India's crude oil production declines 5% in October; natural gas output down 5.6%
BusinessToday.In November 26, 2019
India's crude oil production fell 5.09 per cent in October this year over the corresponding period in the previous year as state-owned ONGC and Oil India missed target output, official data showed on Tuesday.
According to data released by the Ministry of Petroleum and Natural Gas, crude oil production in October 2019 stood at 2,738.44 thousand metric tonnes (TMT), which was 7.21 per cent lower than monthly target and 5.09 per cent lower when compared with October 2018.
Cumulative crude oil production during April-October period of 2019 was 19,110.46 TMT, which was 4.91 per cent and 5.83 per cent lower than target for the period and production during corresponding period of last year, respectively.
Unit wise, Oil and Natural Gas Corporation (ONGC) reported a 2.97 per cent drop in crude oil production to 1712.93 TMT in October amid production loss due to power shut downs and electrical faults as well as electrical submersible pumps (ESP) issues in wells of NBP and Ratna R-series fields.
Oil India Ltd (OIL), the country's leading upstream player, saw crude oil production drop by 3.69 per cent to 272.57 TMT in October, 2019. Cumulative crude oil production by OIL during April-October, 2019 was 1,886.83 TMT which was 4.16 per cent lower than production during corresponding period of last year. Major reasons for lower production were less than planned contribution from work over wells and drilling wells.
Natural gas production fell 5.6 per cent year-on-year to 2,641.04 Million Metric Standard Cubic Meters (MMSCM) in October 2019. Cumulative natural gas production during April-October, 2019 stood at 18,646.15 MMSCM, down 2.13 per cent compared to corresponding period of last year.
Natural gas production by ONGC was down 7.39 per cent at 1954.35 MMSCM during October, 2019 as compared to the same month last year.
OIL's natural gas output was down 16.98 per cent at 239.23 MMSCM during October, 2019. The reasons attributed for shortfall in production were environmental loss (strike and miscreant activities) and less off take by BVFCL due to major repeated unscheduled maintenance issue.
Edited by Chitranjan Kumar