Official data released Tuesday revealed that India’s crude oil production declined 1% in April, as reduced output from private-sector fields offset improvements made by state-owned companies like ONGC.
According to figures issued by India’s Ministry of Petroleum and Natural Gas, the country produced 2.47 million tonnes of crude oil in April, down from 2.5 million tonnes the previous month.
In April, the Oil and Natural Gas Corporation (ONGC) produced 1.65 million tonnes of crude oil, about 5% higher than its objective and 0.86 percent more than the previous year’s 1.63 million tonnes.
Oil India Ltd (OIL) produced 3.6 percent more crude (251,460 tonnes), whereas private-sector fields produced 7.5 percent less petroleum (567,570 tonnes).
To reduce dependency on imports, the government has concentrated on increasing domestic oil and gas output. India imports over half of its natural gas and 85 percent of its oil.