News Oil & Gas

Domestic crude oil production falls 4%, natural gas declines 3% in April: Oil ministry data

New Delhi: Domestic crude oil production fell 4% and natural gas output declined 3% in April from a year earlier, the oil ministry data showed on Monday.

Oil and Natural Gas Corp’s (ONGC) crude oil production fell 6% from a year earlier while the output at Oil India Ltd and the private sector producers remained nearly stable. For years, India has found it hard to arrest the decline in crude output as producing fields have natured while new major discoveries have been hard to make.

ONGC’s natural gas production also fell 6% in April over the year-ago period while output at both Oil India and the private players rose 3%. Domestic consumption of natural gas rose 1% while imports rose 6.5% in April.

India imported $1.4 billion worth of natural gas in April compared to $1.3 billion in the year-ago period. Crude oil imports dropped to $10.8 billion in April from $16.8 billion in the same month last year on lower volumes as well as prices. In volume terms, India’s crude imports fell 8% in April. Production of petroleum products also fell by 1% while its consumption declined by 0.2%.

Source link