India's oil production rise, gas declines

By agencies   |   Thursday, 24 February 2005, 08:00 Hrs
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NEW DELHI:India's oil production increased in the current fiscal while the gas production declined, official data released today revealed.

The encouraging trend in oil production came at a time when global crude prices have crossed $50 per barrel mark.

In January, India's oil production rose by 8.4 percent with an output of 2.91 million metric tonnes (MMT), against an expected target of 2.69 MMT.

During the 10-month period, oil production rose 2.6 percent to 28.47 MMT, against 27.76 MMT in the corresponding period in fiscal 2003-04, petroleum ministry data showed.

India's annual oil production is around 30-33 MMT, with Oil and Natural Gas Corporation (ONGC) contributing over 70 percent.

As far as gas output is concerned, there was a one percent dip in production in the 10-month period with an output of 26.63 billion cubic metres, against 26.88 billion cubic metres in the corresponding period in fiscal 2003-04.

During January, however, the production showed a rise of 4.3 percent with 2.76 billion cubic metres, against the target of 2.65 billion cubic metres.

The dip in gas production is being attributed primarily to depletion of supplies from oil wells.

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