India's crude oil production drops 1% in April

New Delhi

India's crude oil production fell 1% in April after lower output from fields operated by the private sector wiped away gains by state-owned firms such as ONGC, official data showed Tuesday.

India produced 2.47 million tonnes of crude oil in April, down from 2.5 million tonnes 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 tonnes of crude oil in April, which was nearly 5% more than the target set for it and 0.86% high than the 1.63 million tonnes produced last year.

Oil India Ltd. (OIL) produced 3.6% more crude at 2,51,460 tonnes but fields operated by the private sector produced 7.5% less crude oil at 5,67,570 tonnes.

The government has been focused on raising domestic production of oil and gas to cut reliance on imports. India imports 85% of its oil needs and about half of its natural gas requirement.

Natural gas output rose 6.6% to 2.82 billion cubic meters on the back of higher output from eastern offshore - home to the KG-D6 block of Reliance Industries Ltd and BP plc.

ONGC produced 1% less natural gas at 1.72 bcm, while eastern offshore output jumped 43% to 0.6 bcm, the data showed. The data did not give field-wise output.

With demand returning, refineries processed 8.5% more crude oil at 21.6 million tonnes in April. Public sector refineries turned 12.8% more crude into fuel, while private and joint sector units' crude throughput was 1.8% higher.

Refineries produced 9% more petroleum products at 22.8 million tonnes in April. Fuel output from public sector units was up almost 125 at 13 million tonnes, while private sector units saw a 7% higher output at 9.6 million tonnes.

Refineries operated at 104.5% of their installed capacity to meet fuel demand in April.

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Printable version | Jun 15, 2022 12:47:54 am |