• Mon. Jul 22nd, 2024

‘Remarkable step in India’s energy journey’: PM Modi after ONGC fired up oil production from flagship deep-water asset

Byusanewscart.com

Jan 8, 2024
'Remarkable step in India's energy journey': PM Modi after ONGC fired up oil production from flagship deep-water asset

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NEW DELHI: Prime Minister Narendra Modi on Monday said that oil production from India’s state-controlled Oil and Natural Gas Corporation’s (ONGC) flagship deep-water project in the Krishna Godavari basin is a remarkable step in the country’s energy journey.
PM Modi also said that the development will boost the mission of a self-reliant India.
“This is a remarkable step in India’s energy journey and boosts our mission for an Aatmanirbhar Bharat,” PM Modi said in a post on X.

He further said that it will also have several benefits for economy of the country.
ONGC on Sunday kicked off oil production from its flagship deep-water project in the Krishna Godavari basin offshore the nation’s eastern coast.
“This 98/2 project is likely to increase ONGC’s total oil and gas production by 11 percent and 15 percent, respectively,” the ONGC said.
ONGC had successfully executed Phase 1 of the project in March 2020, achieving the commencement of gas production from the U field of the KG-DWN-98/2 Block in a record time of 10 months.
With the commencement of this first oil on Sunday, ONGC is nearing completion of Phase 2, culminating in the commencement of oil production from the ‘M’ field of KG-DWN-98/2, it added.
According to the corporation, the development of this field faced unique technical challenges due to the waxy nature of the crude.
“To overcome those, ONGC employed innovative Pipe in Pipe technology, a first-of-its-kind initiative in India. While some subsea hardware involved in this development has been sourced internationally to meet specific requirements, the majority of fabrication works were carried out at Modular Fabrication Facility at Kattupalli which highlights ONGC’s commitment to promote ‘Make in India‘, contributing towards a self-reliant energy sector in India,” it said.
It also said that the flagship project is on track with the final phase of the project, with the balance of the oil and gas fields in the block scheduled to be put into production by mid-2024.
“Peak production of field is expected to be 45,000 barrels of oil per day (bopd) and over 10 MMSCMD of gas, which will contribute significantly towards the vision of PM of an energy Aatmanirbhar Bharat,” it added.
Union Minister for Petroleum and Natural Gas and Housing and Urban Affairs Hardeep Singh Puri took to X on Sunday and said, “As India powers ahead as the fastest-growing economy under the leadership of PM NarendracModi Ji, our energy production is also set to rise from the deepest frontiers of #KrishnaGodavari. “First Oil” production commences from the complex and difficult deepwater KG-DWN-98/2 Block, situated off the coast of Bay of Bengal.”



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