The Oil and Natural Gas Corporation (ONGC), a key player in India's energy sector, has initiated oil production from its significant deep-water project located in the Krishna Godavari basin off the eastern coast of India.

Hardeep Singh Puri, the Union Minister for Petroleum and Natural Gas as well as Housing and Urban Affairs, announced the commencement of the "First Oil" production from the challenging KG-DWN-98/2 Block, situated in the Bay of Bengal.

Puri emphasized the significance of this milestone, stating that this achievement marks an important step forward in India's energy landscape. He highlighted that the country's energy production is poised to increase significantly from the depths of the Krishna Godavari basin.

Under the banner of #ONGCJeetegaToBharatJeetega, Puri emphasized India's progress as the fastest-growing economy, crediting PM Narendra Modi's leadership. He elaborated that the commencement of oil production from the complex KG-DWN-98/2 Block will play a crucial role in boosting the nation's energy output.

The minister projected the output to reach 45,000 barrels per day along with over 10 million cubic meters of gas per day. This significant increase in production is expected to contribute significantly to India's self-reliance in energy, reinforcing the concept of an energy "Aatmanirbhar Bharat."

Puri noted that this project's anticipated outcomes include a 7% increase in the current national oil production and a similar rise in the national natural gas production, underscoring its pivotal role in the country's energy strategy.

Fastest-Growing Major Economy: India's Projected GDP Growth for FY 2023-24

Budget 2024: PLI Scheme's Evolution for Economic Empowerment