Crude oil production expected to increase to 230 million

Visakhapatnam, Sep 11 (UNI) Indian Institute of Petroleum, Director Dehradun M O Garg today said 127 million metric tonnes of crude oil was being produced through 18 refineries in the country and this is expected to increase to 230 million by 2012.

Delivering the Prof C Chiranjivi Endowment lecture here on 'Petroleum Industry in the country-future prospects, organised by Andhra University here, he said a comprehensive regulatory policy would help sustain petroleum production and proper exploitation of petroleum sources in the country.

He said petroleum was the most exploited energy source and world over four billion million metric tonnes was being consumed.

He expressed concern over the dwindling oil refineries and said increasing population and economic growth were responsible for the rising demand for energy sources.

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