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.
09 January,2024 12:18 PM IST | MumbaiUnion Minister for Petroleum and Natural Gas, Dharmendra Pradhan, said that the Iran nuclear deal will result in dropping of oil prices and will immensely benefit India.
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