Oil and gas production from Indian assets overseas dropped 11% in 2020-21 as Russia and the UAE cut output to meet OPEC+ supply curb commitment and as low prices delayed spending in some fields, showing how host countries’ priorities affect Indian oil NSE 0.69 % and gas investments.
This is the second year of decline for Indian oil firms’ overseas output, which had peaked in 2018-19 to 24.7 million metric tonnes of oil equivalent (mmtoe) and then declined to 24.5 mmtoe the next year and 21.9 mmtoe in 2020-21. Domestic oil and gas output too declined 7% in 2020-21 to 59.2 mmtoe.
