Oil, gas production from ONGC, OIL below target: Government

Production has consistently been below the target over the past three years

GN Bureau | May 10, 2016


#ONGC   #production   #natural gas   #Oil   #OIL  

 Ageing fields, frequent blockades, and contractual issues, among others are the reasons for low production of crude oil and natural gas from Oil India (OIL) and ONGC.

The government on Monday informed the Lok Sabha that the production has consistently been below the target in the past three years, Deccan Herald reported.
 
The ONGC had targeted to produce 22.732 MT of crude oil in 2015-16, but it produced only 22.368 MT. In two previous years too, the production was lower than the target, petroleum minister Dharmendra Pradhan said in a written reply.
 
Also, OIL targeted to produce 3.595 MT of crude oil in 2015-16, but could produce only 3.226 MT. In 2013-14 and 2014-15 too, the crude oil production by OIL had declined.
 
The production of natural gas was targeted at 23.908 MT from ONGC fields, but the company could produce only 21.177 MT. OIL aimed at producing 3.001 MT of natural gas, but could reach a level of only 2.838 MT in 2015-16. In the past two years, natural gas production from the two firms also declined, the minister said.
 
“Most of the oil and gas producing fields of ONGC and OIL are mature and at natural declining phase. In order to arrest the natural decline of these fields, ONGC and OIL have taken various action for augmenting/maintaining crude oil and natural gas production,” Pradhan said.
 
He said, delay in completion of development and redevelopment of projects have also been the reason for lower production of gas and crude oil.
 

Comments

 

Other News

India Post Payments Bank launches WhatsApp banking services

India Post Payments Bank, in collaboration with Airtel, on Friday announced the launch of WhatsApp Banking Services for IPPB customers, enabling them to access banking services on their mobile phone. The newly launched IPPB WhatsApp Banking channel will enable IPPB customers to seamlessly c

Leadership skills you should hone/develop to grow in life

American author, speaker, and pastor John Calvin Maxwell once said, “A leader is one who knows the way, goes the way and shows the way. Leadership is a skill that some naturally possess, while some hone it over the course of their lives. When we think of leadership, our minds automatically drift to the s

India’s overall exports cross all-time high of $750 billion

India’s overall exports, including services and merchandise, have crossed US$750 billion, minister of commerce and industry Piyush Goyal has announced. This is an all-time high and this achievement comes in the 75th year of independence as we celebrate the Azadi Ka Amrit Mahotsav. Addr

Climate actions being implemented to deal with impact of heat waves

India’s climate actions cut across various sectors and are being implemented through various programs and schemes of different union ministries, departments and state/ union territory governments.  The government of India through concerned ministries and departments organises workshops, exhibiti

Banks must hear borrowers before declaring their accounts as frauds: SC

In a judgment with far-reaching implications, the Supreme Court has held that the civil consequences of an account being declared as fraud under the Reserve Bank of India (Frauds Classification and Reporting by Commercial Banks and Select FIs) Directions, 2016 or its Master Directions on Fraud amount to ci

India’s forest cover increases by 5,516 sq km in four years

The Dehradun-based Forest Survey of India (FSI), an organization under the Ministry of Environment, Forests and Climate Change, carries out the assessment of forest cover biennially since 1987 and the findings are published in the India State of Forest Report (ISFR). As per the latest ISFR 2021, there is a

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter