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The company will drill over 70 wells, the highest ever in a year for the company, in the coming fiscal. OIL will also deploy advanced technologies to augment production at existing wells, said chairman and managing director Ranjit Rath.
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OPEC+ earlier this month decided to cut crude oil production quota by 2 million barrels per day, starting in November, to prop up sagging oil prices.
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OPEC+ earlier this month decided to cut crude oil production quotas by 2 million barrels per day, starting in November.
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A Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel is effective from July 1, finance ministry notifications showed.
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India produced 2.47 million tonnes of crude oil in April, down from 2.5 million tonnes in the same month last year, according to data released by the Ministry of Petroleum and Natural Gas.
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This article, the final of a three-part special series on the impact of the EU sanctions on Russia, will look at what the oil embargo means for India. The first story was a deep dive on the impact of the ban on Europe, and the second one looked at the role of OPEC+.
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Crude oil production at 29.69 million tonnes in 2021-22 (April 2020 to March 2022) was 2.63 per cent lower than the 30.5 million tonnes output a year back and 11.67 per cent below the target of 33.61 million tonnes, according to official data released by the oil ministry.
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As per the report, crude oil production failed to meet target while also lower in terms of year-on-year (YoY) data for the period. Natural gas production was higher in YoY terms, but still lower than the monthly target.
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Shell’s “total oil production peaked in 2019” and will now drop 1% or 2% annually, the company’s statement read
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Crude oil production stood at 2.95 million tonnes in the same month last year, according to a statement by Petroleum Ministry today.
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State-owned ONGC has projected 17 percent rise in its crude oil production and 66 percent in natural gas by March 2022 as it looks to boost domestic output to help achieve the government target of 10 percent reduction in import of these items.
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Crude oil production at 2.96 million tons in June was lower than 3.1 MT produced in the same month last year, an official statement said here.
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Production at Barmer block in Rajasthan in January-March dropped 4 percent to 167,650 barrels of oil and oil equivalent gas per day, Cairn said in a regulatory filing.
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The government data released today showed that coal production grew at 6.3 percent versus 1.9 percent growth month on month (M-o-M). However, crude oil production for the month of October was down 2.1 percent versus 0.1 percent decline M-o-M).
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OPEC has raised its 2015 global demand growth forecast to 1.18 million barrels per day compared to last month's estimate of 1.17 million
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Daniel Ang, investment analyst at Phillip Futures in Singapore, said dealers were focusing on data in the Department of Energy's latest stockpiles report showing US crude-oil production only slipped marginally, to 9.4 million barrels per day.
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ONGC had produced 26.05 MT of crude oil 2006-07, which dipped to 25.94 MT in the following year. ONGC, which produces 59 percent of India's crude oil output, has been under critical scrutiny ever since the BJP government took office 10 months back. Oil Ministry has been on a monthly basis monitoring ONGC's performance.
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The company's crude oil production has now risen to 190,000 bpd from 176,000 bpd.
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KR Choksey has come out with its earnings estimates on ONGC for September quarter FY13. According to the research firm, the company's Q2FY13 sales are likely to go down by 10% at Rs 20,432 crore, Year-on-Year (YoY) basis.
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Oil and Natural Gas Corp, which has been investing heavily to maintain output from its oil fields, aims to raise its crude oil production by 14.6% by March 2014, its new chairman said on Tuesday.
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India's crude oil production rose by 1.6% in August to 3.24 million tonne as higher output from Cairn India operated Rajasthan fields offset the decline at the state oil and gas explorer ONGC's assets.
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A leak from a shallow water crude oil pipeline in the Main Pass Area of the Gulf of Mexico has led Chevron to shut down its offshore Louisiana Main Pass pipeline network, the company said on Tuesday.
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ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp, is targeting doubling of crude oil production from its assets abroad to 20 million tonne by 2020.
