Page 39 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Key developments in Oil & Gas sector

• Monthly Production Report for October, 2024

1. Production of Crude Oil

Indigenous crude oil and condensate production during October 2024 was 2.4 MMT. OIL registered a
production of 0.3 MMT, ONGC registered a production of 1.6 MMT whereas PSC/RSC registered
production of 0.5 MMT during October 2024. There is a de-growth of 4.9 % in crude oil and condensate
production during October 2024 as compared with the corresponding period of the previous year.

2. Production of Natural Gas

Gross production of natural gas for the month of October 2024 (P) was 3111 MMSCM which was lower
by 1.6% compared with the corresponding month of the previous year. The cumulative gross production
of natural gas of 21271 MMSCM for the current financial year till October 2024 was higher by 1.1%
compared with the corresponding period of the previous year.

3. Crude Oil Processed (Crude Throughput)

Total Crude oil processed during October 2024 was 21.3 MMT which is 3.6% higher than October 2023,
where PSU/JV refiners processed 14.1 MMT and private refiners processed 7.2 MMT of crude oil. Total
indigenous crude oil processed was 2 MMT and total imported crude oil processed was 19.3 by all Indian
refineries (PSU+JV+PVT). There was a growth of 2% in total crude oil processed in April-October FY 2024-
25 as compared to same period of previous Financial Year.

4. Production of Petroleum Products

Production of petroleum products was 23 MMT during October 2024 which is 5.2% higher than October
2023. Out of 23 MMT, 22.7 MMT was from refinery production & 0.3 MMT was from fractionator. There
was a growth of 2.8% in production of petroleum products in April-October FY 2024 – 25 as compared to
same period of FY 2023 – 24. Out of total POL production, in October 2024, share of major products
including HSD is 41%, MS 16.8%, Naphtha 6.7%, ATF 6.6%, Pet Coke 5.3%, LPG 4.5%, and rest is shared by
Bitumen, FO/LSHS, LDO, Lubes & others.

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