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Why India's poor oil and gas output record makes no headlines-I: Because it is the same old story
Mar 24:   India's oil production in February, 2017 was 5.37% below target and 2.40% lower than what it was for the same month in the previous year. Cumulative crude oil production during April, 2016­February, 2017 was 32918 TMT which was 2.58% and 2.84% lower than target and actual production in the corresponding period of last year respectively.
8In any country, such a decline would have created a lot of hype but in India somehow, stagnant or declining oil production has been the norm for so many years that any new data that retells the same story fails to raise eyebrows.
8The bulk of the shortfall in crude production was on account of ONGC's under performance, with output being 2.17% below what it was for the same month in the previous year. Delays in the deployment of the MOPU­Sagar Samrat and the implementation of “Development of Western Periphery of MHS (ZC)” Project along with the inexorable decline in the mature fields in Western Offshore were responsible for the poor show.
8The story is no different for Oil India Ltd. The company's output during February, 2017 was 260.32 TMT which was 13.45% lower than monthly target but, interestingly, 5.73% higher than production in February, 2016. Cumulative crude oil production by OIL during April, 2016­February, 2017 was 2964.83 TMT which is 5.45% lower than target for the period but 0.26% higher than production during corresponding period of last year. Clearly, February is witnessing a accelerating decline in production.
8Crude oil production by Pvt/JVs during February, 2017 was 795.64 TMT which was 3.51% lower than the monthly target and 8.52% lower than February, 2016. Cumulative crude oil production by Pvt/JVs during April, 2016­February, 2017 was 9666.53 TMT which was 2.66% lower than target for the period and 7.34% lower than the production during corresponding period of last year.
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