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India was the second top net crude oil (including crude oil products) importer of 205.3 Mt in 2019. [ 4 ] By March 2021, India's domestic crude oil production output fell by 5.2% and natural gas production by 8.1% in the FY21 as producers extracted 30.4917 Mt of crude oil and 28.67 BCM of natural gas in the fiscal year.
RGIPT is a training and education institute that gives technical and management training to the petroleum industry and was formally opened in July 2008. The Ministry of Petroleum and Natural Gas (MOP&NG), Government of India founded the institute through an Act of Parliament ("Rajiv Gandhi Institute of Petroleum Technology Act 2007"). [5]
With an annual crude processing capacity of 1,240,000 barrels (197,000 m 3) per stream day, RPL is the largest refinery in the world.It will have a complexity of 21.0, using the Nelson Complexity Index, ranking it one of the highest in the sector.
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Before the independence of India in 1947, the Assam Oil Company in the north-eastern and Attock Oil Company in the north-western part of the undivided India were the only oil-producing companies, with minimal exploration input. The major part of Indian sedimentary basins was deemed to be unfit for the development of oil and gas resources.
Oil India was formed in 1959 to operate this new field and other nearby concessions, with Burmah Oil holding 2/3rd equity holding and Government of India holding 1/3rd equity. Later in 1961, this was changed to 50/50 shareholding. In 1982, Burmah Oil transferred all its shares to Government of India and Oil India became 100% Government owned.
In May 2018, IOCL became India's most profitable government corporation for the second consecutive year, with a record profit of ₹21,346 crores in 2017–18. [16] In February 2020, the company signed a deal with the Russian oil company Rosneft to buy 140,000 barrels per day of crude in year 2020. [17]
The oil field is located 48 km from the state capital Kolkata. The oil field was discovered in 2018 by Oil and Natural Gas Corporation. [1] This is the first oil field in West Bengal [2] and East India. December 20, 2020, Union Petroleum Minister Dharmendra Pradhan inaugurated the oil and natural gas reserves at Ashoknagar. [3]