Hardeep Puri, the one in charge of Petroleum and Natural Gas, has recently shared the good news of a major find of crude oil near Kakinada’s coastline in the region known as the Krishna Godavari Basin.
New Delhi: ONGC, a government-owned oil company, has proudly flagged off production from its new oil discovery, the Krishna Godavari Deep-Water Block 98/2 located in the Bay of Bengal. This exciting news reveals another crude oil find within India’s borders, which boosts the country’s energy resources. The productive site emerges about 30 kilometers from Kakinada’s coast, nestled within the Krishna Godavari basin, as per a report by news agency ANI.
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The basin itself is well-known as a treasure trove of hydrocarbon reserves, and ONGC has been committed to digging out its vast potential. The start of oil production from Block 98/2 is accredited to the company’s relentless pursuit of the region’s potential, backed by comprehensive geological surveys, seismic studies, and drilling operations.
First Oil Discovered
“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,” Union Petroleum Minister Hardeep Puri told reporters on Monday. He said four of the 26 wells are already operational and the production is expected to touch 45,000 barrels per day by May or June, which will be 7 per cent of our total crude oil production.
“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 of time, but by May or June we will hope to able to produce 45,000 barrels per day, which will be 7 per cent of our total crude oil production and 7 per cent of our gas production,” he added.
Phase 3, leading 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 per cent and 15 per cent respectively.
India, the world’s third-biggest oil importer and consumer, is dependent on crude oil from various sources in the global market to meet its domestic demand.
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ONGC’s ‘First Oil Flow To FPSO’
“ONGC commenced its ‘First Oil flow to FPSO’, from Krishna Godavari Deep-Water Block 98/2 (in Bay of Bengal) on January 7, 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.
(With inputs from agencies)
