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India Crude Oil production hits 7 year low

India produced 32,642 million tonne Crude Oil in the eleven months between April 2017 and March 2018, a marginal 1% decline as compared to the output in the same period last fiscal (April-Feb 2016-17), and a record seven year low, according to data sourced from the Petroleum Planning and Analysis Cell (PPAC), an arm of the oil ministry.

In February 2018, oil production dipped 2.36% to 2,731 thousand tonne (TMT). The dismal performance is attributed to lower than expected output from key wells operated by state-run Oil and Natural Gas Corp (ONGC), Oil India (OIL) and fields operated by private companies.

The lower output dampens the prospect of achieving the government’s target of 10% reduction in energy import dependence by 2022.

Cumulative Gatural Gas production for the period April–February 2017-2018 grew 2.47% to 29,867 million standard cubic meter (MMSCM). For February alone, gas production was reported down 1.52 per cent to 2,484 MMSCM against the corresponding month last fiscal.

PPAC data showed February’s oil production dipped due to poor performance of fields under ONGC and under Production Sharing Contracts (PSCs). The decline in gas production in the month was attributed to poor performance of acreages under OIL and PSC fields.

The country’s gross petroleum imports in value terms jumped 25% to $92 billion in the April-Feb 2017-18 period on the back of higher global oil prices. In February alone, the import bill was recorded up 25% to $9.1 billion, data showed.

India’s crude oil import in value terms increased 25 per cent to $80 billion in the April-February 2017-18. In February alone, oil imports were up 6 per cent 29 per cent at $8.1 billion.

Liquefied Natural Gas (LNG) imports increased 6.12 per cent to 23,910 MMSCM during April-February period of current fiscal. For February alone, imports were recorded down 1.04 per cent to 2,110 MMSCM. Of the total LNG import in February, 46 per cent came from Qatar, 9.17 per cent from Australia, 8.41 per cent from France and 7.82 per cent from Nigeria. Netherlands, USA, Malaysia, Norway, Oman, Angola and 3.72 per cent from Equatorial Guinea.

In value terms, LNG imports increased 14 per cent to $0.8 billion in February. Cumulatively, imports jumped 25 per cent to $6.9 billion in April-February period.

Source: Commodity Online


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