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RIL says PFY, PSF & PET production volumes rise to 19% in Q1

27 Jul '05

11 min read

RIL also holds a 30% interest in an unincorporated Joint Venture with British Gas and ONGC, to develop the proven Panna-Mukta and Tapti oil & gas fields. British Gas has a 30% share and ONGC the balance 40% share.

The Panna-Mukta fields produced 360,288 tonnes of crude oil and 11.76 billion cubic feet (333 MMSCM) of gas during the first quarter of 2005-06.

The Tapti field produced around 19.08 billion cubic feet of gas (540 MMSCM) during the first quarter of 2005-06.

Refining & Marketing (R&M)
During the period under review, the domestic demand for petroleum products reduced by 2.3% compared to first quarter of last year. This is against 9.6% growth in the corresponding period last year.

The consumption of HSD, which accounts for more than a third of the total consumption of petroleum products, registered a negative growth of 1.2%, against a double digit growth of 12.3% during the previous corresponding period. LPG demand showed significantly lower growth of 1.8% against 18.8% growth during first quarter in the last year. Demand for MS grew by 4.4%. The demand of Aviation turbine fuel grew by 12.1% during the quarter. Naphtha and Kerosene sales fell by 14.8% and 0.6% respectively.

The average prices of WTI, Brent and Dubai for the quarter were $ 53 per barrel, $ 51.6 per barrel and $ 48 per barrel respectively while the peak prices were $ 60.4 per barrel, $ 58.5 and $ 54 per barrel respectively.

During theperiod under review, International Energy Agency reduced its global oil demand growth forecast for 2005 by 200 kb/d, to 1.58 million b/d, due to weaker outlook for China and the US, and has projected a demand of 1.75 million b/d for 2006.

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