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India misses out on crude oil production target

EnergyIndia misses out on crude oil production target

According to official data issued by the ministry of petroleum and natural gas on Wednesday, India’s crude oil production continued to decrease in November, with the country producing 2431.44 TMT, which is 6.89 percent below than the month’s target and 2.22 percent lower than November 2020.

From April to November 2021, total crude oil output was 19,868.42 TMT, which is 4.38 percent and 2.74 percent lower than the target for the period and production for the same time previous year, respectively.

The government attributed the drop in production on lower output from state-owned companies such as Oil and Natural Gas Corporation, Oil India Limited, and others.

According to government data, Oil and Natural Gas Corporation (ONGC) produced 1.6 million tonnes of crude oil in November, down 3% from a year ago and 2,52,990 tonnes in October, while Oil India Ltd (OIL) produced 2,41,420 tonnes of crude oil in November, down 3% from a year ago and 2,52,990 tonnes in October.

The reason for the low output, according to ONGC, was lower-than-expected production from Cluster-8 fields due to delays in inputs caused by the Covid impact on wellhead platform installation.

However, according to the monthly production data, gas production increased by 23.09 percent in November.

Natural gas output in November 2021 was 2869.47 MMSCM, up 23.09 percent from November 2020 but 12.8 percent below the monthly target.

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