Ending all speculations, ONGC has successfully commenced oil flow from its east coast block. In a statement, the public sector giant has announced the commencement of “First Oil” from the deep-water KG-DWN-98/2 Block, situated off the coast of the Bay of Bengal.
This 98/2 project is likely to increase ONGC’s total oil and gas production by 11 per cent and 15 per cent, respectively.
“Valiantly combating various technological and Covid-related challenges, ONGC had successfully executed Phase 1 of the project in March 2020, achieving the commencement of gas production from U field of the KG-DWN-98/2 Block in record time of 10 months,” the company said.
With the commencement of this First Oil on January 7, 2024, the company said that it is nearing completion of Phase 2, culminating in the commencement of oil production from the ‘M’ field of KG-DWN-98/2.
The project is on track, with the balance oil & gas fields of the block scheduled to be put on production by mid-2024. The company added, “Peak production of field is expected to be 45,000 barrels of oil per day (bopd) and over 10 MMSCMD of gas..”