India's overseas output down more than 12.3% to 19.2 mmtoe
Business
India's oil and gas output from foreign projects has slipped by more than 12.3% in the last five years, down from 21.9 to 19.2 million metric tons of oil equivalent (MMTOE).
Even though domestic production grew a bit, the share of overseas output in domestic output dropped from 37% to 30.7%.
Parliamentary panel urges foreign energy investment
India still relies heavily on imports: more than 88% of its crude oil and half its natural gas come from abroad.
State-run companies like ONGC Videsh have stakes in 45 projects across 21 countries, but recent geopolitical issues have hurt their output too.
A parliamentary panel is urging more foreign investment to help secure India's future energy needs, pointing out that boosting overseas assets is key for stability down the line.