Indian crude oil production fell 1 percent in April
New Delhi:
India’s crude oil production fell 1 percent in April after lower production from private-sector fields wiped out profits from state-owned companies such as ONGC, official data showed on Tuesday.
India produced 2.47 million tons of crude oil in April, compared to 2.5 million tons in the same month last year, according to data released by the Ministry of Petroleum and Natural Gas.
Oil and Natural Gas Corporation (ONGC) produced 1.65 million tons of crude oil in April, nearly 5 percent more than its target and 0.86 percent higher than the 1.63 million tons produced last year.
Oil India Ltd (OIL) produced 3.6 percent more crude at 2,51,460 tons, but private sector-operated fields produced 7.5 percent less crude at 5,67,570 tons.
The government has focused on increasing domestic production of oil and gas to reduce dependence on imports. India imports 85 percent of its oil needs and about half of its natural gas needs.
Natural gas production rose 6.6 percent to 2.82 billion cubic meters thanks to higher production from the eastern offshore – home to the KG-D6 block of Reliance Industries Ltd and BP plc.
ONGC produced 1 percent less natural gas at 1.72 bcm, while eastern offshore output increased 43 percent to 0.6 bcm, the data showed.
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