Fact is that during Modi’s regime, India’s domestic crude oil production fell by 53 lakh metric tonnes, that is about 33%.
India’s domestic crude oil contribution was 23.5% during UPA. It is only 15.8% now.
Yes, that’s the reality. That’s the fact.
India’s domestic crude oil contribution was 23.5% during UPA. It is only 15.8% now.
Yes, that’s the reality. That’s the fact.
https://twitter.com/aninewsup/status/1497842140793421828
This fall in India’s crude oil production is not without reason. It’s by design. Modi government is killing ONGC.
ONGC’s expenditure on exploratory wells fell from Rs 11,687 crore in FY14 to Rs 4,331 crore in FY20.
2/n
ONGC’s expenditure on exploratory wells fell from Rs 11,687 crore in FY14 to Rs 4,331 crore in FY20.
2/n
Now Modi government has decided to give 60% stake and operatorship of Mumbai High and Bassein & Satellite (B&S) offshore assets to international partners for raising output and take it away from ONGC.
But in bhashans, they keep on harping on Aatmnirbhar!
3/n
But in bhashans, they keep on harping on Aatmnirbhar!
3/n
ONGC’s cash reserves were ₹10799 crore in 2014. It drastically came down to ₹302 crore in 2021.
It was almost a debt free company, with annual finance cost just ₹36 lakh in 2014, which jumped to ₹2824 crore in 2020.
4/n
It was almost a debt free company, with annual finance cost just ₹36 lakh in 2014, which jumped to ₹2824 crore in 2020.
4/n
In Aug 2021, Modi govt gave a 7-point action plan to ONGC, that would help the firm raise oil and gas production by one-third by 2024 - that is being it back to 2014 level!
This includes sale of ONGC’s stakes in Panna-Mukta and Ratna and R-Series in western offshore;
5/n
This includes sale of ONGC’s stakes in Panna-Mukta and Ratna and R-Series in western offshore;
5/n
Asked ONGC to divest/privatise non-performing marginal fields;
bring in global players in gas-rich block KG-DWN-98/2 where output is slated to rise sharply by next year;
explore creating separate entities for drilling, well services, logging
That is to kill ONGC, privatise it!
bring in global players in gas-rich block KG-DWN-98/2 where output is slated to rise sharply by next year;
explore creating separate entities for drilling, well services, logging
That is to kill ONGC, privatise it!
India has only 0.3% of world’s total oil reserves.
But it’s refining capacity is 5.1% of the world total.
India is a world leader in refining, among top 4!
And our PM says that India doesn’t have oil refineries, others didn’t pay attention!
Be proud of India, Mr. PM
7/n
But it’s refining capacity is 5.1% of the world total.
India is a world leader in refining, among top 4!
And our PM says that India doesn’t have oil refineries, others didn’t pay attention!
Be proud of India, Mr. PM
7/n
India imports crude oil not because we don’t have refineries, but because:
A) we don’t have enough crude oil
B) we also import crude oil to refine it & export petroleum products, as we r leaders in refining
C) Last yr, India exported 42 million metric ton petroleum product
8/n
A) we don’t have enough crude oil
B) we also import crude oil to refine it & export petroleum products, as we r leaders in refining
C) Last yr, India exported 42 million metric ton petroleum product
8/n
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