Page 43 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Key developments in Oil & Gas sector

• Monthly Production Report for September, 2024

1. Production of Crude Oil

Indigenous crude oil and condensate production during September 2024 was 2.1 MMT. OIL registered a
production of 0.3 MMT, ONGC registered a production of 1.4 MMT whereas PSC/RSC registered
production of 0.4 MMT during September 2024. There is a de-growth of 3.9 % in crude oil and condensate
production during September 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 September 2024 (P) was 2977 MMSCM which was lower
by 1.6% compared with the corresponding month of the previous year. The cumulative gross production
of natural gas of 18160 MMSCM for the current financial year till September 2024 was higher by 1.6%
compared with the corresponding period of the previous year.

3. Crude Oil Processed (Crude Throughput)

Total Crude oil processed during September 2024 was 21.2 MMT which is 4.4 % higher than September
2023, where PSU/JV refiners processed 13.9 MMT and private refiners processed 7.3 MMT of crude oil.
Total indigenous crude oil processed was 1.8 MMT and total Imported crude oil processed was 19.4 by all
Indian refineries (PSU+JV+PVT). There was a growth of 1.8 % in total crude oil processed in April-
September FY 2024-25 as compared to same period of previous year.

4. Production of Petroleum Products

Production of petroleum products was 22.7 MMT during September 2024 which is 5.8% higher than
September 2023. Out of 22.7 MMT, 22.4 MMT was from refinery production & 0.3 MMT was from
fractionator. There was a growth of 2.4 % in production of petroleum products in April-September FY 2024
– 25 as compared to same period of FY 2023 – 24. Out of total POL production, in September 2024, share
of major products including HSD is 39.4 %, MS 17 %, Naphtha 6.4 %, ATF 6.7 %, Pet Coke 5 %, LPG 4.4 %,
and rest is shared by Bitumen, FO/LSHS, LDO, Lubes & others.

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