Fresh Oil Discovery in Krishna-Godavari Basin by ONGC

Recent announcement regarding fresh oil discovery by Government of India Krishna-Godavari Basin This marks a major success in the energy sector of the country. Exploration, led by state ownership Oil and Natural Gas Corporation (ONGC), Located near the coast of Kakinada in the Bay of Bengal.

Key details of the search

  • Location and Scope: The oil has been extracted from Krishna Godavari deep-water Block 98/2, about 30 km off the coast of Kakinada in Andhra Pradesh. This new discovery of crude oil in the Krishna-Godavari Basin is a significant moment in India’s energy landscape.
  • Operating Status: As of January 2024, four of the basin’s 26 wells are operational, with plans to increase this number significantly.
  • production capability: Union Petroleum Minister Hardeep Singh Puri announced that production is expected to reach 45,000 barrels per day by mid-2024, which will be about 7% of India’s total crude oil production.
  • project phase: The project is nearing completion of Phase-2, Phase-3, which aims to maximize oil and gas production, is underway and expected to be finished by June 2024.
  • Impact on ONGC’s production: The project is expected to increase ONGC’s total oil and gas production by 11% and 15% respectively.

Importance and impact

  • energy security: As the world’s third largest oil importer and consumer, India is heavily dependent on global markets for crude oil. This discovery is an important step towards energy self-sufficiency and reduced dependence on imported oil.
  • Economic Implications: Successful extraction and production of oil in the Krishna-Godavari Basin enhances India’s position in the global oil market and strengthens its energy security.
  • Resilience amid challenges: The project shows resilience in the face of global challenges, such as the COVID-19 pandemic, which had caused some delays in the project that started in 2016-17.
  • National pride and strategic importance: The discovery is in line with India’s growing energy security needs and marks an important moment in reducing the country’s oil import dependence.

future outlook

  • With the peak production potential of the Krishna Godavari Basin, India’s journey towards energy self-sufficiency gets a big boost. ONGC’s strategic exploration and operational efficiency highlights the importance of deepwater oil exploration in India’s energy landscape.
  • This discovery is a testament to national pride and the country’s ability to overcome global challenges like the COVID-19 pandemic.

Important questions related to exam

Q1. Where is the newly discovered oil field located in Krishna-Godavari Basin?
a) 10 kilometers off the coast of Mumbai
b) 30 kilometers off the coast of Kakinada
c) 50 kilometers off the coast of Chennai
d) 20 kilometers off the coast of Visakhapatnam

Q2. Which Indian government-owned corporation is leading the oil exploration project in Krishna-Godavari Basin?
A) Bharat Petroleum Corporation Limited (BPCL)
B) Indian Oil Corporation Limited (IOCL)
c) Oil and Natural Gas Corporation (ONGC)
d) Hindustan Petroleum Corporation Limited (HPCL)

Q3. As of January 2024, how many wells are operational in the Krishna-Godavari basin?
B) 26
c) 4
d) 15

Q4. What is the expected production capacity of Krishna-Godavari Basin Project by mid-2024?
a) 10,000 barrels per day
B) 30,000 barrels per day
c) 45,000 barrels per day
d) 60,000 barrels per day

Q5. What percentage of India’s total crude oil production is expected to be contributed by this new discovery by mid-2024?
A) 3%
B) 5%
c) 7%
d) 10%

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Fresh Oil Discovery in Krishna-Godavari Basin by ONGC_40.1

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