Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri announced a new oil discovery in the country. Hardeep Singh Puri said that the first oil was extracted yesterday 30 kilometres off the coast of Kakinada in the Krishna Godavari Basin.
Hardeep Singh Puri said, “30 kilometres off the coast of Kakinada in the Krishna Godavari Basin, the first oil was extracted yesterday. Work started on this in 2016-17, then there were some delays due to COVID, but I'm sure that out of the 26 wells there, 4 wells are already operational. We will not only have gas also in a very short period but by May and June, we hope to be 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.”
Narendra Taneja said, “This is a huge step. They first conduced a search operation in deep sea near Krishna-Godavari Basin and then started production. We have now started 47,000 barrels of ONGC production from there. In future, it will be 75000 barrels.”
The place where the oil is extracted is 30 kilometres off the coast of Kakinada in the Krishna Godavari basin. 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 Oil and Natural Gas Corporation (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.
#crudeoil #ONGC #KrishnaGodavaribasin #INDIA #COVID
In recent years, there has been an increase in the import of crude oil due to the growing demand. However, with the commencement of crude oil production near the Kakinda coast in Andhra Pradesh, the need for importing crude oil will be reduced compared to before the production started.
Version 1: The production of oil from the deep-sea project, located 30 kilometers off the Kakinda coast in Andhra Pradesh, has begun. The plan was to start oil production from this project by November 2021. However, due to COVID, there was a delay. By May-June of this year, preparations are underway to produce 45,000 barrels of crude oil daily from this location. This will account for approximately 7% of the country's total consumption. There is also hope that the gas production from here will be equivalent to 7% of the consumption. After the commencement of oil wells here, the country's dependence on crude oil imports will decrease.
Version 2: The extraction of oil has commenced for the first time from the deep-sea project, located 30 kilometers off the Kakinda coast in Andhra Pradesh. Initially, there was a plan to start oil production from this project by November 2021. However, due to the COVID situation, there was a delay. By May-June of the same year, preparations are being made to produce 45,000 barrels of crude oil daily from this location. This will contribute to approximately 7% of the country's total consumption. There is also an expectation that the gas production from here will be equivalent to 7% of the consumption. With the initiation of oil wells here, the country's reliance on crude oil imports will decrease.
Version 3: The third-largest importer of crude oil in the world, after China and the United States, is now India. With the commencement of oil production from the deep-sea project near the Kakinda coast in Andhra Pradesh, the country's dependence on crude oil imports will decrease.
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