India’s February output of crude oil, natural gas falls
BY SAURABH CHATURVEDI
NEW DELHI -- India's crude oil production fell 4% on year in February and natural gas output continued its declining trend.
Crude oil output fell to 2.87 MMmt oil ministry data showed. The government's target was 3.18 MMmt.
ONGC’s output fell 5.2% on year to 1.74 MMmt hurt by high water content and a power shutdown at fields in Gujarat. Output at its main Mumbai High offshore field was less than expected.
India imports about 80% of its crude-oil requirement.
Natural gas output fell 20.1% on year to 2.88 Bcm missing the government's estimate of 3.19 Bcm.
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