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India’s crude oil output in April drops as private players slip up

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India’s crude oil output in April drops as private players slip up

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Both ONGC and OIL India lifted their form and produced 5% and 3.6% more crude respectively, than set targets, but lower output from fields operated by the private sector wiped away the gains.

India’s crude oil output in April drops as private players slip up

India's crude oil production fell 1 percent 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 on May 24. India produced 2.47 million tonnes (MT) of crude oil in April, down from 2.5 MT 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 MT of crude oil in April, which was nearly 5 percent more than the target set for it and 0.86 percent higher than the 1.63 MT produced last year. Oil India Ltd (OIL) produced 3.6 percent more crude at 2,51,460 tonnes but fields operated by the private sector produced 7.5 percent 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 percent of its oil needs and about half of its natural gas requirement.

Gas output up

Natural gas output rose 6.6 percent 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 percent less natural gas at 1.72 bcm, while eastern offshore output jumped 43 percent to 0.6 bcm, the data showed. The data did not give field-wise output.

With the return of demand, refineries processed 8.5 percent more crude oil at 21.6 MT in April. Public sector refineries turned 12.8 percent more crude into fuel, while private and joint sector units' crude throughput was 1.8 percent higher. Refineries produced 9 percent more petroleum products at 22.8 MT in April. Fuel output from public sector units was up almost 12 percent at 13 million tonnes, while private sector units saw a 7 percent higher output at 9.6 MT.

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

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