India’s crude oil production declines 6% y-o-y in May

• Crude oil production by ONGC in nomination blocks stood at 1,553.65 TMT in May, which was 9.63 percent lower when compared to May 2020
• The ministry attributed the lower crude oil production at ONGC to loss in oil production due to conditions created by cyclone Tauktae

New Delhi: Continuing the downward trend, India's crude oil production in May was 6 percent lower in comparison to May 2020 and 5.47 percent lower than the monthly target as it settled at 2,437.96 TMT. According to official data released by the Ministry of Petroleum and Natural Gas, India's cumulative crude oil production during April and May was 4,931.21 TMT which was 2.23 percent lower than the target for the period and 4.22 lower than the corresponding period of the previous financial year. 

ONGC's May crude oil production drops 9.63% y-o-y

Crude oil production by state-run Oil and Natural Gas Corporation (ONGC) in nomination blocks stood at 1,553.65 TMT in May, which was 8.16 percent lower than the target of the month and 9.63 percent lower when compared to May 2020. The cumulative crude oil production during April-May was 3,190.22 TMT, which was 3.30 percent lower than the target for the period and 6.19 percent lower when compared to the corresponding period of the last year. The ministry attributed the lower crude oil production to loss in oil production due to conditions created by cyclone Tauktae.

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OIL's May output declines 1.31% y-o-y 

Crude oil production by Oil India Ltd (OIL) in the nomination block was 253.08 TMT in May, which was 1.03 percent lower than the target of the month and 1.31 percent lower when compared with production of May 2020. The cumulative crude oil production by OIL during April-May was 495.82 TMT, which was 1.15 percent lower than the target for the month and 1.76 percent lower in comparison to the corresponding period of the last year. According to the Petroleum Ministry, less than planned contribution from workover wells, drilling wells and old wells and bandhs and blockades by local people after the Baghjan Blowout affected the PSU's crude oil output.

Private companies/JVs record marginally higher production

Crude oil production by private and JV companies in the PSC (Production Sharing Contract) regime was 631.23 TMT in May, which was 0.69 percent higher when compared with the production of May 2020 but missed the month's target marginally by 0.05 percent. The cumulative crude oil production by private and JV companies during April-May was 1,245.17 TMT, which 0.19 percent higher than the target for the month and 0.02 percent higher when compared to the corresponding period of the last fiscal.

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