OIL SETS HIGHER CRUDE PRODUCTION TARGET

Vol 3, PW 6 (14 Apr 99) News in Brief
     

Oil India (OIL), the countrys junior state explorer, has set itself a target to produce 3.3m tonnes of crude during 1999-2000.

The company estimates record crude production of 3.29m tonnes in 1998-99. In its MOU signed with the Ministry of Petroleum & Natural Gas, OIL set itself a gas production target of 1,740m cubic metres (cm) and gas sale target of 1,175m cm in the same period.

Like ONGC, and other Indian state owned oil companies, OIL is expected to be a heavy bidder under NELP.