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ONGC extracts 'First Oil' from block in Krishna-Godavari Basin; production expected to reach 45,000 barrels/day
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ONGC extracts 'First Oil' from block in Krishna-Godavari Basin; production expected to reach 45,000 barrels/day

| @indiablooms | 10 Jan 2024, 02:22 am

New Delhi: India's energy output is all set to get a mega boost as state-owned oil explorer ONGC started extraction on January 7 from a deep-sea project at the Krishna-Godavari Basin, with the potential to produce 45,000 barrels per day by May-June of this year.

On Sunday, Puri took to X and said that it was the "First Oil" production commenced from the complex and difficult deepwater KG-DWN-98/2 Block, which is situated off the coast of the Bay of Bengal.

According to a video shared by the news agency ANI on Monday, Puri said, "Work started on this in 2016-17, then there were some delays due to COVID-19, but I'm sure that out of the 26 wells there, four wells are already operational."

The location of the deep-sea project is 30 km off the coast of Andhra Pradesh's Kakinada.

The minister said that four of the 26 wells are currently producing, and indicated that the expected production is set to reach 45,000 barrels per day and surpass 10 million cubic meters of gas daily by May-June, contributing significantly to the goal of achieving an energy-self-reliant India ('Aatmanirbhar Bharat').

He further added, "We will not only have gas also in a very short period but by May and June, we hope to be able to produce 45,000 barrels per day, which will be 7 percent of our total crude oil production and 7 percent of our gas production..."

Phase 3, aimed at achieving the peak production of gas and oil in the basin, is currently underway and is expected to be completed by June 2024.

The 98/2 project is foreseen to yield an 11% increase in ONGC's overall gas output and a 15% increase in oil output. As the third-largest consumer and importer of oil globally, India relies on the international market for crude oil sourced from various outlets to meet its domestic requirements.

This initiative is projected to augment the existing national oil production by seven percent and boost national natural gas production by an equivalent percentage.

"ONGC commenced its 'First Oil flow to FPSO', from Krishna Godavari Deep-Water Block 98/2 (in Bay of Bengal) on 7 January 2024, nearing completion of Phase-2 of the project. Phase-3, leading to peak Oil and Gas production, is already underway and likely to be over in June 2024. The 98/2 project is likely to increase ONGC's total Oil and Gas production by 11 percent and 15 percent respectively," ONGC said in a post on X.


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