India’s crude oil output misses target by 8% in Jan as COVID-19 disruptions continue

• The cumulative crude oil production during April-January 2020-21 was 25,554.85 TMT which was 5.54 percent lower than the target

• Crude oil production by ONGC in nomination blocks during January was 1,715.74TMT which was 3.38 percent lower than the target

New Delhi: Continuing on the downward trajectory, India's crude oil production in January settled at 2,572.69 TMT, which was 7.95 percent lower than the target set for the month and 4.60 percent lower when compared to January 2020, showed data sourced from the Ministry of Petroleum and Natural Gas. The cumulative crude oil production during April-January 2020-21 was 25,554.85 TMT which was 5.54 percent lower than the target and 5.61 percent lower in comparison to the corresponding period of the last year.

ONGC crude oil output from nomination block misses target by 3.38%

Crude oil production by state-run Oil and Natural Gas Corporation (ONGC) in nomination blocks during January was 1,715.74TMT which was 3.38 percent lower than the target and 4.09 percent lower when compared with January 2020. Cumulative crude oil production by ONGC during April-January 2020-21 was 16,924.83 TMT which was 3.75 percent lower than the target and 1.46 percent lower for the period in comparison to the corresponding period of the last year. According to the ministry, ONGC missed the target for the month because work at WO-16 cluster, new wells in the Ratna field and the new wells planned under Cluster-8 development project continued to be affected by the disruptions caused due to the COVID-19 pandemic.

OIL crude oil production 10% lower than target

Crude oil production by Oil India Ltd (OIL) in the nomination block was 242.58 TMT in January, which was 9.94 percent lower than the target and 5.81 percent lower when compared with January 2020. The cumulative crude oil production by OIL during April-January 2020-21 was 2,469.27 TMT, which was 5.16 percent lower than the target and 5.47 percent lower when compared to the corresponding period of the last year. According to the Petroleum Ministry, output was affected by less than planned contribution from workover wells, drilling wells and old wells.

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Private sector misses target by 18.08%

Crude oil production by private/JV companies in the PSC (Production Sharing Contract) regime was 614.37 TMT in January, which was lower by 18.08 percent than the monthly target and 5.52 percent lower than January 2020. The cumulative crude oil production by during April-January 2020-21 was 6,160.75 TMT, which was 10.29 percent lower than the target and 15.42 percent lower than the corresponding period of the last year. Apart from COVID-19 related disruptions, decline in production from Cairn Energy's wells in the Ravva Basin contributed to the shortfall in the sector.

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