Indian State run oil, gas exploration and production (E&P) major ONGC is expected to report 3.4% decline in production during current financial year, closing on March 31, 2020.
According to a company official, during the first nine months of the financial year, ONGC’s production was maintained at almost the same level as the previous period and this trend would continue during rest of the months which would translate into a decline in total production.
During April to December 2019, ONGC recorded a 4.3% fall in crude oil production at 17.53-million tons, while natural gas production during the period was down 2.1% at 18.5-billion cubic meters (BCM). During 2018/19, the E&P major had recorded crude oil production of 24.3-million tons and 25.81 BCM of natural gas.