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Oil India Suffering production loss due to protests by locals

24 Jun 2020 Evaluate

Oil India is suffering production loss due to continued protests by locals that started after a gas well at Assam's Baghjan caught fire following a blowout while the blaze is still raging since May 27, 2020. There was an output drop of 129 MT of crude oil and 0.16 MMSCM of natural gas on June 22, 2020 due to disruptions in 16 oil wells and one gas well.

The locals are protesting against the alleged slowness of administration towards their demands for compensation and rehabilitation at the earliest. Protests outside Baghjan area in Tinsukia district is continuing in some areas, resulting in loss of output with drilling and work-over operations disrupted at six locations.

Oil India, a Navratna Company, is Asia's oldest and biggest pioneer oil exploration and Production Company.


Peers
Company Name CMP
ONGC 221.10
Oil India 442.65
Jindal Drilling&Inds 572.80
Deep Industries 746.50
Asian Energy Service 450.15
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