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India's crude oil production drops 3.8% to 2.45 million tonnes in July

24 Aug 2022 Evaluate

The Ministry of Petroleum and Natural Gas in its latest data has showed that India's crude oil production fell 3.8 per cent to 2.45 million tonnes in July from 2.54 million tonnes a year back, on lower output from fields operated by state-owned ONGC and private sector firms. Crude oil is refined to produce fuels such as petrol and diesel. The output was also lower than the monthly target of 2.59 million tonnes.

But, the oil production during the first four months of the current fiscal that began on April 1 was only marginally lower at 9.91 million tonnes as opposed to 9.96 million tonnes during April-July 2021. Oil and Natural Gas Corporation (ONGC) produced 1.7 per cent less oil at 1.63 million tonnes on lower output from western offshore. Fields operated by private firms saw a 12.34 per cent decline in production. According to the ministry data, ONGC's oilfields in Gujarat and Assam produced less oil while Vedanta's Rajasthan block had a lower output.

Natural gas output was almost unchanged at 2.88 billion cubic meters in July but was 3.4 per cent higher during April-July at 11.43 bcm. ONGC's gas output was almost 4 per cent lower in July due to less gas production in the Daman field in Mumbai offshore.

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