Crude oil production rises 1.7% in March 2015

Crude oil produces declines for the third straight year at 0.9% in FY2015

India's crude oil production increased 1.7% to 3.227 million tonnes (mt) in March 2015 over March 2014, while snapping decline for last four sequential months. Crude oil output of ONGC galloped 2.9% to 1.949 mt, while that of Oil India jumped 17.6% to 0.289 mt. However, the crude oil production of private/joint venture (JV) companies dipped 4.4% to 0.989 mt. ONGC's offshore output surged 8.3% to 1.443 mt, but onshore production continued to dip at 10% to 0.506 mt.

Crude oil output declined 0.9% to 37.464 mt in the fiscal year ended March 2015 (FY2015), recording fall for the third straight year. The crude oil production had declined 0.2% in FY2014 and 0.6% in FY2013. The output of private companies declined 2.4% to 11.785 mt and Oil India 1.6% to 3.412 mt, while that of ONGC rose 0.1% to 22.267 mt in FY2015 over FY2014.

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