Crude oil discovery in India during 2016 has successfully advanced into a phase of extensive and operational oil production, marking a pivotal milestone for the nation’s energy sector. Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, announced a game-changing oil discovery off the coast of Kakinada in the Krishna Godavari Basin. The extraction, which commenced in 2016-17, faced delays due to the COVID-19 pandemic but has now yielded its first successful results.
Minister Hardeep Singh Puri stated, “Yesterday, 30 kilometers off the coast of Kakinada in the Krishna Godavari Basin, the first oil was extracted. Despite initial setbacks, four out of the 26 wells are already operational. We anticipate reaching a production capacity of an impressive 45,000 barrels per day by May and June, contributing 7% to our total crude oil production and 7% to our gas production.”
The extraction site, 30 kilometers off the coast of Kakinada, is situated in the Krishna Godavari basin, where Phase 3 is underway to achieve peak oil and gas production. Expected to conclude by June 2024, the 98/2 project associated with this basin is poised to elevate Oil and Natural Gas Corporation (ONGC)’s total oil and gas production by 11% and 15%, respectively.
India, the world’s third-largest oil importer and consumer, is highly dependent on global sources for crude oil to meet its domestic demand. The newfound domestic oil discovery is anticipated to bolster the country’s energy security and reduce its reliance on external suppliers. The development marks a crucial milestone in India’s quest for self-sufficiency in the energy sector.
Prime Minister Shri Narendra Modi lauded the commencement of the first oil production from the challenging deepwater Krishna Godavari basin (KG-DWN-98/2 Block) situated off the Bay of Bengal coast. In response to Union Minister for Petroleum and Natural Gas, Shri Hardeep Singh Puri’s announcement, the Prime Minister expressed, “This is a remarkable step in India’s energy journey and boosts our mission for an Aatmanirbhar Bharat. It will have several benefits for our economy as wel
