Oil and Natural Gas Corporation (ONGC) recently started crude oil production from its massive deep-sea project in the Krishna-Godavari basin block.
Details of the Project:
- The Krishna-Godavari (KG) basin block KG-DWN-98/2, situated offshore in the Bay of Bengal initiated crude oil production under the flagship project of Oil and Natural Gas Corporation (ONGC).
- It is situated 35 km from the Andhra Pradesh coast in water depths of 300-3,200 meters.
- ONGC had estimated its capital expenditure at $5.07 billion and operational expenditure at $5.12 billion over a field life of 16 years.
- Cluster development approach is employed by focusing on the 2nd cluster as 2A and 2B.
Benefits:
- It is expected to increase ONGC’s total oil and gas production by 11% and 15%, respectively.
- A 7% increase in India’s oil and natural gas production is anticipated after the completion of extraction in phase 2.
- The final phase targets mid-2024, with expected peak production of 45,000 bopd and over 10 mmscmd of gas.
- It is critical to India’s objective of meeting growing energy needs, reducing dependence on imports, and energy self-reliance (Aatmanirbhar Bharat).
- India is the world’s third-largest crude oil consumer, and imports over 85% of its requirement from Russia, Iraq, Saudi Arabia, etc.
About Krishna-Godavari Basin:
- It constitutes an extensive deltaic plain formed by two large east coast rivers, Krishna and Godavari in Andhra Pradesh and the adjoining areas of the Bay of Bengal.
- The basin is an Ultra-deep-water gas, and the world’s second-deepest hydrocarbon discovery.
- Petroleum System: Proven petroliferous basin of continental margin located on the east coast of India.
- Stratigraphy: It contains about 5 km thick sediments with several cycles of deposition, ranging in age from Late Carboniferous to Pleistocene.
- This is influenced by a long linear Gondwana rift valley.
- Major geomorphologic units: Upland plains, Coastal plains, Recent Flood, and Delta Plains.
- Geophysical Surveys: ONGC conducted geological mapping since 1959 using Gravity-magnetic surveys and 3D seismic surveys in on-land and offshore areas.
About Oil and Natural Gas Corporation (ONGC):
- ONGC is an Indian central public sector undertaking under the ownership of the Ministry of Petroleum and Natural Gas.
- It was founded in 1956 and is headquartered in New Delhi.
- Maharatna ONGC is the largest crude oil and natural gas Company in India, contributing around 71 per cent to Indian domestic production.
- ONGC is the only fully–integrated oil and gas company in India, operating along the entire hydrocarbon value chain.
- ONGC possesses about 15% of the total Indian refining capacity.
- It has established 8.98 billion tonnes of in-place hydrocarbon reserves.
- It has to its credit more than 570 discoveries of oil and gas with Ultimate Reserves of 3.13 Billion Metric tonnes (BMT) of Oil Plus Oil Equivalent Gas (O+OEG) from domestic acreages.
- ONGC produced 18.4 million tonnes of crude oil and about 20 billion cubic metres per day of gas in FY23.
- It contributes around 71% of India’s oil and gas production.
Ref: Source
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