OIL & GAS

Domestic crude oil production down 6.3% in August, natural gas output dropps 9.5%

Domestic production of crude oil in August fell 6.3% from a year earlier while natural gas output dropped 9.5%.

Crude oil output fell to 2.6 million metric tonnes in August, driven by a 17.5% contraction in production from the fields operated by the private sector and 11.4% drop in Oil India fields. Output from ONGC fields was nearly flat.

The near-absence of new producing fields and slow efforts at enhancing recovery from ageing fields have weighed on the country’s oil production for years. With a big dip in private sector fields lately, the overall output contraction appears to be sharper this financial year at 6.1%. The contribution from fields operated by the private sector in overall oil production has dropped to 24.3% this year from 27.6% last year.

Natural gas output is also struggling with 9.5% drop in August from a year earlier and 13.2% fall during April-August.

Source
ET News
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