Tuesday, June 28, 2022

India’s crude oil production for July dips 3.22% y-o-y

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  • The cumulative crude oil production during the April-July period was 9,961.65 TMT, which is 2.64 percent lower than the target for the period and 3.37 percent lower year-on-year
  • Oil production by ONGC in July was 1,664.94 TMT, which is 3.81 percent lower than the target for the month and 4.23 percent lower when compared to July 2020

New Delhi: India’s crude oil production during July was 2,548.78 TMT, which is 3.78 percent lower than the target for the month and 3.22 percent lower when compared with July 2020. The cumulative crude oil production during the April-July period was 9,961.65 TMT, which is 2.64 percent lower than the target for the period and 3.37 percent lower in comparison to the corresponding period of the previous fiscal, data released by the Ministry of Petroleum and Natural Gas showed. 

ONGC July crude oil production dips 4.23% y-o-y

Crude oil production by Oil and Natural Gas Corporation (ONGC) in nomination block in July was 1,664.94 TMT, which is 3.81 percent lower than the target for the month and 4.23 percent lower when compared to July 2020. The cumulative crude oil production by ONGC during the April-July period was 6,477.08 TMT, which is 3.12 percent lower than the target for the period and 4.85 percent lower in comparison to the corresponding period of the previous year. The ministry attributed the decline in production to less than anticipated production from WO-16 cluster and Cluster-8 fields.

OIL improves crude oil production y-o-y

Crude oil production by Oil India Ltd (OIL) in the nomination block during July was 253.30 TMT, which is 1.08 percent higher than July 2020 but 2.57 percent lower than the target for the month. The cumulative crude oil production by OIL during the April-July period was 995.64 TMT, which is 1.54 percent lower than the target for the period and 0.14 percent lower in comparison to the corresponding period of the last year. 

Private/JV companies miss July target by 4.17%

Crude oil production by private/JV companies in the PSC/RSC regime in July was 630.54 TMT, which is 4.17 percent lower than the target of the month and 2.16 percent lower when compared with July 2020. The cumulative crude oil production during the April-July period was 2,488.93 TMT, which is 1.79 percent lower than the target for the period and 0.64 percent lower in comparison to the corresponding period of the last year. 

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