Crude oil output for Dec’20 misses target by nearly 7%; Covid-19 impacts production

• Crude oil output by ONGC for the month was 4.74 percent lower than the target and 2.75 percent lower when compared with December 2019

• Crude oil production by OIL in the nomination block during Dec 2020 was 241.35 TMT, which was 16.18 percent higher than the production during December 2019

New Delhi: Crude oil production during December 2020 missed the target for the month by 6.85 percent as both public and private sector E&P companies reported decline in output due to disruptions caused by Covid-19. According to the data sourced from the Ministry of Petroleum and Natural Gas, crude oil production for the month was at 2,555.66 TMT, which was 3.59 percent lower when compared with December 2019. The cumulative crude oil production during the April-December 2020 period was 22,982.16 TMT which was 5.27 percent lower than the target and 5.72 percent lower when compared to the corresponding period of the last year. 

ONGC crude oil production 4.74% lower than target

Crude oil production by Oil and Natural Gas Corporation (ONGC) in nomination block during December 2020 was 1700.54 TMT, which was 4.74 percent lower than the target and 2.75 percent lower when compared with December 2019. The cumulative crude oil production by ONGC during April-December 2020 was 15,209.09 TMT which was 3.79 percent and 1.16 percent lower than the target for the period and production during the corresponding period of the last year, respectively. ONGC said that production planned from WO-16 cluster, new wells in Ratna field and the wells planned under Cluster-8 development project were delayed due to Covid-19.

OIL misses monthly target but posts growth in comparison to Dec 2019

Crude oil production by Oil India Ltd (OIL) in the nomination block during December 2020 was 241.35 TMT, which was 16.18 percent higher than the production during December 2019. but 9.85 percent lower than the monthly target. Cumulative crude oil production by OIL during April-December 2020 was 2,226.69 TMT which was 4.61 percent lower than the target and 5.44 percent lower when compared to the corresponding period of the last year. 

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Private sector/JV crude oil output 11.14% lower than target

Crude oil production by private/JV companies in the PSC (Production Sharing Contract) regime during December 2020 was 613.76 TMT, which was lower by 11.14 percent than the monthly target and 11.62 percent lower than December 2019. The cumulative crude oil production during April-December 2020 was 5,546.38 TMT, which was 9.34 percent lower than the target and 16.39 percent lower in comparison to the corresponding period of the last year. Cairn Energy, Hindustan Oil Exploration Company Ltd and Sun Petrochemical Pvt Ltd said that delays were caused due to disruptions caused by Covid-19. Cairn Energy also reported a decline in production from wells in Ravva basin.

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