Oil & Gas

Exploration & Production:

• There are 26 sedimentary basins, covering a total area of 3.4 mn square km. The area is spread across the land, shallow water up to 400-meter water depth, and Deepwater further up to Exclusive Economic Zone (EEZ). 
• Cumulative crude oil production during FY 21-22 was 29.7 MMT. Natural Gas production for FY 21-22 was 34.024 BCM.
• In the FY 2021 – 22,  for 21 & 8 Blocks  were awarded under OALP VI & VII respectively. 
• It is intended to increase the nation's exploration acreage by 0.5 mn sq. km. till 2025 and by 1.0 mn sq. km. till  2030. 

Refinery:

• India‘s refining capacity stands at ~251 MMTPA as of October 2022, comprising 23 refineries. Refinery capacity utilization is about 96% for the year 2021-22.  Indian Oil Corporation (IOC) is the largest domestic refiner with a capacity of 70.1 MMTPA.
• Crude oil processing increased by 9% from 221.77 MMT in 2020-21 to 241.7 MMT in 2021-22.
• Petroleum product production saw an increase of 8.9% in FY 2021-22 vis-à-vis FY 2020-21. The production of petroleum products stood at 254.3 MMT in FY 2021-22.
• India aims to increase its refining capacity to 450 MMTPA by 2030. 

Natural Gas Infrastructure:

• A total of 22,335 km of the natural gas pipeline is operational and about 12,995 km of the gas pipeline is under construction as of December  2022. 
• Target to increase the pipeline coverage by ~54% to 34,500 km by 2024-25 and to connect all the states with thetrunk natural gas pipeline network by 2027.
• As on 31.01.2023, 10.5 mn domestic PNG connections and 5,118 CNG stations have been established.   
• As per Minimum Work Programme, the authorized CGD entities authorized have to provide 123.3 mn PNG connections and establish 17,700 CNG stations by 2030.
• Liquefied Natural Gas (LNG) supply is forging ahead on both coasts with 06 operational LNG terminals. The total capacity of LNG terminals stands at 42.7 MMTPA.

Import & Export:

• India Imported 212.4  MMT crude oil, worth $ 120.7 bn, and 31.02 BCM of LNG worth $ 13.5 Bn, in FY 21-22. The import dependency of crude oil and natural gas was 85.7% and 48% respectively.
• Export of petroleum products increased by more than 100% from $21.4 Bn in the FY 2020-21 to $ 44.4 Bn in the FY 2021-22. Further, Exports of petroleum products in April – December 2022 were $ 70.28 Bn registering a growth of 52.15% over $ 46.19 Bn in April – December 2021.

Petroleum Products Consumption:

• The Overall consumption of Petroleum products in the nation saw an increment of 38% to reach 204.7 MMT in FY 21-22 from 148.1 MMT in FY 11-12.  The major product-wise breakdown of the same are as follows:
  • The LPG consumption increased by 85% from 15.3 MMT in FY 11-12 to 28.3 MMT in FY 21-22. As on 01.03.2023, there are 314 mn active LPG domestic connections by PSUs.
  • The Motor Spirit consumption doubled from 15 MMT in FY 11-12 to reach to 30.8 MMT in FY 21-22. 
  • The HSD consumption increased from 64.7 MMT in FY 11-12 to 76.7MMT in FY 21-22.

Union Budget 2023 Highlights

• INR 35,000 crores for priority capital investments towards energy transition and net zero objectives, and energy security
• INR 10,000 crore for compressed bio-gas plants and 300 community and cluster-based biogas plants.