Business Daily from THE HINDU group of publications
Tuesday, Oct 24, 2006
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Business Daily from THE HINDU group of publications Tuesday, Oct 24, 2006 ePaper |
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Industry & Economy
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Petroleum Crude oil production up 9.3% Our Bureau
New Delhi , Oct. 23 The crude oil production rose by 9.3 per cent in September, while the natural gas production saw a marginal decline. The biggest oil exploration and production company, Oil and Natural Gas Corporation, and its rivals produced 2.81 million tonnes of crude oil during the month under review up from 2.57 mt during the corresponding month last year, a Petroleum Ministry statement said. The natural gas production in September declined to 2.57 billion cubic metres from 2.61 bcm in the same period last year. One of the reasons for the rise in crude oil production was restoration of full output from an area that was damaged by fire in July 2005. During the month under review, the production from ONGC's Mumbai High Offshore stood at 1.48 mt up from 1.29 mt in the corresponding month last year. The month's crude oil output was 4.1 per cent below the Government's target of 2.93 mt. In the first half (April-September) of the current fiscal crude output stood at 16.81 mt. India imports around 76 per cent of the crude oil it processes. It is also the country's largest import item in dollar terms.
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