India’s crude oil production continues to slip, misses target by 12.48%

Crude oil output in January missed the target by 12.48 percent to settle at 2696.77 TMT, which was 5.30 percent lower when compared with January 2019

New Delhi: Crude oil production in January missed the target by 12.48 percent to settle at 2696.77 TMT, which was 5.30 percent lower when compared with January 2019, data sourced from the Ministry of Petroleum and Natural Gas showed. Cumulative crude oil output during April-January 2019-20 was 27072.34 TMT, which was 6.70 percent lower than the target and 5.95 percent lower when compared to the corresponding period of the last year.

ONGC crude oil production 11.06% lower than target

Crude oil output by ONGC in January 2020 settled at 1788.92 TMT, which was 1.24 percent higher when compared with January 2019 but 11.06 percent lower than the target for the month. Cumulative crude oil output by ONGC during April-January 2019-20 was 17175.88 TMT, which was 5.48 percent lower than the target for the period and 2.82 percent production less when compared to the corresponding period of the last year. According to the ministry, less production from Mumbai High, Heera, Neelam & B173A, B-127 Cluster fields due to increase in water cut contributed to the decline in overall value.

How did OIL fare?

Crude oil output by OIL in January 2020 was 257.55 TMT, which was 1.08 percent higher when compared with January 2019, but 12.64 percent lower than the target for the month. The cumulative output by OIL during April-January 2019-20 was 2612.29 TMT, which was 8.47 percent lower than the target for the period and 5.74 percent lower in comparison to the corresponding period of the last year. Less than the planned contribution from workover and drilling wells and from old well and decline in total liquid production of wells as a consequential effect of the wells shut-in during bandh contributed to the lower numbers, the government said.

Private sector saw production dipping by 16.12%

Crude oil production by private/JVs in January 2020 was 650.30 TMT, which was lower by 16.12 percent than the monthly target and 21.26 percent lower than January 2019. The cumulative crude oil production by private/JVs during April-January 2019-20 was 7284.17 TMT, which was 8.83 percent lower than the target for the period and 12.65 percent less in comparison to the corresponding period of the last year.