At a time when the country is already facing crude oil supply shocks due to the US sanctions on Iran and Venezuela, India’s domestic crude oil production declined for the eighth consecutive year in financial year 2018-2019 (FY19).
India’s crude oil production in 2018-2019 declined 4.15 per cent to 34,203 thousand metric tonne (TMT), as compared to 35,684 TMT produced in FY18.
According to oil ministry’s official data published today, the decline in domestic production could be attributed to three major reasons. First one being the fall in production from the western offshore fields operated by Oil and Natural Gas Corporation (ONGC).
Second, fall in production from onshore fields operated by Oil India, and third, reduced production from onshore, offshore fields operated by private players and joint venture (JV) operators. Read More