India’s crude oil production dips 2.40% y-o-y in Jan, misses target by 6.04%

• The cumulative crude oil production during April-January period of FY22 was 24,890.07 TMT, which is 4.63 percent lower than the target for the period
• Crude oil production by ONGC in nomination block during January 2022 was 1,662.79 TMT, which is 3.68 percent lower than the target for the month

New Delhi: Crude oil production during January was 2,511.66 TMT, which is 6.04 percent lower than the target for the month and 2.40 percent lower than the production of January 2021. The cumulative crude oil production during April-January period of FY22 was 24,890.07 TMT, which is 4.63 percent lower than the target for the period and 2.61 percent lower in comparison to the corresponding period of the last year, data released by the Ministry of Petroleum and Natural Gas on Wednesday showed. The data comes as global crude oil prices near US$100 per barrel. India imports around 80 percent of its crude oil requirements.

ONGC misses crude oil production target by 3.68%

Crude oil production by Oil and Natural Gas Corporation (ONGC) in nomination block during January 2022 was 1,662.79 TMT, which is 3.68 percent lower than the target for the month and 3.09 percent lower when compared with production of January 2021. The cumulative crude oil production by ONGC during April-January period of 2021-22 was 16,259.10 TMT, which is 4.29 percent lower than the target for the period and 3.93 percent lower in comparison to the production recorded in the corresponding period of the last year respectively. 

How did OIL fare?

Crude oil production by Oil India Ltd (OIL) in the nomination block during January 2022 was 255.32 TMT, which is 5.25 percent higher when compared with the production of January 2021 but 9.69 percent lower than the target for the month. The cumulative crude oil production by OIL during April-January period of 2021-22 was 2,499.16 TMT, which is 1.21 percent higher than the production during the corresponding period of the last year but 5.16 percent lower than the target for the period. 

Private/JVs miss crude oil production target by 10.61%

Crude oil production by private/JV companies in the PSC/RSC regime during January 2022 was 593.56 TMT, which is 10.61 percent lower than the target for the month and 3.50 percent lower than the production recorded in January 2021. The cumulative crude oil production by private/JVs companies during April-January period was 6,131.80 TMT, which is 5.30 percent lower than the target for the period and 0.50 percent lower in comparison to the corresponding period of the last year.

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