The Centre announced the discovery of oil in the Krishna-Godavari basin in South India.
The Centre announced the discovery of oil in the Krishna- Godavari basin in the Bay of
Bengal. The Union Petroleum Minister Hardeep Singh Puri made the official
announcement to the press on Monday.
Extraction Work Already On
“I am delighted to inform all my fellow countrymen that the first oil was extracted
yesterday (by ONGC). Work has started on this in 2016-2017, and there were some
delays on account of Covid,” said the Minister on January 8. “I am sure that out of
the 26 wells there, four wells are already operational. We will not only have gas also
in a short period, but by May or June we will hope to 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,” he added.
ONGC, India’s central public sector undertaking under the Ministry of Petroleum and
Natural Gas has already commenced “first oil” production from Krishna Godavari
Deep-Water Block 98/2 in the Bay of Bengal, marking a new crude discovery in the
country. The place where the oil is being extracted is 30 kilometers off the coast of
Kakinada (in Andhra Pradesh) in the Krishna Godavari basin.
Phase 3, slated to lead to peak oil and gas production from the basin, 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.
India is the world’s third-biggest oil importer and consumer. However, it is dependent
on its supply of crude oil from various sources in the global market to meet the huge
Ongc Posts The News On X
“ONGC commenced its ‘First Oil flow to FPSO’, from Krishna Godavari Deep-Water
Block 98/2 (in the 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 an
official post on the social media platform, X.