Ongc Kg Basin

ONGC to start oil production from Krishna Godavari D5 block in May

Oil and Natural Gas Corporation's (ONGC's) delayed Krishna Godavari basin KG-D5 project is likely to start crude oil production in May this year and gas output a year later, a senior company official said. ONGC was originally to start gas production from the Cluster-II fields in block KG-DWN-98/2 (KG-D5) in June 2019 and the first oil was to flow in March 2020. But these targets were shifted. The company blamed contracting and supply chains issues due to the pandemic for shifting the start of oil production first to November 2021, then to third quarter of 2022 and now to May 2023. Gas output start target was first revised to May 2021, then to May 2023 and now to May 2024. Company's director (offshore) Pankaj Kumar said a floating production unit, called FPSO, which will be used to produce oil, is already in Indian waters. "We estimate oil production should start in May," he said. The block is currently producing 1.7 million standard cubic metres per day (mmscmd) of natural gas. "We

PM inaugurates onshore facilities of ONGC's U-field in KG block in Andhra

Prime Minister Narendra Modi on Saturday dedicated to the nation Oil and Natural Gas Corporation Limited's U-field onshore facilities at Odalarevu in B R Ambedkar Konaseema district of Andhra Pradesh. The project was dedicated to the nation along with the inauguration/foundation-stone laying of various other development projects worth over Rs 10,700 crore in Visakhapatnam, Andhra Pradesh, a company statement said. U-field is situated in Krishna Godavari basin block KG-DWN-98/2 in Bay of Bengal. Natural gas from the field will be brought to the onshore facility through undersea pipelines before being dispatched to users. ONGC, however, did not say when production from this field will start. The U-field is part of ONGC's flagship deep-water KG-DWN-98/2 Cluster-II development project in the prolific Krishna Godavari Basin. U-field is the deepest gas discovery of the project, with gas production potential of about 3 million standard cubic metres of gas per day. "The first well of the

ONGC relaunches tender to sell gas from KG fields at $15/unit

Oil and Natural Gas Corporation (ONGC) has relaunched a tender to sell gas from its KG fields at a higher price of USD 15 per mmBtu as it looks to capitalise on a global surge in energy prices. The firm sought bids for the sale of 0.75 million standard cubic meters per day of gas for one year from the KG-DWN-98/2 (KG-D5) fields in the Bay of Bengal, according to the tender document. The firm asked users to quote a premium they are willing to pay over and above the reserve gas price of 14 per cent of Brent crude oil price plus USD 1 per million British thermal unit. The reserve price at the current ruling Brent oil price of USD 101 per barrel comes to more than USD 15 per mmBtu. The applicable sale price shall be lower than the gas price bid or the government-dictated ceiling rate for gas produced from deepsea fields, it said. The government fixes the price of domestically produced natural gas twice a year - the rate for gas from deepsea fields for six months beginning April 1 is U

ONGC seeks peak oil and natural gas output from KG block in FY24

With KG-D5 going live, oil production is estimated to rise to 24 million tonnes in 2023-24 and gas to rise to 32.16 bcm, said Anurag Sharma, director (onshore) and interim director (finance) of ONGC

ONGC agrees to remove marketing margin, but refuses to lower gas price

Potential bidders however opposed the levy of the marketing margin as well as the "high" floor price

State-owned ONGC seeks buyers for KG gas, wants minimum $6.6 price

ONGC on Monday invited bids for the sale of initial 2 million standard cubic meters per day of gas from its KG basin fields

Oil and gas giant ONGC to scale up KG basin gas output this year

The firm said it will scale up natural gas production from a KG basin block to 2.5-3 million standard cubic meters per day by May this year

Govt must include opportunity cost of imports in gas pricing: ONGC chairman

In an interview with Jyoti Mukul, ONGC chairman talks about India's move towards a gas-based economy, future of ONGC and the rise of renewable energy in India

ONGC postpones KG basin project to Dec 2019; oil production by March 2021

The revised dates were set when ONGC spudded the first of the 34 wells under the project on April 8 this year