Crude oil is non-renewable and a fossil fuel and in India it was scarce, usually India imported Crude oil from foreign countries like Dubai and other Arabian countries. But recently India got its “first Crude Oil Discovery in Krishna-Godavari Basin which is a deep-water block in 98/2 in the (Bay of Bengal). It was announced by ONGC itself, it’s important to understand what ONGC is.
ONGC, or Oil and Natural Gas Corporation Limited, is a major state-owned oil and gas exploration and production company in India. It was founded in 1956 and is headquartered in Dehradun, Uttarakhand, India. ONGC is one of the largest oil and gas exploration and production companies in Asia and plays a significant role in India’s energy sector. ONGC is primarily involved in the exploration and production of oil and natural gas. The company explores hydrocarbons in various sedimentary basins in India and abroad. Moreover, ONGC invests in research and development activities to enhance exploration and production technologies and improve efficiency in its operations. ONGC is a publicly traded company, and its shares are listed on the major stock exchanges in India.
ONGC has worked hard and provided a new gift to India. This new crude oil discovery in India will bring many benefits to the economy of the country.
ONGC also announced on Twitter: “ONGC commenced its ‘First Oil flow to FPSO’, from Krishna Godavari Deep-Water Block 98/2 (in the 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,”
Union Minister delighted to announce New Crude Oil Discovery in Krishna-Godavari Basin (Bay of Bengal)
Union Minister – 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. He shared his thoughts and feelings with reporters on Monday.
“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,”
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.
Heartfelt congratulations to @ONGC_ and the incredible team of energy soldiers for successfully extracting the oil from Krishna Godavari Basin.
This field will produce 45,000 barrels per day – a remarkable 7% of our total crude oil and gas production. Exciting times ahead! pic.twitter.com/v8MsK6CgU2
— Hardeep Singh Puri (@HardeepSPuri) January 9, 2024
Conclusion
To conclude, as India is the third largest consumer of crude oil in the world, after the United States and China, the estimated total consumption of crude oil in India rose from 204.12 Mt in 2011-12 to 221.77 in 2020-21 with a CAGR of 0.93%. But due to New Crude Oil Discovery in Krishna-Godavari Basin (Bay of Bengal) in the future the consumption can differ, and it will also affect the import amount of crude oil from foreign countries.
Good job