🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

ONGC starts producing oil from deep-sea KG basin

Published 08-01-2024, 05:43 pm
© Reuters.  ONGC starts producing oil from deep-sea KG basin

New Delhi, Jan 8 (IANS) Oil and Natural Gas Corporation (NS:ONGC) has started oil production from its Krishna Godavari (KG) basin deep-sea project in Bay of Bengal, which will enable India to reverse the decline in the domestic output that has taken place in recent years.Petroleum Minister Hardeep Singh Puri on Monday said, "Production from the block is expected to be 45,000 barrels per day and over 10 million standard cubic metres per day of gas.

“This project is expected to add 7 per cent to current national oil production and 7 per cent to national Natural Gas production,” he added.

Prime Minister Narendra Modi applauded the first oil production that commenced from the complex and difficult deepwater Krishna Godavari basin (KG-DWN-98/2 Block, situated off the coast of Bay of Bengal).

Responding to the X post of Union Minister for Petroleum and Natural Gas Hardeep Singh Puri, the Prime Minister said: “This is a remarkable step in India’s energy journey and boosts our mission for an Aatmanirbhar Bharat. It will have several benefits for our economy as well.”

ONGC's KG-D5 block is situated next to the KG-D6 block of Reliance Industries (NS:RELI) in the Bay of Bengal. It is located 35 kms off the coast of Andhra Pradesh in water depths ranging from 300 - 3,200 metres. The discoveries in the block are divided into three clusters -- Cluster - 1, 2 and 3. Cluster 2 is being put to production first.



Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.