Oil & Natural Gas Corporation Ltd.

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.