ONGC, OIL Push Crude Oil Output Up By 0.24%, Natural Gas By 4%

ONGC, OIL Push Crude Oil Output Up By 0.24%, Natural Gas By 4%
The country’s crude oil output rose 0.24 per cent and natural gas production was up 4.04 per cent in the June quarter of 2017 due to a push from state-run companies like Oil and Natural Gas Corporation (ONGC) and Oil India (OIL).

Cumulative crude oil production by ONGC in Q1 was 5,640.77 thousand metric tonne (tmt), which is 0.22 per cent lower than the period’s target but 2.71 per cent higher than production during the year-ago period. OIL produced 839.86 tmt, about 5.22 per cent higher than the last year’s corresponding period.

However, the production from private and joint venture (JV) fields dropped 6.23 per cent to 2,541.74 tmt y-o-y. The overall crude oil output in June 2017 was 0.6 per cent higher than June 2016, owing to a better performance by public sector undertakings.

On the other hand, cumulative natural gas production during the April-June period rose 4.04 per cent to 8,057.72 million metric standard cubic meters (mmscm) y-o-y. During the quarter, ONGC produced 10.76 per cent higher than the year-ago period’s production, while OIL’s output fell 0.98 per cent compared to last year.

Cumulative natural gas production by private and JV players in Q1 was 1,605.39 mmscm, 12.82 per cent lower than the production during the corresponding period of the last year.  In June, the country’s natural gas production zoomed 6.05 per cent y-o-y.

Closure of some wells in Rajasthan and Panna-Mukta majorly contributed to the drop in private sector’s crude oil production. Meanwhile, under performance of coal bed methane wells at Sohagpur West by Reliance Industries (RIL), closure of few wells in Raniganj East by Essar, delay in grant for petroleum mining lease in Hindustan Oil Exploration Company (HOEC) and closure of two wells in D1D3 field and one well in MA field in KG-DWN-98/3 by RIL are the major reasons behind the drop in natural gas production by private sector compared to the year-ago period.

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Refinery production in June 2017 was 20,057.80 tmt, 0.11 per cent higher than the target but 0.54 per cent lower y-o-y. Cumulative production in Q1 was 60,898.38 tmt, 1.04% higher than the output during the year-ago period.
Source Link – Business Standard

 

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