News Excerpt:
The Oil and Natural Gas Corporation (ONGC) has initiated crude oil production from its substantial deep-sea project in the KG-DWN-98/2 block of the Krishna-Godavari (KG) basin.
Reasons behind the delay of this project:
- Subsurface geological issues,
- Challenging weather and geological conditions,
- Changes in well locations and surface facilities, and
- Global supply chain issues due to the COVID-19 pandemic.
Location of this project:
- The offshore KG-DWN-98/2 block is located next to the prolific KG-D6 block of Reliance Industries in the Krishna-Godavari (KG) basin in the Bay of Bengal on the Kakinada Coast.
- It is around 35 km from the coast of Andhra Pradesh in water depths of 300-3,200 meters.
Importance of this project:
- Assist ONGC in counteracting the decline in overall oil production from its mature fields, marking a significant development for the state-owned oil and gas company.
- Vital role in achieving the nation's goal of minimising dependence on oil and gas imports to fulfil it's rapidly expanding energy requirements.
- The project is expected to add 7 per cent each to India’s current production of oil and natural gas.
