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India' s crude oil and natural gas output declines

BY SAURABH CHATURVEDI

NEW DELHI -- India' s crude-oil and natural gas output declined in August as energy exploration companies struggled to boost production at ageing assets. Crude oil output in August slipped 0.6% from the same month a year earlier to 763,270 bopd. It missed the government' s target of 797,800 bopd.

India, which meets more than three-fourths of its crude-oil needs through imports, has been trying to increase domestic production but has been constrained by ageing and depleted fields and poor prospects for its sedimentary basins.

Blockades organized by protest groups in the oil field regions of northeastern India also hurt output in August. ONGC premier oil explorer saw its crude-oil output decline 6.6% on year in August to 449,260 bopd, the data showed.

ONGC' s crude-oil production has declined for several years. Its major field, Mumbai High, has been in production for decades and the company hasn' t been able to bring any new major fields into production.

Natural gas output declined for the 21st straight month in August, falling by 13.5% to 3.547 Bcm from 4.101 Bcm in the year earlier period. However, it exceeded the government' s estimate of 3.519 Bcm. The decline in natural gas output was led by a fall in output at Reliance D6 block in the Krishna Godavari Basin.

Mumbai-based Reliance its partners BP and Niko Resources are producing about 29 MMscmpd of natural gas from the three fields at the D6 block, well below the target of 80 MMscmpd, Junior Oil Minister R P N Singh said.

Dow Jones Newswires

09/25/2012

 

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