Business Daily from THE HINDU group of publications
Tuesday, Jan 29, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Jan 29, 2008 ePaper | Mobile/PDA Version |
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Industry & Economy
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Petroleum Crude oil output in December dips 1.5% Our Bureau New Delhi, Jan 28 The country’s crude oil output in December fell 1.5 per cent. The natural gas output rose 4.1 per cent to 2.85 billion cubic metres (BCM) during the month under review. Oil companies including Oil & Natural Gas Corporation (ONGC) produced 2.88 million metric tonne (mmt) of oil in December, down from 2.92 mt produced during the corresponding month previous year. The dip in oil output was mainly due to decline in production from the nation’s largest producing field. Production from ONGC’s Mumbai High fields dropped 1 per cent to 1.55 mt in December. The fields account for more than half of India’s annual oil production. During the month under review, crude oil production by non-state-owned companies including Cairn Energy Plc fell 6.5 per cent to 401,000 tonne, according to data released by the Petroleum Ministry. Refiners process 2 per cent more crude: The state-owned and private sector refiners processed 2 per cent more crude oil in December. Refiners processed 13.06 mt (or 261,000 barrels a day) of oil into fuels in December, up from12.8 mt during the corresponding month last year, the data showed. State-owned Indian Oil Corporation Ltd (IOC) processed 4.9 per cent more (4.26 mt). Reliance Industries Ltd (RIL) increased production by 7 per cent to 3.15 mt. The state-owned companies processed more to meet domestic demand, while private companies sought better margins from exports. More Stories on : Petroleum
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