India’s crude oil output continues to decline, misses target by 6.94% in Sep

• The cumulative crude oil production during April-September was 15,372.79 TMT, which was 4.64 percent lower than the target

• Crude oil production by ONGC in nomination block was 1,638.71 TMT in September, which was 5.21 percent lower than the target

New Delhi: Continuing its downward trajectory, India's crude oil production settled at 2,486.52 TMT in September, which was 6.94 percent lower than the target, 6.05 percent lower when compared with September 2019. The total crude oil output was at 2,577.49 TMT in August, 2,633.59 TMT in July, 2,526.97 TMT in June, 2,602.40 TMT in May and 2,545.81 TMT in April. The cumulative crude oil production during April-September was 15,372.79 TMT, which was 4.64 percent and 6.10 percent lower than the target for the period and actual production during the corresponding period of the last year. 

ONGC

Crude oil production by India's largest E&P company ONGC was 1,638.71 TMT in September, which was 5.21 percent lower than the target and 1.73 percent lower when compared with September 2019. The cumulative crude oil production by ONGC during April-September was at 10,153.89 TMT, which was 3.29 percent lower than the target for the period and 0.96 percent lower than the actual production during the corresponding period of the last year. 

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The Petroleum Ministry said that the planned oil production from WO16 cluster could not be realised due to delay in MOPU (Sagar Samrat) as activities at GPC yard Abu Dhabi got affected due to Covid restrictions/lockdown. Production planned from new wells in Ratna field was also affected due to non-availability of ESPs for well completion due to the COVID-19 pandemic. 

Oil India Limited

Crude oil production by Oil India Ltd (OIL) during September stood at 245.44 TMT, which was 6.27 percent lower than the monthly target and 5.41 percent lower than September 2019. The cumulative crude oil production by OIL during April-September was 1,485.42 TMT, which was 4.90 percent lower than the target for the period and 7.98 percent lower than the production during the corresponding period of 2019. The Baghjan blowout and the months-long blockade by locals and villagers against the incident was one of the major reasons that impacted crude oil production during the period.

Private players and JVs 

Crude oil production by private players and joint ventures (JVs) was 602.38 TMT in September, which was lower by 11.59 percent than the monthly target and 16.28 percent lower than September. The cumulative crude oil production during April-September was 3,733.47 TMT, which was 8.04 percent lower than the target for the period and 17.14 percent lower than the actual production during the corresponding period of the last year.

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