Oil & gas production falls 7% during April-Sept: ICRA

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According to an ICRA report, the production of oil & gas has declined by 7 per cent over volumes during April-September period, 2012 with a total output of 40.4 million tonnes of oil equivalent, as against the same period last year.

"The dip has been mainly on account of lower gas production of 13 per cent year on year following further disappointments in Reliance Industries Limited's KG D-6 block and 1 per cent lowering of crude oil production to 19.08 million tonnes owing to the lowering of volumes of ONGC and OIL due to natural decline affecting their main properties apart from some production disruptions, even as Cairn India has ramped up scale and activities at its Rajasthan block," said the report.

The report also mentioned that bill for crude oil imports rose to nearly 18 per cent higher at Rs 3,654 billion for first half of the current financial year, as against the same period last year.

"The panel's (Rangarajan Committee) recommendations are expected to provide guidance on various contentious issues including structure and provisions of the production sharing contracts, determination of the profit sharing mechanism, method of gas pricing and are expected to set the ground rules for the future development of the Indian Exploration & Production sector," the report added.

Story first published: Thursday, December 20, 2012, 13:30 [IST]
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