India sees crude oil production decline by 2.63% y-o-y in Apr-Dec period of FY22

• The cumulative crude oil production during April-December period of the current financial year was 22,378.40 TMT
• The cumulative crude oil production by ONGC during April-December period of FY22 was 14,596.31 TMT, which is 4.36 percent lower than the target for the period

New Delhi: India's crude oil production during December 2021 was 2,509.98 TMT, which is 5.19 percent lower than the target for the month and 1.81 percent lower than the production recorded in December 2020, official data released by the Ministry of Petroleum and Natural Gas showed. The cumulative crude oil production during April-December period of the current financial year was 22,378.40 TMT, which is 4.47 percent lower than the target for the period and 2.63 percent lower than the production recorded during the corresponding period of the last year. 

ONGC misses crude oil production target by 4.67%

Crude oil production by Oil and Natural Gas Corporation (ONGC) during December 2021 in nomination block was 1,652.90 TMT, which is 4.67 percent lower than the target for the month and 2.8 percent lower when compared to December 2020. The cumulative crude oil production by ONGC during April-December period of FY22 was 14,596.31 TMT, which is 4.36 percent lower than the target for the period and 4.03 percent lower in comparison to the corresponding period of the last year.

OIL misses target by 8.73%

Crude oil production by Oil India Ltd (OIL) in the nomination block during December 2021 was 254.36 TMT, which is 5.39 percent higher to December 2020 but 8.73 percent lower than the target for the month. The cumulative crude oil production by OIL during April-December period of the current financial year was 2,243.85 TMT, which is 0.77 percent higher than the production in the corresponding period of the last year but 4.61 percent lower than the target for the period. 

Private/JV companies miss target by 5.06%

Crude oil production by private/JV companies in the PSC/RSC regime during December 2021 was 602.72 TMT, which is 5.06 percent lower than the target for the month and 1.88 percent lower than December 2020. The cumulative crude oil production by during April-December period of FY22 was 5,538.24 TMT, which is 4.7 percent lower than the target for the period and 0.17 percent lower when compared to the corresponding period of the last year.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)