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India's oil production drops by 6% in May
India's oil production drops by 6% in May
India's crude oil production in May 2021 bore the dual impact of Covid-19 disruptions and cyclone Tauktae.
New Delhi : India's crude oil production in May 2021 bore the dual impact of Covid-19 disruptions and cyclone Tauktae, decreasing by 6.32 per cent to 2437.96 thousand tonne (TMT) as compared to 2602.44 TMT produced in the corresponding month a year ago, pushing the country's import dependence to over 83 per cent for the month, latest figures published by the Oil Ministry showed.
Oil and Natural Gas Corporation (ONGC), the state-owned upstream player, recorded a sharp 9.63 per cent drop in crude oil production to 1553.65 TMT in May on the back of decreased output from the company's onshore and offshore blocks with its offshore production also getting hampered due to the destructions caused by cyclone Tauktae during the month.
Oil India Ltd (OIL) had lesser impact on its production during the month. Crude oil production by OIL in the nomination block during May was 253.08 TMT, which is 1.03 per cent lower than the target for the month and 1.31 per cent lower when compared to the production of May 2020.
Crude oil production by private/JV companies in the production sharing contract (PSC) regime during May 2021 was 631.23 TMT which is 0.69 per cent higher when compared to the production of May 2020, but marginally lower by 0.05 per cent when compared to the target for the month.
