BL reported that domestic crude oil and natural gas output in November was down 5.7% and 10.1% respectively, against the same month last year, leading to higher imports.

Domestic oil refiners imported 14.82 million tonnes of crude oil in November, up from 12.66 million tonne in the previous month (October). Petroleum products' consumption was up 11.18% in November at 12.815 million tonnes against the same month last year, and 6% from the previous month this year.

Petroleum Ministry data showed that crude oil output dropped for the second straight month at 3.08 million tonnes (753,600 barrels a day) in November. This was mainly because production at ONGC's fields fell 4.2 per cent to 1.94 million tonnes year on year.

ONGC's Mumbai High fields, Northwest of Mumbai, produced 1.33 million tonnes, down 5.3% from the same month last year. The fields that account for 42% of domestic oil production are experiencing a natural decline in output.

Natural gas output fell for the 12th straight month, dropping 10% to 3.85 billion cubic metres. This was due to the decline in output at Reliance Industries Ltd-operated D6 block in the Krishna Godavari Basin.

Domestic refiners, both public and private sector, processed 14.4 million tonnes of crude into fuels, 11 per cent higher than the measure at the same month last year.

Reliance Industries from its first refinery in Jamnagar processed 40% more crude oil in November at 2.9 million tonne. The company does not share data for its second export-oriented refinery at Jamnagar.

In November, petrol sales stood at 1.164 million tonnes versus 1.192 million tonnes in same month last year. Diesel consumption stood at 5.717 million tonnes against 4.902 million tonnes during the corresponding month previous year.

(Sourced from BL)