India’s oil and gas production will achieve a mid-decade peak in 2027: S&P Global
- IBEF
- June 15, 2023
According to a report published by S&P Global Commodity Insights on June 14, 2023, the KG-Basin projects run by Reliance Industries Limited and Oil and Natural Gas Corporation (ONGC) are expected to drive India's oil and gas production to a mid-decade peak between 2023-2032, roughly 2027.
Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs, Mr. Hardeep Singh Puri stated that despite the shift to cleaner fuels altering the energy landscape, India will need to pursue an aggressive upstream policy to achieve energy security because the majority of demand will still come from the oil and gas industry in the near future.
India’s production of crude oil in April, 2023 was 3.47% higher than the target of 2.38 million tonnes (MT), the ministry informed. The target for FY23 is 30.22 MT.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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