Oil sector reports negative growth for December 2018

New Delhi: Crude oil production during December 2018 dropped 10.13 percent below the target at 2,862.35 thousand metric tonnes (TMT) and 4.3 percent lower in the year-on period, the government said on Thursday.

Cumulative crude oil production during April to December last year was 25,937.54 TMT, down 5.83 percent of the target and 3.7 percent lower than production during the corresponding period of last year, according to a press release issued by the Ministry of Petroleum and Natural Gas.

Crude oil production by ONGC was 1,761.22 TMT, down 11.85 percent than the monthly target and 5.42 percent when compared with December 2017. Cumulative crude oil production by ONGC during April to December was 15,908.11 TMT which is 6.93 percent lower than target and down by 5.58 percent than production during the corresponding period of last year.

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Crude oil production by OIL during was 274.96 TMT which is 16.45 percent lower than monthly target and 4.66 percent lower when compared with December 2017. Cumulative crude oil production by OIL during April to December 2018 was 2,516.59 TMT which is 8.83 percent lower than target and 1.27 percent lower than production during the corresponding period of last year.

On the other hand, natural gas production was 2,866.51 million metric standard cubic meters (MMSCM) which is 4.86 percent lower than the target for the month but 4.19 percent higher when compared with December 2017. Cumulative natural gas production during April to December 2018 was 24 650.25 MMSCM which is 7.26 percent lower than the target for the period and marginally 0.15 percent lower than the production during the corresponding period of last year.

Refinery production was 21,031.92 TMT which is 4.32 percent lower than the target and 4.96 percent lower when compared with December 2017. Cumulative production during April to December 2018 was 192,681.14 TMT which is one percent higher than the target for the period and 2.51 percent higher than the production during the corresponding period of last year.

[source_without_link]ANI[/source_without_link]

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