Off tagrget: in India
Indian producers miss output target
Indian upstream players missed the country's crude production target by almost 7% for the financial year ended 31 March, the Ministry of Petroleum & Natural Gas said.
In a statement released today, the ministry said oil companies in the country produced 33.5 million tonnes of crude oil from April 2008 to March 2009, with an almost 14% dip in production for March this year.
The country's largest oil company Oil & Natural Gas Corporation (ONGC) produced 2.1 million tonnes in March, missing the target by almost 17%.
The decrease in output is being attributed to delay in installation of new platforms in the Heera redevelopment project in the Mumbai offshore region and a drop in reservoir pressure in Gujarat.
India imports almost 80% of its annual crude requirements.