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India’s ONGC Expects Q3 Output to Rise

OIL

India’s Oil and Natural Gas Corporation (ONGC) expects oil and gas output to rise in Q3 as new projects come online, according to S&P Global Commodity Insights.

  • ONGC's output expectations for the October-December quarter are based on higher production from the KG 98/2 oil and gas field. The fiscal year runs from April to March.
  • In Q1, ONGC’s crude production was 425k b/d, down 3.3% on the year. Natural gas output was also down 3% on the year at 5.2 Bcm.
  • According to S&P Global Commodity Insights, between 2023-32, India's oil and gas production is expected to achieve a mid-decade peak of around 2027.

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