Indian oil and gas production dives in FY21

CHENNAI:  The impact of the disruptions caused by the pandemic combined with various other factors have resulted in India’s crude oil and natural gas production falling sharply during the previous financial year ended March 31. (FY21). 

“Crude oil production during March, 2021 was 2612.96 TMT,which is 5.63 per cent lower than target and 3.13 per cent lower when compared with March, 2020. Cumulative crude oil production during April-March, 2020-21 was 30491.77 TMT which is 5.65 per cent and 5.22 per cent lower than target for the period and production during corresponding period of last year respectively,” a ministry statement said.

Natural Gas production during March, meanwhile, was 2683.90 million standard cubic meters 11.11 per cent higher when compared to March 2020, but 15.11 per cent lower than the monthly target. Meanwhile, Tuesday saw global crude prices exhibit marked volatility, trading at $65.6 per barrel at 9 pm.