News Detail

• Total Crude Oil Production Projected 133.127 MMT in Next 3 Years; Projected Natural Gas Production Placed at 135.047 BCM  

• The Minister of Petroleum and Natural Gas Shri s. Jaipal Reddy informed the Lok Sabha in a written reply today that in next 3 financial years from 2012-13 to 2014-15, projected crude oil and natural gas production is about 133.127 MMT and 135.047 BCM respectively. Year wise projection for crude oil and natural gas production is as below:

  	2012-13	2013-14	2014-15	Total
  Crude oil production (MMT)	42.305	45.580	45.242	133.127
  Natural gas production (BCM)	43.177	43.771	48.099	135.047

• He added that in the corresponding period, the projections of exploration are 106324 line kilometer of 2D seismic, 60934 sq. km. of 3D seismic and 833 exploratory wells.  

• Shri Reddy also stated that India is not lagging behind in exploration and production of crude oil and natural gas and new technologies are being inducted on the need basis. The experience and knowledge gained by multinational companies in other sedimentary basins of the world is being tapped through participation in exploration in the country.

• The Minister emphasized that Government/E&P companies have taken actions for enhancing crude oil and natural gas production which inter-alia include: (i) Increasing hydrocarbon exploration and production in the country, (ii) Development of unconventional sources of hydrocarbon and (iii) Acquisition of overseas oil and gas assets by Indian companies. 

• Replying to another query, Shri Reddy informed that in last 3 financial years from 2008-09 to 2010-11, a total of 37 hydrocarbon discoveries comprising of 24 crude oil discoveries and 13 natural gas discoveries under New Exploration and Licensing Policy (NELP) have been made. In the corresponding period, reserves accretion from three oil discoveries was 0.616 million metric tonne (MMT) under NELP.

Source