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    Domestic crude oil production contracts 6% in June

    Synopsis

    Underperformance of wells, delayed oilfield enhancement plans and general disruption caused by the pandemic contributed to a decline in oil production.

    Oil 2 GettyGetty Images
    Natural gas output fell to 2,324 million metric standard cubic meters primarily on lower offtake by customers.

    Commodity Summary

    MCX
    New Delhi: Domestic crude oil production contracted 6% and natural gas output fell 12% in June from a year earlier.

    Crude oil production fell to 2,527 thousand metric tonnes in June as the Coronavirus pandemic compounded problems for India’s ageing fields whose output have been declining for years. Decline in output from fields operated by ONGC was just 1% while for the fields operated by Oil India and the private sector was almost 10% and 16%, respectively.

    Underperformance of wells, delayed oilfield enhancement plans and general disruption caused by the pandemic contributed to a decline in oil production.

    Natural gas output fell to 2,324 million metric standard cubic meters primarily on lower offtake by customers. ONGC’s gas output fell 9% while private sector’s production fell 29% in June over the year.

    Refineries processed 13.6% less crude in June from a year earlier. State-run refiners processed 9.2% less crude than last year while private refiners processed 16% less crude.



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    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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