First oil was recovered from the Krishna Godavari Basin thirty kilometers off the shore of Kakinada: Hardeep Puri - infrabuddy.com

First oil was recovered from the Krishna Godavari Basin thirty kilometers off the shore of Kakinada: Hardeep Puri

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The country’s first crude find, Krishna Godavari Deep-Water Block 98/2 in the Bay of Bengal, has seen the start of “first oil” production by state-owned oil corporation ONGC. In the Krishna Godavari basin, thirty kilometers off the coast of Kakinada, is where the oil is extracted.

I’m happy to let everyone know that yesterday marked the extraction of the first oil (by ONGC). This project began in 2016 and was completed in 2017, however there were significant delays due to COVID. Hardeep Puri, the Union Minister of Petroleum, told reporters on Monday.

According to him, four of the 26 wells are currently producing, and by May or June, production is predicted to reach 45,000 barrels per day, or 7% of our total crude oil production.

“I have no doubt that four of the 26 wells there are currently in use. In May or June, we aim to generate 45,000 barrels per day, which represents 7% of our entire crude oil production and 7% of our gas output. Not only will we have gas soon, but we also hope to have it by then,” he continued.

Phase 3, which will result in the basin’s peak production of gas and oil, is already under progress and is anticipated to conclude in June 2024. It is anticipated that the 98/2 project will result in an 11% and 15% increase in ONGC’s overall output of gas and oil, respectively.

India, the third-largest oil consumer and importer in the world, depends on the global market for crude oil from a variety of sources to suit its domestic needs.”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.[With ANI inputs]

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