Page 4 - AsianOil Week 34 2021

AsianOil SOUTH ASIA AsianOil

India’s crude production slides in July

PERFORMANCE INDIA’S crude production continued to companies, may bid for one or more contract
slide in July even as natural gas production areas,” ONGC said.
rebounded on the back of new fields being The Indian government has been urging the
brought on stream. state major to do more to improve its production,
Oil output for the month slid by 3.22% with New Delhi worried by the nation’s depend-
year on year July to 2.55mn tonnes (603,000 ence on foreign oil. While national crude pro-
barrels per day), according to Ministry of duction amounted to 29.1mn tonnes (584,000
Petroleum and Natural Gas data published bpd) in 2020-2021, the country imported
on August 24. around 226mn tonnes (4.54mn bpd).
Output contracted by 3.37% in the first four In brighter news, the ministry reported an
months of fiscal 2021-2022 to 9.96mn tonnes 18.36% y/y increase in the country’s gas pro-
(598,000 bpd), owing to continued declines at duction in July at 2.89bn cubic metres, owing
state-run Oil and Natural Gas Corp.’s (ONGC) to a continued uptick in gas flows from Reli-
mature fields. The country’s largest oil and gas ance Industries Ltd (RIL) and BP’s deepwater
producer saw its oil production shrink by 4.2% KG-DWN-98/3 (KG-D6) block. RIL and BP
y/y in July to 1.6mn tonnes (344,000 bpd), brought the D-34 field on stream in December
and by 4.8% in April-July to 6.4mn tonnes 2020, as well as a satellite cluster in April, helping
(385,000 bpd). to drive production in the April-July period up
In order to turn around its oil production, by almost 20% to 11 bcm.
ONGC has begun seeking partners to enter 43 Financial services provider HDFC Securi-
marginal oil and gas fields that were awarded to ties has predicted that new production from the
the company under the nomination system. deepwater fields in the Krishna Godavari (KG)
The company said on August 20 that the con- Basin, which lies in the Bay of Bengal, could
tract areas contained total in-place volumes of boost output from 78.54 mcm per day in fiscal
about 160mn tonnes of oil equivalent (toe) and year 2020-2021 to 122 mcm per day by 2024.
were spread across Gujarat, Assam, Tamil Nadu Alongside RIL-BP’s KG-D6, ONGC is also
and Andhra Pradesh. spearheading its own multi-billion project
“Eligible companies (Indian or Foreign), offshore India’s east coast – KG-DWN-98/2
either alone or in consortium with other (KG-D5).™

SOUTHEAST ASIA

Indonesia’s oil, gas output

in July misses target again

PERFORMANCE INDONESIA’S oil and gas production in July Tasrif revealed during a meeting with Com-
remained below the government’s 2021 production mission VII – the parliamentary commission
target of 1.71mn barrels of oil equivalent per day, Indo- responsible for energy issues – that while gas
nesian Energy Minister Arifin Tasrif said this week. production was 97% of this year’s target, the
The minister said on August 26 that the coun- country’s oil lifting was only 94% of its corre-
try produced 1.64mn boepd, which consisted of sponding goal.
661,000 barrels per day (bpd) of oil and 977,000 “The 2021 oil and gas lifting out-
boepd of gas. look is 1.67-1.71mn boepd, with an oil

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