Oil and Natural Gas Corporation (ONGC) has kick-started production from its fifth oil well in the KG-DWN-98/2 Block.
What Happened: The company made the announcement in an exchange filing on Sunday. “On 24th August 2024, ONGC marked a significant milestone by starting production from its fifth oil well in the Block KG-DWN-98/2 Cluster-2 asset,” the company added in the filing.
The production has been initiated using the floating production, storage, and offloading (FPSO) vessel, which allows ONGC to commence transporting and selling associated gas. ONGC also underscored its commitment to achieving zero gas flaring. Additionally, the company has successfully commissioned its gas export line from offshore to the onshore terminal.
In January, oil production had started from the same asset, with four of the 13 wells. Gas production is also underway, with three of the seven wells online.
Earlier in the month, the company’s board approved additional investment in ONGC Petro additions Limited (OPaL), raising the company's stake in OPaL to 92%. This decision was part of ONGC’s broader strategy to increase its footprint in the energy sector.
Moreover, ONGC Videsh, the overseas arm of ONGC, secured a 16-year extension for oil and gas production in Vietnam on August 19, 2024.
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