ONGC to start oil production from deepsea project this month

13 Nov 2023 Evaluate

Oil and Natural Gas Corporation (ONGC) is planning to start oil production from its much-delayed flagship deepsea project (Cluster-2 project in KG-DWN-98/2 block) in Krishna Godavari basin in Bay of Bengal this month, helping reverse years of decline in output.

A floating production unit, called floating production, storage and offloading vessel (FPSO), which will be used to produce oil, is already in the block. Oil production from Cluster-2 should have begun by November 2021, but was delayed because of the pandemic.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.


ONGC Share Price

272.00 -2.85 (-1.04%)
23-Feb-2024 16:59 View Price Chart
Peers
Company Name CMP
ONGC 272.00
Oil India 591.60
Jindal Drilling&Inds 683.70
Hind Oil Exploration 201.60
Selan Exploratn Tech 514.25
View more..
© 2024 The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me ® is a registered trademark of The Alchemists Ark Pvt.Ltd.