (TMT) in September as compared to the corresponding month a year ago.

According to the figures released by the oil ministry, the decrease in oil production at home pushed India’s dependence on crude oil imports to 83.7 per cent in the month of September, as compared to 83.3 per cent recorded in the corresponding month a year ago. The data also showed that India’s crude oil production fell by 3.42 percent to 17,409.44 TMT in the first six months of the current fiscal as compared to 18,025 TMT produced in the year-ago period.

ONGC

Oil and Natural Gas Corporation (ONGC), India’s largest oil and natural gas producer, witnessed a 7.21 percent decline in crude oil production in September, as it pumped out 1,711.27 TMT as opposed to 1,844.25 TMT produced in the corresponding month last year. Its share in the country’s total crude oil production fell to 61.16 per cent in the month of September, as compared to a share of 63.15 per cent in the same month last year.

Oil India

Oil India, country’s second-largest public sector enterprise recorded a 0.91 percent fall in crude oil production in September as it produced 274.28 TMT, as compared to 276.79 TMT produced in the same month last year. Its share in the country’s total crude oil production increased marginally to 9.80 per cent in the month of September as compared to 9.47 percent in the same period a year ago.

Private sector performs better

In contrast to the public sector, the fields operated by private players and joint ventures registered a 1.65 percent increase in crude oil production to 812.30 TMT in September as opposed to 799.09 TMT last year. Share of Production Sharing Contract (PSC) fields in the country’s total crude oil production increased to 29.03 per cent in September, as compared to a share of 27.36 per cent recorded in 2017.