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India’s total crude oil output falls by 7% in June year-on-year

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New Delhi: India’s total crude oil production fell by nearly 7 percent in June in comparison to the same period a year ago, data sourced from the petroleum ministry has shown. The total crude output was at 2,688.
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06 Thousand Metric Tonnes (TMT) in June this year, 6.81 percent lower when compared to June 2018 when the figure settled at 2884.30 TMT. It was also 4.61 percent lower than the target — 2817.88 TMT.

The status of Q3?

The cumulative crude oil production during April-June period in 2019 was 8,206.57 TMT which was 2.82 percent lower than the target for the period and 6.82 percent lower than the production during the corresponding period of last year.

ONGC’s crude output drops 5%

Crude oil production by state-owned Oil and Natural Gas Corporation (ONGC) in June 2019 was 1,686.22 TMT which was 1.38 percent lower than the target and 4.95 percent lower when compared to June 2018.

For the third quarter, the cumulative crude oil production was 5,136.47 TMT which was 0.57 percent lower than the target for the period and also lower by 4.75 percent than the corresponding period of last year. The ministry attributed the reduction in production to less offtake by consumers in Tripura, Cauvery and Rajahmundry.

What’s OIL’s status?

Crude oil production by government-run Oil India Limited (OIL) during June 2019 stood at 267.46 TMT which was 3.58 percent lower than the monthly target and 3.98 percent lower when compared to June 2018. The cumulative crude oil production by OIL during April-June was at 806.62 TMT which was 3.82 percent lower than the target for the period and 3.73 percent lower than the corresponding period of the last year. The lower production was attributed to less than planned contribution from workover wells and drilling wells.

Private sector’s performance worse than public

Crude oil production by private/joint ventures (JVs) during June 2019 was 734.38 TMT, which was 11.59 percent lower than the monthly target and 11.71 percent lower than June 2018. The cumulative crude oil production by private/joint ventures in April-June 2019 was 2,263.48 TMT which was 7.22 percent lower than the target for the period and 12.16 percent lower than the production during the corresponding period of the last year.

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