Meanwhile, talking about the company performance, the state run company, Oil and Natural Corporation of India (ONGC) reported a production shortfall of 2.9 per cent.
The shortfall was reported on the back of less oil gain from development wells. Additionally, production was also effected due to high GOR/high water cut and less than anticipated oil gain from Vasai East.
Adding to the doom, the production performance in case of natural gas production was poorer. The sector reported a production shortfall of 10.8 per cent for the same month at 3,915.3 million cubic meters (mcm) as against the planned target of 4,411.5 mcm, added the data.
Company wise, ONGC reported a shortfall of 2.9 per cent production on the back of less production from C- Series and B-22 field. Additionally, delayed development of rig in North Tapti also added to the lower performance.
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