Domestic natural gas consumption has prompted higher LNG imports, rating agency India Ratings and Research (Ind-Ra) said in a report.
“Ind-Ra believes that 11.8 per cent month-on-month (MoM) growth in liquified natural gas (LNG) import volume to 93 metric standard cubic metre per day (mmscmd) in June 2021 was led by 7.7 percent MoM growth in domestic gas consumption to 166 mmscmd,” the report said.
“In June 2021, the city gas distribution segment volumes increased 61.2 percent YoY and 10.3 percent, MoM, to 28.9mmscmd.”
Accordingly, NG production has increased 19.5 percent YoY.
“During the month, Oil India Limited and private or joint venture fields recorded an increase of 5 percent YoY and 202 percent YoY, respectively, while Oil and Natural Gas Corporation Limited recorded a decline of 7.4 percent YoY in NG production volumes.”
“On a cumulative basis, NG production increased 20.4 percent YoY during April-June 2021.”
Besides, India’s refining throughput increased 4.9 percent YoY and 0.2 percent MoM to 4.50 million barrels per day in June 2021.
“The refining throughput increased 17.7 percent YoY to 4.61 million barrels per day during April-June 2021.”
“India’s petroleum product output, domestic consumption, and exports increased 2.4 percent YoY to 19.2mmt, 1 percent YoY to 16.3mmt, and 24.9 percent YoY to 5.5mmt, respectively.”
In addition, the report said that domestic production marginally increased 0.3 percent, MoM.
On a cumulative basis, a fall of 5.1 percent YoY in domestic crude production was registered during April-June 2021.
In June 2021, crude oil import volumes increased 16.3 percent YoY while it declined 4.8 percent, MoM.
“Overall, crude oil imports declined 14.7 percent YoY during April-June 2021. India’s crude import dependency stood at 86.3 percent in June 2021, up from 83.6 percent in June 2020.”