India’s Hydrocarbon Outlook 2024 130 A Report on Exploration & Production Activities Hydrocarbon Reserves & Resources 5 India is net importer of hydrocarbon to meet its everincreasing domestic consumption. During FY 2023-24, It imported 232.5 MMT of crude oil which is about 89 % of its domestic consumption. Only 11 % of its requirement could be met through domestic oil production fromNOCs and Private Companies. (Source: PPAC). Therefore, it is imperative to maximize domestic production through optimized exploitation of reserves by way of improvedandenhanced recovery, inaddition to revival of nonflowing wells in time bound manner. Similarly, contingent resources that are locked up in discoveries and fields should be upgraded through expeditious address of contingency by adopting alternate development strategies. As India is reckoned with substantial undiscovered or yet-to-find (YTF) in-place that are risked out to significant prospective resources (13 billion ton oil-equivalent), exploration should be aggressive and targeted for established, known and new plays for striking potential discoveries. It is imperative to accelerate domestic production of hydrocarbon through two-pronged approach of Maximizing Production from producing fields and Enhancing Reserve Replacement Ratio (RRR) through accelerated exploration.
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