India’s oil production continues to decline

Representational image. File

Representational image. File

India’s production of crude oil, which is refined to produce petrol and diesel, continued to decline in December, with lower output from the State-owned ONGC leading to an almost 2% drop, official data showed on Wednesday.

Oil production in December was 2.51 million tonnes, down from 2.55 million tonnes a year earlier and a target of 2.6 million tonnes. The output was, however, higher than 2.43 million tonnes produced in November 2021.

ONGC, India’s biggest producer, produced 3% less crude oil at 1.65 million tonnes in December due to delays in mobilising equipment at western offshore fields. Oil India Ltd. (OIL) produced 5.4% more crude oil at 2,54,360 tonnes.

India is 85% reliant on imports to meet its crude oil needs as domestic output is insufficient to meet the demand. Natural gas production, however, rose by almost a fifth to 2.89 billion cubic metre (bcm) in December 2021.

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Printable version | May 21, 2022 6:41:47 am |