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OIL Hike- Reducing Dependence on Import of Oil

OIL Hike- Reducing Dependence on Import of Oil 1

Government is making all efforts to reduce import dependence. India’s oil and oil equivalent gas import dependence in 2014-15 and 2015-16 were 68.9% and 72.2% respectively and during current April-January, 2020-21 is 77.1%.

The year wise details of crude oil imported and details of imports of crude oil as percentage of total crude oil processing are as below:

Oil Industry Development Cess at the rate of 20% ad valorem is applicable on crude oils produced from pre-NELP blocks and at present, there is no such proposal to amend the rate of cess.

Ministry of Petroleum and Natural Gas has taken several steps inter alia promotion of renewable and alternate fuels like ethanol, second generation ethanol, compressed bio gas and biodiesel, promotion of natural gas as clean fuel/feedstock in the country with a view to move towards a gas based economy, refinery process improvements, promoting energy efficiency and conservation, efforts for increasing production of oil and natural gas through various policies under Production Sharing Contract (PSC) regime, Discovered Small Field Policy, Hydrocarbon Exploration and Licensing Policy, Setting up of National Data Repository, etc. Government has also provided functional freedom to National Oil Companies and wider private sector participation by streamlining approval processes including electronic single window mechanism. Ministry of Petroleum and Natural Gas is also working in collaboration with various Central Government Ministries/stakeholders to make efforts to achieve reduction in import dependency on oil.

Exploration of Oil and gas in the country are taking place under:

  1. Nomination Regime – by ONGC and OIL
  2. PSC/RSC Regime – by Indian & Foreign Companies & JVs, including PSUs

At present, Exploration and Production activities are taking place ~2,75,000 area across different sedimentary basins across India in onshore and offshore areas under Nomination, PSC and RSC Regimes.

This information was given by the Union Minister for Petroleum and Natural Gas Shri Dharmendra Pradhan in a written reply in the Lok Sabha today.

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