India's crude oil output declined 2.67 percent in the fiscal year ending March 31, as state-owned ONGC fell short of its target, but natural gas output increased because to RelianceBP's KG production.
According to official data given by the oil ministry, crude oil production in 2021-22 (April 2020 to March 2022) was 2.63 percent lower than the previous year's 30.5 million tonnes and 11.67 percent lower than the target of 33.61 million tonnes. Over the last few years, India's crude oil production has decreased. It declined from 35.7 million tonnes in 2017-18 to 34.2 million tonnes the next year, 32.2 million tonnes in 2019-20, and 30.5 million tonnes in 2020-21.
The fundamental cause of the drop is the ageing of the fields, which has resulted in natural productivity decline. The output is maintained by investing in technologies that increase the rate of recovery.
In fiscal FY22, the Oil and Natural Gas Corporation (ONGC) produced 19.45 million tonnes of crude oil, which was 13.82 percent less than the objective and 3.62 percent below than the previous fiscal year's output. Due to a delay in mobilising a production unit and less oil in the NBP field, production from the WO-16 cluster in the western offshore was lower than expected.
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