Overseas oil & gas fields’ output dips 22% in 2 years

Output from India’s oil and gas fields overseas has fallen 22% in two years as sanctions on Russia hurt operations, Covid dragged down capex, and purchases of new producing fields stalled even as existing assets matured.

Indian state-run companies’ share of output from overseas fields has fallen to 8.1 million metric tonnes of oil equivalent (mmtoe) in April-August, 12% lower than a year earlier, according to the oil ministry data. The output in August was down 16% from a year ago.