Indian oil companies’ output from foreign assets up

New Delhi: New Delhi: Oil and gas output from Indian assets overseas is roaring while domestic production is on a decline.

Indian oilNSE 0.66 % companies’ share in production from the overseas oilfields rose two-and-a-half times in five years to 24.7 million metric tonnes of oil equivalent (mmtoe) in 2018-19. In the same period, local production fell 6% to 67.1 mmtoe.

Investments in producing assets in Russia and the UAE in recent years has primarily led to the spike in overseas production, according to an executive at ONGCNSE 1.71 % Videsh, the overseas arm of state-run Oil and Natural Gas Corp that’s mandated to scout for investment opportunities across the globe as part of India’s strategy for energy security.