India’s refinery throughput recovers in Sept, LNG imports continue to rise

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The refining throughput was down 20.3 percent yoy to 4.01mbd during April-September 2020

India’s refining throughput increased 13.3 percent month-on-month (mom) to 4.33 million barrels per day (mbd) in September 2020, while it declined 8.8 percent year-on-year (yoy), said a study report.

The refining throughput was down 20.3 percent yoy to 4.01mbd during April-September 2020. India’s petroleum product output, domestic consumption and exports declined 9.5 percent yoy to 18.0mmt, 4.1 percent yoy to 15.5mmt and 27.1 percent yoy to 4.8mmt, respectively, according to Indian Ratings (Ind-Ra).

“On a cumulative basis, production, domestic consumption and exports declined 16.3 percent yoy, 18.6 percent yoy and 6.3 percent yoy, respectively, during April-September 2020,” said Ind-Ra.

The production volumes of ONGC, OIL and fields under production-sharing contracts decreased 1.7 percent yoy, 5.4 percent yoy and 16.3 percent yoy, respectively, during September 2020. Total domestic production decreased 3.1 percent on a mom basis in September 2020. On a cumulative basis, domestic crude production fell by 5.6 percent yoy during April-September 2020. In September 2020, India’s crude import dependency almost remained stable on a yoy basis at 83.4 percent.

In September 2020, NG consumption declined 7.7 percent yoy and 4.2 percent mom to 4,278 million metric standard cubic metre (mmscm).

Despite this, city gas distribution (CGD) segment volumes increased 25.6 percent mom to 26.1 mmscm per day while declining 13 percent on a yoy basis. LNG import volumes increased 8.9 percent yoy to 2,972mmscm in September 2020; however, on a cumulative basis, LNG imports were down 2.6 percent yoy during April-September 2020.

NG production volumes declined 10.7 percent yoy in September 2020 to 2,294mmscm, with Oil and Natural Gas Corporation Limited, Oil India Limited (OIL) and private/joint venture fields recording a fall of 6.8 percent yoy, 13.3 percent yoy and 26.7 percent yoy, respectively. On a cumulative basis, NG production was down 12.8 percent yoy during April-September 2020.

In October 2020, the average Henry Hub NG price surged 24.5 percent mom to $2.39/metric million British thermal unit (mmBtu) and increased 2.5 percent yoy. On a cumulative basis, the prices fell 21.2 percent yoy during April-October 2020.

Image credit: Industrial Access

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