India's crude oil production declines 3.4% in February 2017

Crude oil production down 2.8% in April-February FY2017

India's crude oil production declined 3.4% to 2.80 million tonnes (mt) in February 2017 over February 2016. Crude oil output of ONGC dipped 2.2% to 1.74 mt in February 2017. ONGC's offshore output declined 2.4% to 1.28 mt, while onshore production also fell 1.6% to 0.46 mt. The crude oil output of Oil India improved 5.7% to 0.26 mt, but that of private and joint venture (JV) companies dipped 8.5% to 0.80 mt in February 2017.

Crude oil output fell 2.8% to 32.92 mt in April-December period of the fiscal year ending March 2017 (April-February 2017), in addition to 1.0% fall recorded in the corresponding period of last year. Output of ONGC eased 1.0% to 20.29 mt, while that of Oil India rose 0.3% to 2.96 mt and private companies fell 7.3% to 9.67 mt in April-February 2017 over April-February 2016.

 

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