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India’s crude oil output at lowest in 7 years in April-Nov period

India’s crude oil output in the April-November period of financial year 2019-20 settled at its lowest in the last seven years

India’s crude oil output at lowest in 7 years in April-Nov period
India’s crude oil output at lowest in 7 years in April-Nov period

New Delhi: India’s crude oil output in the April-November period of financial year 2019-20 settled at its lowest in the last seven years, data sourced from the Ministry of Petroleum and Natural Gas showed. The crude oil output for the April-November period of FY2019-20 stood at 21724.76 Thousand Metric Tons (TMT). Data also showed that crude oil output has declined steadily over the course of the last seven years.

November crude oil output 8.69% lower than target

The crude oil production for the month of November stood at 2614.29 TMT, which was 8.69 percent lower than the target and 5.98 percent lower when compared with November 2018. The figure for the month was also the lowest recorded in November in the last seven years. The percentage drop in production over the corresponding month of the last year is also the biggest since November 2017.

How did ONGC fare?

Crude oil production by ONGC during November was 1673.22 TMT, which was 7.33 percent lower than the target and 1.89 percent lower when compared with November 2018. Cumulative crude oil production by ONGC during April-November 2019 was 13638.33 TMT, which was 3.79 percent and 3.60 percent lower than the target for the period and production during the corresponding period of last year respectively.

What about Oil India?

OIL’s (Oil India Ltd) total production during November 2019 was 260.17 TMT which was 7.20 percent lower than the monthly target and 4.67 percent lower when compared with November 2018. The cumulative crude oil production by OIL during April-November 2019 was 2147.00 TMT, which was 5.19 percent and 4.22 percent lower than the target for the period and production during the corresponding period of the last year respectively. Major reasons for lower production is less than planned contribution from workover wells and drilling wells.

How did private and JVs perform?

Crude oil production by private/joint ventures (JVs) during November 2019 was 680.90 TMT, which was 12.39 percent lower than the monthly target and 15.13 percent lower than November 2018. The cumulative crude production during April-November 2019 was 5939.43 TMT which was 8.92 percent and 11.18 percent lower than the target for the period and production during the corresponding period of the last year, respectively.