By Saurabh Chaturvedi
NEW DELHI--India's crude oil production in June fell marginally
from a year earlier and natural gas output continued its declining
trend.
Crude oil output fell 0.6% from a year earlier to 3.12 million
metric tons, or 762,320 barrels a day, oil ministry data showed
Thursday. That also missed the government's target of 3.16 million
tons for the month.
State-run Oil & Natural Gas Corp.'s (500312.BY) crude oil
production fell 1% to 1.83 million tons, or 447,130 barrels a day,
as it shut down a few wells last month citing technical issues. The
company, India's top energy explorer by output, was also hit by
smaller-than-expected production from a new well and delays in
commissioning some projects.
Natural gas output fell 16.7% to 2.94 billion cubic meters,
missing the government's estimate of 3.14 billion cubic meters.
Falling production from Reliance Industries Ltd.'s (500325.BY)
oil and gas block off the east coast is pulling down India's total
gas output. The company blames reservoir complexities and water
ingress in the block for falling output and in February it
announced a plan to spend $5 billion in three-to-five years along
with partner BP PLC to boost output.
India meets about three quarters of its energy requirement
through imports.
Write to Saurabh Chaturvedi at saurabh.chaturvedi@wsj.com
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