India discovers new oil reserve reducing dependence

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India discovers new oil reserve, reducing dependence on crude oil imports

| Updated: January 9, 2024 16:47

India discovers new oil reserve, reducing dependence

India has discovered a new oil reserve in the Krishna Godavari Basin, off the coast of Kakinada, Andhra Pradesh. The discovery was announced by Union Petroleum Minister Hardeep Singh Puri.

Puri said that the first oil was extracted from the well on January 7, 2024. He added that the well is expected to produce 45,000 barrels of oil per day by May-June 2024. This would account for 7% of India’s total crude oil production and 7% of its gas production.

The new oil reserve is located in the Krishna Godavari Deepwater Block 98/2, which is operated by Oil and Natural Gas Corporation (ONGC). The block is estimated to have a total oil and gas reserves of 16 billion barrels of oil equivalent.

The discovery of the new oil reserve is a significant boost for India’s energy security. India is currently the world’s third-largest oil importer, and the discovery will help to reduce its reliance on foreign oil. The discovery is also likely to have a positive impact on the Indian economy. The oil and gas sector is a major contributor to India’s GDP, and the new reserve could create jobs and boost investment in the sector.

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