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India November output of crude oil rises,natural gas falls


Post Date: 25 Dec 2012    Viewed: 359

Crude output rose to 3.11 million metric tons, or 759,115 barrels a day, oil ministry data showed Monday. It, however, missed the government's target of 3.33 million tons.


At state-run Oil & Natural Gas Corp. (500312.BY), output fell 4.1% from a year earlier to 1.86 million tons, or 454,460 barrels a day, hurt by high water content in its production and power shutdown at fields in Gujarat.


Also, efforts to boost output at the company's main Mumbai High offshore field didn't yield expected results. ONGC's crude production has been declining for years now.


Mumbai High has been in production for several decades and is showing signs of natural decline, while the company hasn't been able to bring any new major fields into production. India imports about 80% of the crude oil it requires.


India's natural-gas output dropped for the 24th month in a row in November, falling 15.2% from a year earlier to 3.26 billion cubic meters and missing the government's estimate of 3.43 billion cubic meters.


The fall was led by lower output at Reliance Industries Ltd.'s (500325.BY) block off the east coast.


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