India starts oil production at a deepwater field in the Bay of Bengal
Indian state oil and natural gas corporation ONGC has launched oil production at its flagship project in the Bay of Bengal. This was reported with reference to a statement from the office of Prime Minister of India Narendra Modi. RIA News.
The deepwater field KG-DWN 98/2 is located 25 kilometers offshore in the Krishna and Godavari river basin. It is expected that supplies will reach a peak level of 45 thousand barrels per day in June 2024.
The entire volume will be directed to the domestic market. Currently, the country is one of the main importers of oil in the world, including during 2023 it was the largest buyer of raw materials from Russia.
Domestic production will allow India to reduce purchases. The G-DWN 98/2 project will increase ONGC's oil production by 11 percent and gas by 15 percent. So far, India's own gas production covers 50 percent of India's needs, and 15 percent of its oil needs. At the same time, the state's energy needs are growing rapidly.
Earlier, Indian Minister of Petroleum and Natural Gas Hardeepa Puri said that the reduction in Russian oil supplies is not related to payment problems due to Western sanctions. According to him, local buyers react primarily to the cost of energy resources, and raw materials from Russia have begun to lose out to competition.
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