Oil and Natural Gas Corporation announced the successful commencement of “First Oil” production from its deep-water KG-DWN-98/2 Block, located off the coast of the Bay of Bengal, on Jan. 7.
With the commencement of this first oil from 'M-field', the company has completed Phase 2, according to an exchange filing. The project is on track, with the final phase planned to be completed by June 2024, the oil exploration and production company said.
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Increase In Production
Oil and Natural Gas Corporation plans to reach peak production of 45,000 barrels of oil per day from the block and also targets 10 million metric standard cubic metres of gas per day for the deep-water KG-DWN-98/2 Block, according to the press release.
The company also stated that it plans to increase and achieve its production target of around 1.5 million metric tonne of oil and 2 million cubic metres of gas, it said in an analyst meet on Nov. 15.
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