India s crude oil output drops 5%, gas production falls 8%
SECTIONS
Last Updated: Apr 20, 2021, 07:30 PM IST
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Synopsis
Oil and Natural Gas Corporation (ONGC) produced over 2 per cent less oil at 20.2 million tonnes than a year back as a nationwide lockdown that lasted over two months shut some of its fields.
Oil India Ltd (OIL) produced 5.4 per cent less oil while fields operated by private firms such as Vedanta s Cairn saw 12.6 per cent less output.
India s crude oil production fell by 5 per cent and natural gas output slumped by 8 per cent in the fiscal year to March 2021 as private and public sector firms produced less, government data showed on Tuesday. Crude oil production fell to 30.5 million tonnes in 2020-21 from 32.17 million tonnes a year back, according to the latest data released by the Ministry of Petroleum and Natural Gas.
India s crude oil production fell by 5 per cent and natural gas output slumped by 8 per cent in the fiscal year to March 2021 as private and public sector firms produced less, government data showed on Tuesday.
Crude oil production fell to 30.5 million tonnes in 2020-21 from 32.17 million tonnes a year back, according to the latest data released by the Ministry of Petroleum and Natural Gas. Oil and Natural Gas Corporation (ONGC) produced over 2 per cent less oil at 20.2 million tonnes than a year back as a nationwide lockdown that lasted over two months shut some of its fields. Oil India Ltd (OIL) produced 5.4 per cent less oil while fields operated by private firms such as Vedanta s Cairn saw 12.6 per cent less output.
I. Background to the decision to disinvest by the Government of
India
The Government of India ( GoI ) had,
in November 2019, lined up the sale of five (5) public sector
units ( PSUs ) stakes, including
its 52.98 per cent stake (114.91 crore equity shares) in blue chip
oil company Bharat Petroleum Corporation Limited
( BPCL ) and accordingly, sought
Expressions of Interest ( EOIs ) from
potential acquirers by July 31, 2020. The actual sell-off would
obviously depend upon the market once all EOIs had been received.
In a nutshell, BPCL has agreed to give its buyers ready access to
15.3 per cent of India s oil refining capacity and 22 per cent
of the fuel market share in the country. It is pertinent to sync