• India’s crude oil production falls 7% in May, pushes import dependence to 85%

    India’s crude oil production in May this year fell 7 per cent to 2,800 Thousand Metric Tonne (TMT) due to fall in production from fields operated by Oil and Natural Gas Corporation (ONGC), Oil India and private operators.

    The fall in domestic crude oil production pushed the country’s crude oil import dependence to 85 per cent in the month as compared to 83.8 per cent recorded in the corresponding month a year ago.

    ONGC, the country’s largest producer of oil and natural gas today invited private participation to help the company boost hydrocarbon production from 64 nomination marginal fields.

    Cumulatively, domestic crude oil production decreased 7 percent to 5,519 TMT during the first two months (April-May) of the current financial year (2019-2020), as compared to the corresponding period a year ago.

    ONGC

    ONGC’s crude oil production in May fell more than 4 percent to 1760 TMT. Cumulatively the company’s domestic crude oil production in the first two months of the present financial year fell 5 percent to 3,450 TMT. According to the oil ministry, major reasons for lower production were less offtake by consumers in Tripura, Cauvery, and Rajahmundry.

    Oil India

    Oil India, the second government-owned oil and gas explorer posted a 4 percent fall in its oil production to 274 TMT. Cumulatively, the company’s crude oil production during the first two months of the current financial year dropped 4 percent to 539 TMT.

    The major reasons for the slippage were less than the planned contribution from work over wells and drilling wells.

    Pvt/ Joint Ventures

    Crude oil production from private players and Joint Ventures (JVs) fell 13 percent to 767 TMT during the month of May. Cumulatively production by this segment dropped 12 percent to 1,529 TMT during the first two months of the current fiscal.

    The drop in production is attributed to lower production from Cairn Oil and Gas fields in Mangala, Bhagyam, Aishwariya and Raageshwari Deep Gas (RDG) due to operational issues and delays.

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