Crude oil output was 3.71% lower than target in July 2017

During April-July 2017, cumulative crude oil production was 12084.55 TMT which is 2.64% lower than target.

The Dollar Business Bureau

India’s crude oil production was short by 3.71% of the target at 3061.08 TMT in the month July this year, due to water cut problem and less than planned production by the state-owned refiners.

In July 2017, the output of crude oil was also 0.53% lower as compared to same month in 2016.

During April-July period 2017, cumulative crude oil production was 12084.55 TMT which is 2.64% lower than target for the period but 0.05% higher than production during corresponding period of last year, according to a release by the Ministry of Petroleum and Natural Gas.

State-run refiner Oil and Natural Gas Corporation Ltd’s (ONGC) crude production was 1917.53 TMT during July, 2017, lower by 2.14% compared to the monthly target. However, the production increased by 2.66% as compared to July last year, the release said.

During the period April-July, 2017, the cumulative crude oil output by ONGC was 7559.23 TMT, 0.70% lower than the target for the said period. However, the production rose by 2.71% compared to the corresponding period last year.

The decline in production was due to natural decline/increase in water cut from matured fields of Western Offshore. Less than planned production from Vasai East due to closure of well due to safety reason and NBP field because of ESP problem in one well, it said.

In addition, power shut down/electrical faults due to heavy rain in Ahmedabad & Mehsana, power shut-down, increase in water cut in Ankleshwar & Cambay and Power shut-down in Assam, also led to the shortfall in production, it added.

Due to less than planned achievement on account of higher drop in output potential of wells majorly in Greater Hapjan and Greater Chandmari areas, the production by Oil India Ltd (OIL) was 9.02% lower than the monthly target at 288.31 TMT but 5.73% more compared to same month last year.

During April-July period, the production of OIL declined by 9.58% to 1128.33 TMT but was increased by 5.37% compared to the period last year.

The production of natural gas in the country during the said month was 2858.50 MMSCM, a decline of 4.40% as compared to the target for the month. However, the natural gas production was increased by 5.69% when compared to the same month last year.

During the April-July period, natural gas production rose 4.47% to 10916.43 MMSCM compared to the corresponding period last year but it was 5.39% lower than the target for the given period.

The Dollar Business Bureau - Aug 25, 2017 12:00 IST