HISTORY OF OIL INDUSTRY
History of oil industry dates back to the time, when the oil that was seeped through the earth's surface, utilized in paints, medication, lighting, and waterproofing baskets / boats. This was more than five thousand years ago and during that period supply of oil was much lesser than its demand. Also, only coal oil was used during this time though this trend changed after a small amount of time, when the concept of drilling for crude oil was introduced. Henceforth, land oil wells were introduced and with the increase in demands of the oil, its exploration moved towards a new direction that was 'below the sea-bed'.
In India, the prevalent industry is "oil and gas industry", that is easily traced back to the year 1987. In the year 1947, international companies were controlling the Oil & Gas Industry and India's domestic rate of oil production was only 250,000 tonnes per annum, with all the production coming from one state - Assam. The foundation of this industry was laid in 1954, as per the Industrial Policy Resolution, when the Indian government took the decision of making petroleum a core sector industry. Henceforth, various government-owned national oil companies such as IOC (Indian Oil Corporation), ONGC (Oil & Natural Gas Commission), and OIL (Oil India Ltd.). with the progress of time, new oil sites were found and the technology became so advanced that the concept of acquiring refined oil from various oilseeds was introduced.
India made noticeable additions to its capacity of oil refining after it acquired independence. In the mid-1990, India almost became self-sufficient in the manufacture of oilseeds for the extraction of vegetable oil that always has been an essential ingredient in the Indian cuisines. The oilseed production increased to 21.8 million tons in FY 1990 from the 5.2 million tons in FY 1950. During the year 1980, the planted area for all oilseeds along with the yields increased substantially. Before this time, during 1970s to mid-1980s, large amount of oilseeds were imported by utilizing scarce foreign exchange.
During early 1990s, India's vegetable oil production was done primarily from Peanuts, and the second major source of manufacture was Rapeseed. In addition to these oilseeds, Cottonseed, Soybeans and Sunflower Seeds were also used for vegetable oil, but their production rate was less as compared to the other oilseeds.
History of oil industry dates back to the time, when the oil that was seeped through the earth's surface, utilized in paints, medication, lighting, and waterproofing baskets / boats. This was more than five thousand years ago and during that period supply of oil was much lesser than its demand. Also, only coal oil was used during this time though this trend changed after a small amount of time, when the concept of drilling for crude oil was introduced. Henceforth, land oil wells were introduced and with the increase in demands of the oil, its exploration moved towards a new direction that was 'below the sea-bed'.
In India, the prevalent industry is "oil and gas industry", that is easily traced back to the year 1987. In the year 1947, international companies were controlling the Oil & Gas Industry and India's domestic rate of oil production was only 250,000 tonnes per annum, with all the production coming from one state - Assam. The foundation of this industry was laid in 1954, as per the Industrial Policy Resolution, when the Indian government took the decision of making petroleum a core sector industry. Henceforth, various government-owned national oil companies such as IOC (Indian Oil Corporation), ONGC (Oil & Natural Gas Commission), and OIL (Oil India Ltd.). with the progress of time, new oil sites were found and the technology became so advanced that the concept of acquiring refined oil from various oilseeds was introduced.
India made noticeable additions to its capacity of oil refining after it acquired independence. In the mid-1990, India almost became self-sufficient in the manufacture of oilseeds for the extraction of vegetable oil that always has been an essential ingredient in the Indian cuisines. The oilseed production increased to 21.8 million tons in FY 1990 from the 5.2 million tons in FY 1950. During the year 1980, the planted area for all oilseeds along with the yields increased substantially. Before this time, during 1970s to mid-1980s, large amount of oilseeds were imported by utilizing scarce foreign exchange.
During early 1990s, India's vegetable oil production was done primarily from Peanuts, and the second major source of manufacture was Rapeseed. In addition to these oilseeds, Cottonseed, Soybeans and Sunflower Seeds were also used for vegetable oil, but their production rate was less as compared to the other oilseeds.
