India’s crude oil output in April 1.16% higher than target, but 2.07% lower y-o-y

• Crude oil production by ONGC in nomination block during April was 1,636.57 TMT, which was 1.81 percent higher than the target

• Crude oil production by private and JV companies in the PSC (Production Sharing Contract) regime during April was 613.95 TMT

New Delhi: India's crude oil output in April improved slightly as it settled at 2,493.26 TMT, which was 1.16 percent higher than the target for the month. However, when compared to the corresponding month of the previous year, it was 2.07 percent lower, official data released by the Ministry of Petroleum and Natural Gas on Friday showed. India's crude oil production has been on a steady downward trajectory for the last two decades at least, increasing the country's reliance on crude oil imports.

ONGC's crude oil output in April 1.81% higher than target

According to the data, crude oil output by state-run Oil & Natural Gas Corporation (ONGC) in nomination block during April was 1,636.57 TMT, which was 1.81 percent higher than the target but 2.69 percent lower than the production during April 2020.

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Crude oil production by Oil India Ltd (OIL) in the nomination block during April was 242.74 TMT, which was 1.27 percent lower than the target and 2.22 percent lower than the production during April 2020. The ministry attributed the decline in production to less than planned contribution from workover wells, drilling wells and old wells, bandhs /blockade by local people and associations after the Baghjan Blowout.

Crude oil output by private sector, JVs 0.43% higher than target

Crude oil production by private and JV companies in the PSC (Production Sharing Contract) regime during April was 613.95 TMT, which was marginally higher than the target by 0.43 percent but 0.31 percent lower than the production during April 2020.

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