MoneyWorks4Me

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

234.00 -2.50 (-1.06%)
25-Aug-2026 12:37 View Price Chart
Peers
Company Name CMP
ONGC 234.00
Oil India 469.80
Jindal Drilling&Inds 622.00
Deep Industries 652.50
Asian Energy Service 453.50
View more..

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through: