India’s crude oil production dips 4.15pc in 2018-19

25th April, 2019 10:40:43 printer

NEW DELHI: India’s crude oil production for the financial year 2018-19 dropped 4.15 per cent to 34.2 million tonne (MT), compared to 35.68 MT during the financial year 2017-18. On the other hand, natural gas production during the same period showed a marginal increase of 0.69 per cent.

Cumulative natural gas production during April-March period of the last financial year was seen at 32873.37 million metric standard cubic meter (MMSCM), compared to 32649.31 MMSCM during the same period in 2017-18, report agencies.

Among the public sector undertakings, state-run Oil and Natural Gas Corporation (ONGC) saw 5.4 per cent drop in its crude production during April to March 2018-19 to 21.04 MT versus 22.25 MT during April-March period of 2017-18. Natural gas production by the company during April-March, 2018-19 was 24674.65 MMSCM, 5.31 per cent higher than the production during the corresponding period of the last year. Some of the reasons for lower production include decline in pressure or potential in GS-4 Gas cap reservoir in Gandhar field.

Another public sector major Oil India Ltd (OIL) saw a decline in its crude oil production by 2.46 per cent to 3.3 MT during the last fiscal compared to 2017-18. Natural gas production by OIL during April to March period of 2018-19 also declined 5.54 per cent compared to the previous year.