India’s Crude Oil Production Fell 4.4% in July 2019
The oil ministry showed, India’s crude oil production in July this year fell 4.40 per cent to 2,769 Thousand Metric Tonne, pushing the country’s crude oil import dependence to 83.2 per cent. Overall, crude oil production during the first four months (April-July) of the current financial year (2019-2020) declined 6.22 per cent to 10,976 TMT. The decline increased the country’s oil import dependence to 84.9 per cent during the period from 83.4 per cent in the corresponding period a year ago. The trend is attributed to the fall in production from almost all onshore and offshore fields.
ONGC - Production by Oil and Natural Gas Corporation, the country’s largest producer of oil and gas, declined 3.23 per cent to 1,731 TMT in July. This was due to issue with Electrical Submersible Pump in the wells of NBP and Ratna R-series fields and the increase in water cut in a few wells of Heera, Neelam and B173A fields in Mumbai offshore. Overall, during the first four months (April-July) of this fiscal, the company’s crude oil production dropped 4.37 per cent to 6,868 TMT. The decline is attributed to fall in production from Andhra Pradesh, Assam and western offshore fields.
Oil India - Production by Oil India Ltd, the state-run petroleum explorer, declined 4.65 per cent to 274 TMT in July and 4.0 per cent to 1,080 TMT in the April-July period. The trend is attributed to less than planned contribution from work-over wells and drilling wells and also due to fall in production from Assam fields.
Private Companies and Joint Ventures - Crude oil production by private companies and from Joint Venture firms dropped 7 per cent to 764 TMT in July mainly due to deficit production from Cairn Oil and Gas Mangla field in Rajasthan and operational issues in the company’s Bhagyam and Aishwarya fields in the state. Cumulative crude oil production by private companies and JVs during the first four months (April-July) of the current financial year declined 11 per cent to 3,027 TMT.
Source : ET