India processes 12.2% more crude in August; Indigenous production and consumption on the rise: Report, ET EnergyWorld

New Delhi: India processed 21.9 million metric tonnes (MMT) of crude oil in August 2023, reflecting a 12.2% increase from the same month in the previous year, according to data released by the Petroleum Planning & Analysis Cell (PPAC) of the Ministry of Oil.

The report highlighted that public sector undertakings and joint ventures (PSU/JV) were responsible for refining 14.7 MMT, while private refiners processed the remaining 7.2 MMT. From April to August 2023, there was a 2.6% increase in the total volume of crude oil processed, compared to the same period in FY 2022-23.

Simultaneously, indigenous crude oil and condensate production in August 2023 reached 2.49 MMT. This comprised contributions from OIL at 0.28 MMT, ONGC at 1.61 MMT, and PSC at 0.60 MMT, marking a 2.1% growth compared to August 2022.

While processing and production saw growth, the net import bill for Oil & Gas for August 2023 showed a decrease, standing at $9.3 billion, down from $11.8 billion in August 2022. In the breakdown, crude oil imports accounted for $10.9 billion, LNG imports reached $1.3 billion, and exports totaled $4.9 billion for August 2023.

On the pricing front, the Brent Crude averaged at $86.22/bbl during August 2023, compared to $80.05/bbl in July 2023 and $99.99/bbl in August 2022. The Indian basket averaged at $86.43/bbl in August 2023.

The production of petroleum products in August 2023 stood at 22.9 MMT, a 9.5% increase from August 2022. This included 22.6 MMT from refinery production and 0.3 MMT from fractionators. Major products during this month included HSD at 41.3% share, MS at 16.7%, and Naphtha at 6.8%, among others.

In terms of imports, POL products saw a 26.6% increase in August 2023, with a significant rise in bitumen, petcoke, and naphtha imports. Exports of POL products also changed, with an 11.2% increase in August 2023 but a 2.6% decrease from April to August 2023, primarily due to decreased exports of high-speed diesel (HSD) and naphtha.

Consumption patterns too reflected growth. The April to August 2023 period saw a 5.5% increase in the consumption of petroleum products, reaching 95.6 MMT, driven by a 6.7% increase in HSD and 13.8% in ATF, among others.

Natural gas consumption and production were also up, with August 2023 showing a 10% year-on-year increase in consumption and a 9.3% increase in production. Ethanol blending with petrol stood at 11.3% in August 2023.

These numbers suggest a momentum in India’s efforts to increase domestic production and processing capacities, even as it navigates the global energy landscape.

  • Published On Sep 21, 2023 at 05:33 PM IST

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