Fresh Oil Discovery in Krishna-Godavari Basin by ONGC

• The recent announcement by the Indian government regarding a fresh oil discovery in the Krishna-Godavari Basin signifies a major breakthrough in the country’s energy sector. The discovery, led by the state-owned Oil and Natural Gas Corporation (ONGC), is located near Kakinada’s coastline in the Bay of Bengal.
• The oil has been extracted from the Krishna Godavari Deep-Water Block 98/2, approximately 30 kilometers off the coast of Kakinada in Andhra Pradesh. This new crude discovery in the Krishna-Godavari Basin is a pivotal moment in India’s energy landscape.
• As of January 2024, four of the 26 wells in the basin are operational, with plans to increase this number significantly.
• India, as the world’s third-largest oil importer and consumer, heavily relies on global markets for crude oil. This discovery is a significant step towards energy self-reliance and reduces dependency on imported oil.

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Published date : 22 Jan 2024 12:25PM