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

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.New Delhi: 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.

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 per cent 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 per cent to 1760 TMT. Cumulatively the company’s domestic crude oil production in the first two months of the present financial year fell 5 per cent 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 per cent 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 per cent to 539 TMT.

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

Pvt/ Joint Ventures

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

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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