This decline in the value of oil and gas imports came despite a rise in import volumes, suggesting that the fall in prices was significant enough to offset the volume growth. In the first 10 months of the previous financial year, 2022-23 (FY23), India’s net oil and gas import bill was $124.8 billion.
The Vedanta Group’s chairman noted that the oil industry is appreciative of the Indian government’s efforts to streamline production and to attract more foreign investment.
India s natural gas production has risen above the pre-COVID level following the start of output from a KG-D6 field operated by Reliance Industries Ltd and its partner BP Plc, upstream regulator DGH said on Thursday. Natural gas production in the country in February 2020 was 80 million standard cubic meters per day and in January this year it reached 82 mmscmd, said Anand Gupta, Additional Director General (Development), Directorate General of Hydrocarbons (DGH). Yesterday the production was 84 mmscmd, he said at the Upstream Ahead conference. By end of the month, production is expected to reach 85 mmscmd, he said. The rise in output, he said, was a result of Reliance Industries and its partner BP Plc of UK starting production from a field in their KG-D6 block.