Another public sector major Oil India Ltd (OIL) saw a decline in its crude oil
production by 2.46 per cent to 3.3 MT during the last fiscal compared to 2017-18. Natural gas production by OIL during April to March period of 2018-19 also declined 5.54 per cent compared to the previous year. Interestingly, crude oil
and natural gas production by the private sector and joint ventures were also down 1.9 per cent and 13.59 per cent, respectively during the period under review. The reason for drop in private sector gas production includes the closure of two wells in D1D3 field by Reliance Industries
Refinery production during April-March, 2018-19 was 257204.86 TMT, which was 2.09 per cent higher than the production during the same period last year. CPSE Refineries’ production during the financial year was 150975.66 TMT, 3.95 per cent higher than the production last year.
The NDA government had lined up plans to bring down crude oil imports by 10 per cent by 2022 by increasing domestic production. However, the country’s import dependency out of the total crude oil consumption increased from 77 per cent in 2014-15 to 84.7 per cent in the last quarter of 2018-19. The drop in production is hence considered as a jolt to the government's plan.