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According to the latest government data, crude oil production by ONGC’s nominated blocks fell 3.6% in July and 3.7% in August year-on-year, while gas production also saw a slight decline. Oil India’s crude output dropped by nearly 3% during the same period, with gas output fluctuating between growth in July and decline in August.

The report highlights that monsoon-related project delays, including commissioning of critical facilities like CPP and LQUP at ONGC’s KG-98/2 block, slowed production ramp-up. “H2, however, seems promising as post-monsoon project work and key initiatives like 98/2 ramp-up and BP TSP for ONGC and pipeline connectivities for Oil India fructify,” Emkay Research noted.

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