Business   

Crude oil output to touch 36.7 m tonnes this fiscal

NEW DELHI: Crude oil production is likely to witness a jump of nearly 11 per cent this fiscal to touch the highest-ever mark of 36.7 million tonnes on the back of the rising oil output from Cairn India’s Rajasthan oil field, Petroleum and Natural Gas Minister Murli Deora said here on Wednesday.

Addressing the Economic Editors’ Conference here, Mr. Deora said it was also projected that the production of natural gas during the current financial year should reach 50.211 billion cubic metres, 52.8 per cent higher than 32.874 bcm of the previous year. Cairn India, which began crude oil production from the Barmer district field on August 29, is now producing about 10,000 barrels a day of oil and peak output of 8.75 million tonnes is envisaged in 2012. The increase of about 3.2 million tonnes in crude oil production in 2009-10 is from Rajasthan (2.4 million tonnes) and Reliance Industries Ltd. (RIL) KG deep water field (0.8 million tonnes). The gas output is higher because of RIL’s KG D-6 fields that were producing now around 45 million standard cubic metres a day.

Mr. Deora said prices of international crude oil continued to be volatile — they were $44 a barrel in January and were $76 a barrel last week. “With the world recovering from the recession, we can expect global demand and even prices of crude oil may rise. We have to ensure uninterrupted supply of sensitive petroleum products in the country to support steady growth of the economy as well as to meet the requirements of the common man. The retail price of petrol today is lower than that in June 2006. On June 6, 2006, the price of petrol was Rs. 47.51 a litre and today it is lower at Rs. 44.72 a litre. The prices of diesel, PDS kerosene and domestic LPG are almost the same,” he remarked.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Montek Singh pitches for financial reforms
FDI in multibrand retailing ruled out
TVS Shriram to take stake in Landmark
Crude oil output to touch 36.7 m tonnes this fiscal
Sensex snaps six-day losses
LG focusses on education segment
Gold touches new high
Package for plantation industry likely
SKF India opens global testing centre
Farm sector will grow by 1.5 p.c., says Pawar
New bikes from Royal Enfield
PNB sets up joint venture with FIM Bank of Malta
M&M plans to launch motorcycles
Exchange Rates
Bullion Rates
E.I.D.–Parry India Q2 profit at Rs. 40 crore
IKEA set to expand sourcing base in India
Orchid Chemicals reduces losses in Q2
Elgi Equipments recommends interim
Hinduja Foundries profit up

Copyright © 2009, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu