Oil and Natural Gas Corporation (ONGC) commenced its ‘first oil production’ from the deep-water KG-DWN 98/2 Block in the Krishna Godavari (KG) basin off the Bay of Bengal on the Kakinada coast on January 7.
- The block is approximately 25 km from the coastline.
- According to the government, four of the 26 wells are currently producing, and by May or June 2024, production is predicted to reach 45,000 barrels per day, or 7% of our total crude oil production.
- 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.
