ONGC’s shining solo show stops June crude output from falling

State-owned Oil & Natural Gas Corp (ONGC) produced at almost flat rate of 1.85 mt after an over 3 per cent rise in offshore production at 1.38 mtwas offset by 7.5 per cent drop in production from onland fields. During the April-June quarter of the current fiscal, India’s crude oil production was 0.86 per cent down at 9.3 MT.

Natural gas output was down nearly 6 per cent at 2.72 billion cubic meters. ONGC reported a 5.5 per cent drop in production at 18 bcm and so did private firms like Reliance Industries with output dropping 11 per cent to 377.6 million cubic meters. This was offset by rise in coal-bed methane (CBM) output. The nation’s 22 refineries processed 7.5 per cent more crude oil at 19.48 million tonne in June as compared to 18.12 MT in the same period a year ago. RIL’s Jamnagar refinery in Gujarat processed 4.26 per cent more crude oil at 2.7 MT while its neighbouring SEZ unit had a 2.47 per cent lower crude output at 3.02 MT.

Essar Oil, the nation’s only other private refiner, also had 1 per cent lower crude output at 1.7 MT. Public sector refiners like Indian Oil Corp posted 11.36 per cent rise in crude output at 10.55 million tonnes. RIL’s twin refineries operated at a combined 116.66 per cent of the installed capacity while Essar Oil’s Vadinar refinery in Gujarat operated at 103.1 per cent. PSU refineries operated at 107.3 per cent of their capacity, the statement said. 

Refineries produced 6.2 per cent more fuel at 18.87 million tonnes in June. While RIL produced 1.5 per cent less fuel at 5.89 MT, PSU refineries posted a smart 10.4 per cent rise in production of petroleum products at 9.95 MT.

Meanwhile, petrol pumps in Haryana resumed services on Tuesday after petroleum dealers suspended an indefinite strike against “non-fulfilment” of their demands including lowering tax on diesel by the state government. The deadlock between the dealers and Haryana government broke last midnight after the state government representatives assured them of looking into the demands.

Under the banner of All Haryana Petroleum Dealers Association, over 2,300 fuel pump owners went on indefinite strike on Monday. “The state government representatives assured us to look into our demand of lowering tax on diesel. We were assured that officials concerned will study the impact of hike in tax on the sale of diesel in the state in next 2-3 months and then appropriate decision will be taken,” said Association’s General Secretary, M C Gupta, here today.

“Therefore, we have decided to defer our strike. All the petrol pumps in the state have resumed their services,” he said. However, he said , if the government fails to resolve the issues in a stipulated time frame, then they will again go on strike.