08 April 2018, News Wires – India produced 32,642 million tonne crude oil in the eleven months between April 2017 and March 2018, a marginal 1 per cent decline as compared to the output in the same period last fiscal (April-Feb 2016-17), and a record seven year low, according to data sourced from the Petroleum Planning and Analysis Cell (PPAC), an arm of the oil ministry, ET Energy World reports.
In February 2018, oil production dipped 2.36 per cent to 2,731 thousand tonne (TMT). The dismal performance is attributed to lower than expected output from key wells operated by state-run Oil and Natural Gas Corp (ONGC), Oil India (OIL) and fields operated by private companies. The lower output dampens the prospect of achieving the government’s target of 10 per cent reduction in energy import dependence by 2022.
Cumulative natural gas production for the period April–February 2017-2018 grew 2.47 per cent to 29,867 million standard cubic meter (MMSCM). For February alone, gas production was reported down 1.52 per cent to 2,484 MMSCM against the corresponding month las fiscal.