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India’s crude oil production fell 3.8 per cent in July on decrease output from fields operated by state-owned ONGC and personal sector corporations, authorities data launched on Tuesday confirmed.
Production of crude oil, which is refined to produce fuels akin to petrol and diesel, fell to 2.45 million tonnes in July from 2.54 million tonnes a yr again.
The output was decrease than the month-to-month goal of two.59 million tonnes, the data launched by the Ministry of Petroleum and Natural Gas confirmed.
Oil and Natural Gas Corporation (ONGC) produced 1.7 per cent much less oil at 1.63 million tonnes on decrease output from western offshore. Fields operated by personal corporations noticed a 12.34 per cent decline in production.
But the oil production in the course of the first 4 months of the present fiscal that started on April 1 was solely marginally decrease at 9.91 million tonnes as opposed to 9.96 million tonnes throughout April-July 2021.
Oil Minister Hardeep Singh Puri on August 4 tweeted that the declining pattern in crude oil production has been reversed.
“We have already been in a position to reverse the declining pattern in oil production from 2011-12 with an anticipated 29.7 million tonnes in 2021-22 to 30.8 million tonnes in 2022-23 & 34 million tonnes (estimated) in 2023-24, and are assured of quickly ramping up the nation’s oil production in the years to come,” he had mentioned.
According to the ministry data, ONGC’s oilfields in Gujarat and Assam produced much less oil whereas Vedanta’s Rajasthan block had a decrease output.
Natural gasoline output was virtually unchanged at 2.88 billion cubic meters in July however was 3.4 per cent increased throughout April-July at 11.43 bcm, in accordance to the data launched Tuesday.
ONGC’s gasoline output was virtually 4 per cent decrease in July due to much less gasoline production in the Daman area in Mumbai offshore.
The nation’s 22 oil refineries processed 10.52 per cent extra crude oil at 21.43 million tonnes as demand for gasoline picked up.
Domestically produced crude oil varieties simply 15 per cent of the processing at refineries, the remainder being imported oil.
Refineries operated at over 100 per cent of their rated capability in July, up from 91.58 per cent in the identical month final yr.
With 83.96 million tonnes crude oil processed, refineries operated at 103.87 per cent of their capability throughout April-July as in contrast to an working price of 92.01 per cent in processing 76.64 million tonnes of crude oil.
Refineries produced 6.23 per cent extra gasoline in July at 21.97 million tonnes and 11.67 per cent extra gasoline throughout April-July at 90 million tonnes.
(Only the headline and film of this report could have been reworked by the Business Standard employees; the remainder of the content material is auto-generated from a syndicated feed.)
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