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Oil India sees a loss of 9019MT in crude oil production since the blowout at Baghjan gas well

The state-owned Oil India on Monday stated that they witnessed a production loss of 40 million tonnes (MT) of crude oil as on July 04, 2020, due to stoppage/blockades. However, the company’s stock remained unaffected from the announcement and continued to trade in the green.

To exchanges, Oil India said, “Due to stoppage/blockades, there was production loss of 40MTof Crude Oil and 0.10MMSCM of Natural Gas as reported on 04-07-2020. Operations were disrupted in 03 Oil wells.”

As of July 01, there was production loss of 47 MT of Crude Oil and 0.02 MMSCM of Natural Gas.

Also, the company announced that the cumulative production loss since May 27th, 2020 due to bandhs and blockades stood at 9019MT Crude oil and11.57 MMSCM of natural gas.

On May 27, Oil India witnessed a blowout that occurred at one of its oilfields, creating havoc in Tinsukia district based in Assam.

Last week, Oil India said, “Currently, there is only one road available (Plastic Park-MaguriBeel side) for movement of heavy vehicles to the well site. The repairing work of the alternate road (Talap-Kordoiguri-Bandarkhati-Bhaghjan EPS) for entry into Baqbjan EPS and the connectivity to the well is resumed after the blockade was Lifted yesterday evening. The overall progress of the repairing work is 95%.”

At around 1.05 pm, the company’s stock was trading at Rs98.90 per piece up by 1.64% on Sensex.
Source: India Infoline News Service

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