India’s crude oil production drops 4 per cent in FY19


India’s crude oil production drops 4 per cent in FY19

The country’s crude oil production fell over 4 per cent in the financial year 2018-19 after aging fields of state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) missed the target, official data showed Thursday.

India produced 34.2 million tonne of crude oil in the fiscal year ended March 31, down from 35.7 million tonne in the previous year, according to data released by the Ministry of Petroleum and Natural Gas here.

ONGC output dropped to 21 million tonne from 22.25 million tonne in 2017-18, while OIL saw a 2.5 per cent dip to 3.3 million tonne. Fields in the private sector saw a production drop of nearly 2 per cent to 9.8 million tonne mainly because of lower output at Cairn India’s Rajasthan oilfields.

ONGC production was lower due to technical issues at its Mumbai and Neelam Heera fields in the Arabian Sea and less than the production at Santhal and Balol fields in Gujarat. Read More

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