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India’s total domestic crude oil production in July remained almost flat, declining 0.53 percent to 3,061 Thousand Metric Tonne (TMT) as compared to the corresponding month a year ago while natural gas output witnessed a growth of 5.69 per cent to 2,858 Million Metric Standard Cubic Meter (MMSCM) in July.
Crude oil production witnessed almost flat growth mainly due to poor performance of fields under Production Sharing Contracts (PSC). The growth in natural gas production can be attributed to healthy performance of acreages under government-owned Oil and Natural Gas Corporation (ONGC) and Oil India, data released by Petroleum Planning and Analysis Cell (PPAC) indicated.
On a cumulative basis, the country’s crude oil production in the first four months of 2017-2018 witnessed a tepid growth of 0.05 percent to 12,084 TMT as compared to the corresponding period a year ago. Cumulative natural gas production during the period grew 4.47 percent to 10,916 MMSCM as compared to the corresponding period a year ago.
ONGC Crude oil and Natural Gas Production
Government-owned Oil and Natural Gas Corporation (ONGC), responsible for 63 percent of country’s crude oil production in July, witnessed its crude output growing by 2.66 percent to 1,917 TMT for the month as compared to the corresponding month a year ago. Cumulatively, the oil and gas behemoth witnessed a 2.71 percent increase in production to 7,559 TMT in the first four months of the current financial year.
The company’s natural gas production witnessed a robust growth of 12.69 percent to 2,055 MMSCM in July as compared to the year ago period. Cumulatively, its gas production increased by 11.26 percent to 7,784 MMSCM in the first four month of the fiscal as against the year ago period.
Oil India Crude oil and Natural Gas Production
Oil India Ltd, the country’s second-largest oil and natural gas exploration PSU also witnessed an increase in its crude oil production, which grew more than 5 percent to 288 TMT in July. Cumulatively, the company produced approximately 1,128 TMT of crude witnessing a growth of 5.37 percent in the first four months of the present financial year.
OIL’s natural gas production witnessed a 2.30 percent fall to 250 MMSCM in July and in the first four months a cumulative drop of 1.33 percent as compared to the corresponding period.
Production from fields under PSCs operated by private upstream companies and JVs
Crude oil fields under Production Sharing Contracts (PSCs) operated by Joint Ventures (JVs) or private upstream companies witnessed a production decline of more than 8 percent to 855 TMT in July as compared to the year ago period. Cumulatively, crude production from these fields declined by more than 6 percent to 3,397 TMT in the first four of the current fiscal year.
Also, natural gas production from PSC fields witnessed a decline of more than 11 percent to 553 MMSCM in July. Cumulatively, the gas output declined by more than 12 percent in the first four months of current financial year.
According to data provided by PPAC, the steep decline can be attributed to underperformance of Coal Bed Methane (CBM) fields operated by Reliance Industries (RIL) in Sohagpur West, closure of two wells in D1D3 fields and one well in MA field in KG basin operated by RIL, planned maintenance of wells in Raniganj operated by Essar, underperformance of KG-OSN field and maintenance in Panna-Mukta field.
Crude Oil and Natural Gas Imports
India’s crude oil import volumes in July remained tepid, increasing by around one percent to 17.3 Million Tonne (MMT) and in value terms increased 9.4 percent to $5.8 billion for the month as compared to a year ago period.
Crude oil imports in the first four months of the current fiscal increased by one percent to 71 MMT and in value terms increased 17 percent to $24.6 billion as compared to the corresponding period a year ago.
Natural gas imports for the month of July declined 2 percent to 1,922 MMSCM as compared to the corresponding month a year ago, cumulatively gas imports decreased more than 4 percent to 7,852 MMSCM.
Data showed 59.16% of the total LNG import in July 2017 was from Qatar, 14.15% from Singapore, 9.44% from Australia, 8.58% from Nigeria, 4.50% from Angola and 4.18% from UAE.
In value terms, natural gas imports increased 25 percent to $0.5 billion in July and cumulatively, in the first four months, declined more than 4 per cent to $2.1 billion as compared to the corresponding period a year ago.
Crude oil import dependency
The country’s import dependency on crude oil increased to 81.3 per cent in July as compared to 81 per cent in the corresponding month a year ago. Cumulatively, import dependency in the first four months increased to 82.5 percent as compared to 82 percent in the corresponding period a year ago.
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