The production of crude oil during February, 2017 stood at 2797.26 TMT which is 5.37% lower than target and 3.40% lower when compared with February 2016. The cumulative production of crude oil during April, 2016 - February, 2017 stood at 32918 TMT which is 2.58% and 2.84% lower than target and production during corresponding period of last year respectively.
The natural gas production during February, 2017 stood at 2522.54 MMSCM which is 9.95% lower than the target for the month and 1.66% lower when compared with February, 2016. The cumulative production of natural gas during April, 2016 - February, 2017 stood at 29146.41 MMSCM which is 5.99% lower than target for the period and 1.90% lower than the production during corresponding period of last year.
The Cabinet Committee on Economic Affairs (CCEA) has approved a policy for grant of extension to the Production Sharing Contracts (PSC) signed by Government of India awarding Pre-NELP Exploration Blocks to enable and facilitate investment to extract the remaining reserves. This policy will enable the contractors to extract not only the remaining reserves but also plan to extract additional reserves by implementing new technologies.