After witnessing a year-on-year fall for seven consecutive months, India’s crude oil production staged a modest recovery in October 2014. According to data released by Ministry of Petroleum & Natural Gas, crude oil production in the country increased by one per cent (y-o-y) in October 2014 to 3.2 million tonnes.
The recovery in oil production was possible due to higher output by Oil & Natural Gas Corporation (ONGC) and private/joint venture companies. ONGC produced 1.9 million tonnes of crude oil during the month. This was 1.6 per cent higher compared to the corresponding month a year ago. Oil production by private/joint venture companies increased by 0.9 per cent to one million tonnes. These companies also managed to exceed their monthly production target by 3.9 per cent.
During April-October 2014, domestic crude oil production fell by 0.9 per cent. The planned production target for this period was 22.7 million tonnes. However, the industry could achieve only 96.2 per cent of this. ONGC and Oil India recorded a fall in oil production during this period. ONGC’s oil production slipped by 0.4 per cent to 13 million tonnes. Closure of oil wells and and other technical issues took a toll on ONGC’s oil production. Crude oil production of Oil India declined by 4.7 per cent to two million tonnes. This can be attributed to bandhs and blockades in Assam. Private/joint venture companies witnessed 0.7 per cent fall in oil production. These companies produced 6.8 million tonnes of crude oil during April-October 2014 as compared to 6.9 million tonnes a year ago.
Natural gas production in India declined by 4.2 per cent in October 2014 to 2.8 billion cubic metres (bcm). Both, public and private sector companies recorded a year-on-year fall in natural gas production in October 2014.
During the first seven months of financial year 2014-15, natural gas production came down to 19.6 bcm from 20.8 bcm in the corresponding period year ago. This translates into 5.6 per cent fall. During this period, gas production by Oil India increased by 2.9 per cent. However, poor performance by ONGC and private/joint venture companies took a toll on overall gas production.
ONGC witnessed a 5.1 per cent fall in gas production during April-October 2014. This was mainly due to lower production from offshore blocks which contribute more than 75 per cent to ONGC’s total gas output. Gas production from these blocks fell by four per cent. Besides, production from onshore blocks also declined by 9.1 per cent. Less offtake by consumers and closure of wells due to burst of GAIL pipeline resulted in this fall. Private/joint venture companies recorded a 9.1 per cent decline in gas production. This can be attributed to lower production from offshore blocks. Private/joint venture companies produced 4.5 bcm of gas from offshore blocks during April-October 2014, which was 13.1 per cent lower compared to a year ago.
Source: Economic Outlook
The recovery in oil production was possible due to higher output by Oil & Natural Gas Corporation (ONGC) and private/joint venture companies. ONGC produced 1.9 million tonnes of crude oil during the month. This was 1.6 per cent higher compared to the corresponding month a year ago. Oil production by private/joint venture companies increased by 0.9 per cent to one million tonnes. These companies also managed to exceed their monthly production target by 3.9 per cent.
During April-October 2014, domestic crude oil production fell by 0.9 per cent. The planned production target for this period was 22.7 million tonnes. However, the industry could achieve only 96.2 per cent of this. ONGC and Oil India recorded a fall in oil production during this period. ONGC’s oil production slipped by 0.4 per cent to 13 million tonnes. Closure of oil wells and and other technical issues took a toll on ONGC’s oil production. Crude oil production of Oil India declined by 4.7 per cent to two million tonnes. This can be attributed to bandhs and blockades in Assam. Private/joint venture companies witnessed 0.7 per cent fall in oil production. These companies produced 6.8 million tonnes of crude oil during April-October 2014 as compared to 6.9 million tonnes a year ago.
Natural gas production in India declined by 4.2 per cent in October 2014 to 2.8 billion cubic metres (bcm). Both, public and private sector companies recorded a year-on-year fall in natural gas production in October 2014.
During the first seven months of financial year 2014-15, natural gas production came down to 19.6 bcm from 20.8 bcm in the corresponding period year ago. This translates into 5.6 per cent fall. During this period, gas production by Oil India increased by 2.9 per cent. However, poor performance by ONGC and private/joint venture companies took a toll on overall gas production.
ONGC witnessed a 5.1 per cent fall in gas production during April-October 2014. This was mainly due to lower production from offshore blocks which contribute more than 75 per cent to ONGC’s total gas output. Gas production from these blocks fell by four per cent. Besides, production from onshore blocks also declined by 9.1 per cent. Less offtake by consumers and closure of wells due to burst of GAIL pipeline resulted in this fall. Private/joint venture companies recorded a 9.1 per cent decline in gas production. This can be attributed to lower production from offshore blocks. Private/joint venture companies produced 4.5 bcm of gas from offshore blocks during April-October 2014, which was 13.1 per cent lower compared to a year ago.
Source: Economic Outlook
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