Good News! New oil reserves found in India
New Delhi: Nowadays, the country which has reserves of crude oil is considered to be the richest in the world. The entire economy of many Arab countries depends on crude oil wells. India also imports oil from these countries. But now another oil well has been found in India, which will reduce the dependence on foreign crude oil.
Union Petroleum Minister Hardeep Singh Puri announced this today. Giving information, Hardeep Singh Puri said that oil was extracted for the first time yesterday in the Krishna Godavari basin, 30 kilometers off the coast of Kakinada. Work on it started in 2016-17, however, there was some delay due to Covid. The Union Minister said that out of 26 wells there, 4 wells are already operational.
There will be production of 45,000 barrels per day by June
He said, “We will not only have gas in a very short period of time. Also by May and June, we expect to be able to produce 45,000 barrels per day. This production will be 7% of our country’s total crude oil production. percent and will be 7 percent of our gas production.” The Union Minister said that public sector oil company ONGC has started ‘first oil’ production from Krishna Godavari deep-water block 98/2 in the Bay of Bengal.
ONGC also tweeted information
ONGC said in a post on X, “The company started extracting oil for the first time for FPSO from Krishna Godavari deep-water block 98/2 (in the Bay of Bengal) on 7 January 2024, which is after the completion of Phase-2 of the project. Phase-3 for oil and gas production is already underway and is likely to be completed in June 2024. The 98/2 project will contribute 11 per cent and 15 per cent of ONGC’s total oil and gas production, respectively. There is a possibility of increase.”
Phase 3, for peak oil and gas production from the basin, is already underway and is expected to be finished in June 2024. The 98/2 project is expected to increase ONGC’s total oil and gas production by 11 per cent and 15 per cent respectively. Let us tell you that India is the third largest oil importer in the world. Now, with the discovery of new oil reserves in the country, India’s dependence on world crude oil importers will reduce.
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