Oil India Limited Achieves Record Crude Oil and Natural Gas Production in FY 2024-25
Why it is in the news:
Oil India Limited (OIL) has achieved record-breaking production of crude oil and natural gas during the financial year 2024-25, boosting India’s efforts toward energy self-reliance. This accomplishment is significant given India’s heavy dependence on imported crude oil.
Important Key Points from the Article:
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Record Production:
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OIL produced 6.718 Million Metric Tonnes of Oil Equivalent (MMTOE) of crude oil and oil equivalent.
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Produced 3.429 billion cubic meters (bcm) of natural gas — the highest in OIL’s history.
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Comparison with Previous Year:
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In 2023-24, OIL had produced 6.541 MMTOE and 3.182 bcm of natural gas.
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Drilling and Exploration Efforts:
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70 new wells initiated; 57 wells completed.
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Deep drilling, including offshore drilling, is ongoing in 10 wells.
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Completion of these will likely boost production further.
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Use of Modern Technology:
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Increased production attributed to expanded exploration activities and adoption of cutting-edge technology.
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India’s Oil Dependency:
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India imports about 87% of its crude oil needs.
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Major suppliers include Russia, Saudi Arabia, Iraq, UAE, Angola, and the USA (though imports from the USA have decreased).
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Government Push for Domestic Production:
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Prime Minister Narendra Modi urged domestic oil producers to enhance production.
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As part of this initiative, OIL is exploring offshore drilling in the Andaman basin.
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