India’s crude oil production in FY22 fell by 2.6 per cent over the previous fiscal and by 11.7 per cent than the targetted number amid lower output from state-owned ONGC, as per government data released Wednesday.
Domestic natural gas output, however, rose 18.7 per cent due to a sharp hike in production from the Krishna Godavari basin but still fell short of targetted production for the fiscal by 9.7 per cent.
Total crude output for financial year 2021-22 was 29.7 million tonnes (MT). India’s crude production has declined steadily from 35.9 MT in FY15 as production from ageing oil fields has fallen. The Oil Ministry had last year asked ONGC to consider selling stakes in maturing fields in western offshore to foreign players with more technical expertise to boost production.
