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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.

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