News

ONGC crude oil output up in FY16

New Delhi: State-owned Oil and Natural Gas Corp. Ltd’s (ONGC) crude oil production has risen for the second consecutive year in 2015-16, but natural gas output continues to decline. ONGC produced 22.37 million tonnes of crude oil in the financial year ended 31 March 2016, a notch higher than 22.26 mt in the previous fiscal, a senior company official said.

In 2014-15, it had reversed a seven-year declining trend in crude oil production as it brought small and marginal fields in the western offshore region into production. Output of 22.263 mt of crude oil from April 2014 to 31 March 2015 was higher than 22.247 mt in the previous fiscal.

ONGC used to produce more than three-fourth of country’s oil needs but that share has slipped down to 60% now. It had produced 26.05 million tonnes of crude oil in 2006-07, which dipped to 25.94 mt in the following year. That year its share in the nation’s oil production of 33.51 mt was 75.7%. ONGC’s production fell to 25.37 mt in 2008-09; 24.67 mt in 2009-10; 24.42 mt in 2010-11; 23.71 mt in 2010-11; 22.56 mt in 2012-13 and to 22.25 mt in 2013-14.

Its 22.37 mt of output in 2015-16 is 60.5% of the country’s 36.95 MT of production. The company has been under critical scrutiny ever since the Bharatiya Janata Party-led National Democratic Alliance government took office in May 2014.