India's crude oil production rises 0.8% in May 2015

Crude oil production slips 1% in April-May 2015

India's crude oil production rose 0.8% to 3.18 million tonnes (mt) in May 2015 over May 2014, while snapping 2.7% fall in April 2015. Crude oil output of ONGC rose 1.8% to 1.905 mt, while that of Oil India improved 0.3% to 0.285 mt. However, the crude oil production of private and joint venture (JV) companies fell 1.1% to 0.994 mt. ONGC's offshore output surged 6.2% to 1.419 mt, but onshore production continued to dip at 9% to 0.486 mt.

Crude oil output declined 1% to 6.205 mt in the first two month of fiscal year ended March 2016 (April-May 2015), in addition to continuous decline for last three straight years. Crude oil production had declined 0.9% in FY2015, 0.2% in FY2014 and 0.6% in FY2013. Output of private companies slipped 6.3% to 1.924 mt, while that of Oil India improved 1.5% to 0.566 mt and ONGC by 1.7% to 3.715 mt in April-May 2015 over April-May 2014.

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