India's Oil Companies Beat Global Average Decline Rate
India's national oil companies have managed to contain the annual decline rate in production at around 2%, which is three times better than the global average of 6% for mature fields, according to the International Energy Agency. This was revealed by Petroleum and Natural Gas Minister Hardeep Singh Puri in a written reply to Parliament.
The domestic oil production from offshore and onshore fields stood at 27.96 million tonnes last financial year (2025-26), which is slightly lower than the previous two years, with 28.70 MT in 2024-25 and 29.36 MT in 2023-24.
The oil production by the NOCs, including Oil and Natural Gas Corporation (ONGC) and Oil India (OIL), dropped from 22.56 MT in 2023-25 to 21.91 MT in 2024-25 and further to 21.23 MT last fiscal.
The minister added that the government supports the efforts by NOCs to implement field-level projects for Enhanced Oil Recovery (EOR), Improved Oil Recovery (IOR), or reservoir re-evaluation through policy incentives, basin-level studies and technical oversight.