PSU Watch logo

| Paras Defence and Space Technologies raises Rs 51-cr from anchor investors ahead of IPO |   | IREDA is on the five-fold future plan for the next five years: CMD |   | RCP Singh urges steel PSUs to contribute towards national projects, cut cost of production |   | Torrent Power signs SPA for acquisition of 100% stake in Surya Vidyut Ltd |   | Paras Defence IPO subscribed 16.57 times on day 1, massive response from retail investors |  

India’s crude oil production continues decline, Q1 output dips 3.42% y-o-y: Official data

In June, India recorded crude oil production of 2,481.66 TMT, which was 2.26% lower than the target for the month and 1.79% when compared with June 2020
India’s crude oil production continues decline, Q1 output dips 3.42% y-o-y: Official data
India’s crude oil production continues decline, Q1 output dips 3.42% y-o-y: Official data
  • The cumulative crude oil production during April-June period, which was Q1 of FY22, was 7,412.87 TMT
  • India’s cumulative crude oil production has been on a steady downward trajectory and has registered a decline of 20 percent over the last decade

New Delhi: In June, India recorded crude oil production of 2,481.66 TMT, which was 2.26 percent lower than the target for the month and 1.79 percent when compared with the production of June 2020, official data released by the Ministry of Petroleum and Natural Gas on Friday showed. The cumulative crude oil production during April-June period, which was Q1 of FY22, was 7,412.87 TMT, which was 2.24 percent lower than the target for the period and 3.42 percent lower when compared to the corresponding quarter of the previous financial year.

According to a data analysis by PSU Watch, India’s cumulative crude oil production has been on a steady downward trajectory and has registered a decline of 20 percent over the last decade. Data shows a consistent decline in crude oil output between FY12 and FY21. While cumulative crude oil production stood at 38,089.689 TMT in FY12, in FY21 it went down to 30,491.77 TMT.

ONGC misses June crude oil production target by 2.06%

Crude oil production by state-run Oil & Natural Gas Corporation (ONGC) in nomination block was 1,621.92 TMT in June, which was 2.06 percent lower than the month’s target and 2.73 percent lower when compared to June 2020. The cumulative crude oil production by ONGC during April-June was 4,812.14 TMT, which was 2.89 percent lower than the target for the period and 5.06 percent lower than in comparison to the corresponding period of the last year. The ministry attributed the shortfall in production to less than anticipated production from WO-16 cluster and loss in oil production due to impact of cyclone Tauktae.

ALSO READ

OIL misses June 2021 target but improved production y-o-y

Crude oil production by Oil India Ltd (OIL) in the nomination block during June 2021 was 246.52 TMT, which was 2.0 percent higher than the production recorded in June 2020 but 1.25 percent lower than the target for the month. The cumulative crude oil production by OIL during April-June was 742.34 TMT, which was 1.18 percent lower than the target for the period and 0.54 percent lower when compared to the corresponding period of the last year. According to the ministry, less than planned contribution from workover wells, drilling wells and old wells and blockades by local people after the Baghjan blowout contributed towards the decline in production.

Private/JVs miss June target for crude oil production by 3.18%

Crude oil production by private/JV companies in the PSC/RSC regime was 613.22 TMT in June, which was 3.18 percent lower than the target for the month and 0.74 percent lower when compared to June 2020. The cumulative crude oil production by private/JV companies during April-June was 1,858.39 TMT, which was 0.95 percent lower than the target for the month and 0.11 percent in comparison to the corresponding period of the last year.

(PSU Watch- India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)