India’s Hydrocarbon Outlook 2024 105 A Report on Exploration & Production Activities ONGC (Nomination) OIL (Nomination) PSC + RSC + CBM 53% 8% 39% 23% 66% 11% ONGC (Nomination) OIL (Nomination) PSC + RSC 3.3 Oil and Gas Production In FY 2023-24 the country has achieved 97.8% of its crude oil production target by producing 29.36 MMT against crude production target of 30.003 MMT, while the domestic gas production stood at 36.44 BCM against the target of 38.181 BCM. There was an increase in crude oil production by 0.6% and the gas production increased by 5.8% as compared to the previous year. Table 3.4: Oil and Gas production in the country – 2023-24 Operator (Regimes) OIL (TMT) Gas (MMSCM) 2022-23 2023-24 %, Ach w.r.t 2022-23 2023-24 %, Ach w.r.t Actual Target Actual Target 22-23 Actual Target Actual Target 22-23 ONGC (N) 19493 19228 19210 99.9% 98.5% 19969 20559 19316 94.0% 96.7% OIL (N) 3156 3371 3344 99.2% 106.0% 3041 3155 3090 97.9% 101.6% PSC + RSC+CBM 6530 7404 6803 91.9% 104.2% 11440 14466 14032 97.0% 122.7% Country 29179 30003 29357 97.8% 100.6% 34450 38181 36438 95.4% 105.8% Figure 3.3: Oil Production of Country in 2023-24 TOTAL 29357 (TMT) TOTAL 36438 (MMSCM) Figure 3.4: Gas Production of Country in 2023-24
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