India's crude oil output falls 3.4% in August as imports increase
OIL & GAS

India's crude oil output falls 3.4% in August as imports increase

India's indigenous crude oil and condensate production experienced a decline of 3.4% in August 2024, amounting to a total of 2.4 million metric tonnes (MMT), as reported by the Petroleum Planning and Analysis Cell (PPAC). The state-run Oil India Limited (OIL) contributed 0.3 MMT, while the Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT. Additionally, production under production sharing contracts/revenue sharing contracts (PSC/RSC) was recorded at 0.5 MMT.

During the same timeframe, the total crude oil processed nationwide reached 21.5 MMT, indicating a 1.9% decrease compared to August 2023. Public Sector Undertakings (PSUs) and Joint Ventures (JVs) processed 14.3 MMT, while private refiners handled 7.2 MMT of crude oil. The indigenous crude oil processed amounted to 1.9 MMT, with the remaining 19.6 MMT being imported.

Despite these monthly declines, there was an overall growth of 1.3% in total crude oil processed from April to August FY 2024-25 in comparison to the same period in the previous fiscal year.

In terms of petroleum product outputs, production in August 2024 saw a 1% decrease, totalling 22.7 MMT. Refineries produced 22.4 MMT, while fractionators accounted for the remaining 0.3 MMT. However, from April to August FY 2024-25, petroleum product production increased by 1.8% compared to the previous year.

Regarding petroleum product trade, crude oil imports rose by 6.4% in August 2024 and by 3.3% from April to August FY 2024-25. Conversely, POL product imports decreased by 1.4% in August but increased by 8.6% over the first five months of the fiscal year, primarily due to higher imports of LPG, petcoke, and lubricants/oil base stocks (LOBS).

Exports of POL products saw a notable decline, dropping by 13.7% in August 2024 and by 2.8% from April to August FY 2024-25. This decrease was largely attributed to reduced exports of high-speed diesel (HSD), vacuum gas oil (VGO), and motor spirit (MS).

India's indigenous crude oil and condensate production experienced a decline of 3.4% in August 2024, amounting to a total of 2.4 million metric tonnes (MMT), as reported by the Petroleum Planning and Analysis Cell (PPAC). The state-run Oil India Limited (OIL) contributed 0.3 MMT, while the Oil and Natural Gas Corporation (ONGC) produced 1.6 MMT. Additionally, production under production sharing contracts/revenue sharing contracts (PSC/RSC) was recorded at 0.5 MMT. During the same timeframe, the total crude oil processed nationwide reached 21.5 MMT, indicating a 1.9% decrease compared to August 2023. Public Sector Undertakings (PSUs) and Joint Ventures (JVs) processed 14.3 MMT, while private refiners handled 7.2 MMT of crude oil. The indigenous crude oil processed amounted to 1.9 MMT, with the remaining 19.6 MMT being imported. Despite these monthly declines, there was an overall growth of 1.3% in total crude oil processed from April to August FY 2024-25 in comparison to the same period in the previous fiscal year. In terms of petroleum product outputs, production in August 2024 saw a 1% decrease, totalling 22.7 MMT. Refineries produced 22.4 MMT, while fractionators accounted for the remaining 0.3 MMT. However, from April to August FY 2024-25, petroleum product production increased by 1.8% compared to the previous year. Regarding petroleum product trade, crude oil imports rose by 6.4% in August 2024 and by 3.3% from April to August FY 2024-25. Conversely, POL product imports decreased by 1.4% in August but increased by 8.6% over the first five months of the fiscal year, primarily due to higher imports of LPG, petcoke, and lubricants/oil base stocks (LOBS). Exports of POL products saw a notable decline, dropping by 13.7% in August 2024 and by 2.8% from April to August FY 2024-25. This decrease was largely attributed to reduced exports of high-speed diesel (HSD), vacuum gas oil (VGO), and motor spirit (MS).

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?